Archive for Home Insurance

Home Insurance Favorites in Oklahoma

“We love to offer Safeco ( a Liberty Mutual Company) home insurance quotes to our Oklahoma customers because we trust Safeco to provide long term value on your Oklahoma home insurance and your Oklahoma car insurance”

Flexible coverage options your customers will love.

 We offer homeowners the freedom to choose from multiple levels of insurance protection:

Safeco Optimum: Our highest level of coverage with increased protection for extensive assets and treasured belongings

Safeco New Quality-Plus:

A high quality policy with the perfect balance between coverage and value

Safeco Essential:

A homeowners coverage lets you sell a solid policy at the most affordable price

Safeco makes it easy.

We’ve enhanced our homeowners quote & Issue system on the Safeco Now® platform to allow you to customize Safeco’s homeowners policy based on the way you sell. You can adjust your preferences in one of two ways:

  1. Customize the coverage levels and features with your own defaults
  2. Use our company suggested features with a single click of a button

For even more convenience and savings, customers can combine a Safeco auto and homeowners policy into a Safeco Package.

Industry-leading suite of optional coverages.

 Safeco offers additional product features that further enhance the protection of your customers and their belongings.

Equipment breakdown:

  • For just $2 a month, this valuable coverage offers an extra layer of protection for the home systems and equipment your customers depend on most

Identity recovery coverage:

  • For $1 a month, we can help a customer restore their identity if it’s stolen

Personal offense coverage:

  • Protects customers from libel or slander liability exposures

Statewide Insurance Agency represents multiple insurance companies so that we can find the right home insurance and car insurance for you.

http://okstatewide.com

https://www.yext.com/s/150254/social/post

https://plus.google.com/u/0/

https://plus.google.com/u/0/b/116995763748235113572/?pageId=116995763748235113572

https://plus.google.com/u/0/b/117667196235133145414/?pageId=117667196235133145414

 

Statewide Home Insurance Rate Card Flyer 2016

Looking For Homeowners Insurance in Oklahoma?

Statewide Insurance Agency offers Oklahoman’s that are looking for home insurance options so that the proper balance between cost and coverage is achieved.

The discussion that follows explains the difference between Replacement policies and Market Value/Actual Cash Value policies. We understand that no one size fits all Oklahoma consumers when you are getting quotes for your homeowners insurance.

It is quite common for insurance companies to offer quotes on homes in Oklahoma City for more than the market value. This often poses the question from Oklahoma homeowners, “Why is my house being insured for more than it is worth?” Before determining how much to insure a house for, it must be decided how the insurance company will value the house if there is a claim. One method offered is to value the property at Replacement Cost, which as the name implies, is intended to pay to replace the property, without regard to the original or current purchase price and without regard to depreciation.

In most situations, the Replacement Cost option is going to result in a higher claim payment then if the property was insured at its current value (sometimes called Actual Cash Value coverage – ACV). An insurance company is only obligated to pay up to the limit of insurance; therefore, the house may need to be insured for more than it is worth. In order to obtain Replacement Cost Coverage, the house will need to be insured for the amount it would cost to replace it.

Most property depreciates in value over time. A television set would not be sold today for the same amount it was purchased for ten years ago; it would be sold for less, most likely much less than the original purchase price. A policy containing a replacement cost provision would pay today’s cost of a new television set of like kind and quality which would be more than if the policy only paid for the value of the ten-year old television set (see ACV coverage above).

On a larger scale, the cost to rebuild or replace an entire home could be significantly more than the home was purchased for or could be currently sold for. Even for a home built this year, the cost to rebuild it very easily could differ from the original cost. There are several factors to consider when making an attempt to measure the cost of replacing a home, such as:

No economies of scale
Cost of preparing the home to be rebuilt
Access to the home site may be limited or obstructed
Increase in labor costs due to high demand, as in the event of a catastrophic event
Increase in material costs, possibly due to shortages or discontinued
There are several methods used to estimate the replacement cost of a home. Some of the factors insurance companies use are:

Building materials
Type of foundation
Attached or detached garages
Square footage
Location of the home
Fireplace
Upgrades
Number of rooms and baths

Replacement Cost Coverage is an option many homeowners should consider when looking for homeowners insurance. Obtaining this coverage will require the house be insured at the estimated Replacement Cost value, which typically is a higher amount than the market value. With the limit of insurance being higher, the premium will also be higher. Certainly no one wants to pay more for insurance, but the difference in a claim payment could be several thousands of dollars.

http://okstatewide.com

Off-Premises Coverage Includes Theft and Damage from Perils Listed In Your Oklahoma Homeowners Insurance or Renters Policy

While self-storage units may be a useful way to de-clutter your home, having the right insurance coverage is the best way to financially protect your belongings—no matter where they are.

If you are planning to rent a storage unit for your belongings, take the following steps:

• Ask your insurance professional about off-premises coverage. Some standard Oklahoma homeowners insurance and renters insurance policies include coverage for personal possessions kept off-premises including a storage facility. Off-premises coverage includes theft and damage from fires, tornadoes and other perils listed in the policy. However, it does not cover for damage caused by flooding, earthquakes, mold and mildew, vermin or poor maintenance. And check the coverage limits, as these vary by company.

• Find out what type of financial protection is provided by the storage facility. Most facilities provide reimbursement based on the square footage of the unit. Check both the coverage limits and whether it is provided on an actual cash value or replacement cost basis. Most storage facilities will also offer a variety of supplemental insurance packages; ask your insurance professional if it would make sense to buy this additional coverage.

• Consider special insurance or storage for expensive items. If you intend to store valuable property, such as art, antiques, jewelry or furs, there may be dollar restrictions under your standard Oklahoma homeowners or renters insurance policy for theft. Ask your insurance professional about adding a floater or endorsement [1] to your policy in order to fully cover these items. There are also specialized storage facilities available for these types of items, as they often need to be kept at specific temperature and humidity levels. Small items such as jewelry will cost less to insure if they are kept in a bank safe-deposit box. Keep in mind contents in a safe-deposit box are not insured by the bank.

• Create an inventory of items to be kept off-premises in storage. Add the items you’re moving to the storage unit to your home inventory so that you can keep track of your belongings and make sure you have the right amount of insurance to protect them. To make creating your inventory as easy as possible, the I.I.I. has a free home inventory tool, Know Your Stuff® [2], which includes secure online storage so you can access your inventory anywhere, anytime.

The I.I.I. offers the following tips for choosing a safe storage company:

• Look for a secure facility. Fencing that secures the entire property and access control are the minimum security measures a storage business should offer. But, ideally, the storage building should have onsite security features such as 24-hour video surveillance cameras and coded security pads. Also, find out about the facility’s procedures in cases such as a fire or flood.

• Look for a unit with climate control. Very high or low temperatures, as well as dampness can quickly cause damage to appliances and furniture. And make sure that rising ground water from snow or rain is unable to penetrate the storage.

• Consider a storage company that offers insurance. If your renters or homeowners insurance does not provide off-premises coverage, you may want to opt for one of the company’s coverage options. Keep in mind that any facility should also have its own insurance to cover damages to the property or injuries that occur on the premises.

• Check that the facility is clean and well-maintained. If a storage facility is not routinely and thoroughly cleaned, there is a good possibility no one is monitoring for bugs and rodent infestations. Verify that the facility has a permanent, reliable pest extermination contract in place before you trust them with your belongings.

http://www.iii.org

Home Insurance in 73120 (North Oklahoma City)

Well, it is approaching 5 years since the largest hail storm in state history devastated north Oklahoma City on  May 16, 2010.  Since many insurance companies view a 5 year loss period when providing  Oklahoma City home insurance quotes, we are hoping that we will be able to provide some of our customers in these areas with lower quotes on their home insurance since this event will soon be 5 years old.