HOME INSURANCE | HOMEOWNERS INSURANCE

For those with a second home (or vacation property) that they don’t rent out to others, they can normally get an entirely new policy but there could be a few primary homeowners insurance policies that may offer an endorsement to insure the holiday home. If that endorsement is offered, generally the add-on coverage option is less expensive, and will most likely provide the same provisions as a regular homeowners policy. Nonetheless, some insurance companies might limit the coverage to the specific times that the insured actually uses or lives in the premises.

If the owner of the vacation home also chooses to rent the property when they are not occupying it, then a separate short-term rental policy will probably be needed to adequately and correctly protect this secondary home.
Although the homeowners policy for a second home will normally offer the same level of coverage as that of a primary policy, there are a few factors that could affect the insurance costs:

• Location: For instance, additional insurance will be necessary for dwelling in an earthquake- or flood-prone area. A beach house is at a greater risk for damage due to wind damage or a storm surge, while a hunting house or ski lodge in a mountainous, remote area is more exposed to wildfire. Such risks will certainly affect the price of coverage and might even incur higher deductibles.
• Amenities: Vacation homes that are equipped with amenities such as hot tubs, pools, and other special amenities will most likely pay a higher premium, and might have to get additional liability protection, which will raise the overall insurance costs.
• Type of Property: The type of construction materials and the age of the structure will impact the costs of insurance. Another important consideration is whether the residence is a condominium, a single-occupancy house, or a townhouse.

Builders risk insurance is a form of coverage designed to protect a structure that’s going to be built or is already in the process of being constructed. Also referred to as Course of Construction insurance, builder risk insurance is a unique form of property coverage that insures a house where the insured area or structure is being constructed, repaired, renovated, or modified.

It only covers the structure and the materials or supplies on the site waiting to be installed on the job site. It’s the kind of insurance that mortgage lenders require every borrower they lend to, to carry. The policy ideally pays for damages in case an insured peril occurs, up to the coverage limit. The limit is set to accurately represent the total completed value of the structure, including all of the materials and labor costs, excluding the value of the land on which it sits. The construction budget can typically be a great resource for determining the right limit of insurance.

To suit the industry, most builders risk insurance companies offer 12-month policies. If the project isn’t completed by the end of the 12-month term, then the insured can request that the current policy to be extended once they explain the reason(s) for the construction delay and give the anticipated completion date.

Modular homes in Oklahoma have become increasingly popular in the recent years. They are an affordable middle-ground between a mobile or manufactured home and the traditional home built permanently on site. While modular homes are commonly associated with manufactured homes, the only thing they have in common is that they are both mostly built in a factory. However, manufactured homes are completely finished while in the factory and delivered on the site in one piece, while a modular home is shipped in sections and assembled on site on a permanent foundation.

Modular homes are also a lot more customizable than manufactured homes, and are built with the same building standards as a traditional home. In terms homeowners insurance for modular homes, they are usually covered under the same kind of policy used for traditional, site-built houses, though they aren’t eligible for mobile home coverage. There are not any special kind of insurance risks for modular homes, though they don’t exempt the homeowner from anything either.

The HO-4 is a policy form, also known as personal property insurance which covers personal belongings contained in a rented apartment, condominium, home or manufactured home. The landlord’s or rental property insurance will only cover the rental structure in the event that the perils covered by a HO-1 occur, though it won’t cover the personal contents of the tenant. As such, tenants in the Sooner State will need to have renters insurance in Oklahoma as a cover for their personal property, along with any part of the home or apartment they own.

The HO4 renters insurance policy also offers coverage for any additional living expenses, in case the premises become unlivable due to the occurrence of a covered peril such as a fire or wind storm.

Homeowners insurance for log homes can be insured as a primary residence or a vacation home / secondary residence. While taking out a separate policy for a log home is allowed, there may also be an option to have it included in the primary homeowners insurance coverage, or have it considered a secondary dwelling. Either form of coverage will protect the log home from losses caused by insured perils.

Rental property insurance offers similar coverages as that of a standard homeowners policy, to protect the dwelling in case an insured peril occurs. However, landlord insurance policies are written to specifically protect landlords from the risks they are prone to face, such as loss of rental incomes and increased injury liability. Since rental properties have a little bit or no personal property coverage for the landlord and are generally riskier to insure and often require these additional coverages, investment property insurance tends to be somewhat less expensive than homeowners insurance.

Coverage under a rental dwelling policy includes site-built homes, manufactured homes, modular homes, condominiums and townhomes. It also Includes duplexes, where an owner occupies 1 side and rents the other side OR rents both sides.