Protecting Oklahoma Homes From Storms
Homeowners insurance covers more than just fire. Most home insurance policies also include coverage for wind, hail, water damage, theft, and personal liability……
Click here to have home insurance coverages explained in an easy to understand format.
Saving Money on Homeowners Insurance in Oklahoma City-Edmond, OK- Oklahoma
Please scroll to the bottom of this page for my 10/25/18 update.
Oklahoma home insurance rates increased roughly 50% during a 5 year period ending in 2015 as homeowners embraced continuous wind and hail storms, especially within the western one-half of the state.
These increases have Oklahoma homeowners scrambling to find quality home insurance with stable companies without the high cost that many insurers are still trying to charge.
In our opinion, the following 4 companies offer the greatest home insurance value in Oklahoma and, in our opinion, these companies will have the best chance of saving Oklahoma consumers money as you seek quotes for your homeowners insurance needs. All 4 of these companies offer outstanding coverage, excellent claims service and they usually have a lower cost than competitors.
1. Safeco Insurance ( a Liberty Mutual Company)
2. Travelers Insurance
3. State Farm Insurance
4. Allstate Insurance
May 5, 2018 Consumer Update: 3 of the last 4 years have been very profitable for the companies offering home insurance quotes in Oklahoma. As a result, we are starting to see some companies offer better rates in many situations. Also, Progressive Insurance has come into Oklahoma offering an excellent home insurance policy and oftentimes the rate is outstanding. I have confidence that Progressive will be consistent and provide and excellent home insurance value for Oklahoma customers. As a result, here is my new, updated rankings….
I have moved Allstate above State Farm because Allstate has a better home insurance cost right now. However, long-term, State Farm will provide good value relative to other premium cost carriers, in my opinion.
Update: 10-25-18
The Oklahoma homeowners insurance market continues to change in Oklahoma so I’m going to revise my ranking of companies….
CLICK HERE TO REQUEST A HOME INSURANCE QUOTE FROM STATEWIDE NOW
Summer is officially over. A quick reminder to keep your home gutters clear from debris during the Fall!
Even a small leak can become a major problem, so knowing what you’re covered for and how to prevent water damage are equally important. The below tips should help uncover any potential water problems down the road and keep your property dry this summer.
You will be paying insurance on your home for as long as you own it, which is why you need to do your homework before you decide to make an offer. Why? Thinking through all the costs associated with buying a home will make the process run more smoothly, and it may also save you money.
1. Check Your Credit Rating
A good credit history helps you in many ways. Good credit makes it easier to get a mortgage at a competitive rate, and it may also qualify you for a good credit discount on your insurance. Get a copy of one or all of your credit reports. Make sure they are accurate and report any mistakes immediately. If your credit is not as good as it could be, take steps now to improve it [1].
2. Protect Yourself with a Renters Insurance Policy
If you are currently renting a house or apartment, protect yourself financially with a renters insurance policy [2]. In the event of a disaster, renters insurance [3] can help protect the down payment you’re building to buy your new home, as well as provide useful a insurance history to your prospective homeowners insurer when you go to buy your first home.
As you search for your new home, remember that the physical characteristics of the house—its size, location, construction and overall condition—can affect the cost, choice and availability of home insurance. Following are some factors to consider when shopping for a home:
3. Quality and Location of the Fire Department
Houses that are located near highly-rated, permanently staffed fire departments usually cost less to insure. This also holds true for homes that have a hydrant nearby.
4. Proximity to the Coastline
Houses located on or near the coast will generally cost more to insure than those further inland. There will also likely be a separate hurricane or windstorm deductible [4].
In some coastal communities, private homeowners insurance coverage may not be readily available. Instead, you may need to purchase insurance through a state-run insurance program, which can provide less coverage, and in some cases be more costly, than private insurance.
5. Age of the Home
A stately, older home can be quite beautiful—but they can also cost more to insure. Ornate features like plaster walls, ceiling molding and wooden floors may be costly to replace and can raise the cost of insurance. And, plumbing and electrical systems can become unsafe with age and lack of maintenance. If you are considering buying an older home find out how much it will cost to update these features and factor it into the cost of ownership.
6. Condition of the Roof
Always check the condition of the roof. A new roof matters to insurers and keeps you and your family safer. Depending on the type of roof and whether or not you use fire and/or hail resistant materials, you may even qualify for a discount.
7. Is the Home Well-Built and Up to Code?
Find out whether the house has been updated to comply with current building codes. Homes built by careful craftsmen and those built to meet modern engineering-based building codes are likely to better withstand natural disasters.
8. Risk of Flooding
Damage from flooding is NOT covered by standard home insurance policies. If you are buying a home in an area at risk from flooding, you will need to purchase separate insurance. Insurance for flooding is available from the federal government’s National Flood Insurance Program [5] (NFIP), and from a few specialty insurers.
9. History of Earthquakes
While earthquakes are most frequently associated with California, they occur in the majority of states and, like flooding, are not covered under standard home insurance policies. Earthquake insurance is available from private insurers as an endorsement to a homeowners policy, and in California from the California Earthquake Authority [6]. Check rates with your insurance professional—the cost of earthquake insurance differs widely by location, insurer and the type of structure being covered.
10. Swimming Pool or Other Special Feature
If the house has a swimming pool [7], hot tub or other special feature, you will likely need more liability insurance. You may also want to consider purchasing an umbrella liability policy [8] to provide added protection in the event someone gets injured on your property and decides to sue you.
11. Check the Loss History Report
Ask the current homeowner to obtain a copy of the loss history report on the home. Homeowners can obtain either a Comprehensive Loss Underwriting Exchange [9] (C.L.U.E.) report, which is available from LexisNexis, or an A-PLUSTM [10] property report from ISO®. These reports provide a record of the type of loss on the home, the date of the loss and the amount and status of each claim—going back five years. If the report indicates there has been damage to the house, have it checked by a professional.
A home claim history can provide extremely valuable information and should prompt questions from the buyer. For instance, if there was a claim for water damage on the home, it is important to find out the source of the damage (such as a burst pipe) and whether it has been properly repaired. On the other hand, if there was a claim for wind or hail, which resulted in a new roof, this makes the home stronger and is very attractive from an insurance perspective.
12. Get the House Inspected
You’ll need to have the house properly inspected in order to get your mortgage approved. Accompany the inspector and make sure he/she does a thorough inspection of the home. The inspector should:
If the inspector raises questions, your insurance company will as well. And, be sure to find out if there is an underground oil storage tank, as many insurers will not provide policies for homes that have one.
13. Estimate How Much It Will Cost to Maintain the House
Routine maintenance is your responsibility as a homeowner. Losses caused by failing to properly care for your home are not covered by standard homeowners insurance policies. So make sure you factor these costs into the overall price of owning the home.
14. Call Your Insurance Professional
Don’t wait until the last minute to think about insurance. Ask your insurance professional if the house will qualify for insurance, and get an estimate of the premium. The sooner you act, the smoother the process will be. Don’t be shy about asking for estimates on more than one house. Insurance is an important consideration when purchasing a home. If you are uncomfortable with the cost of insuring a particular house, keep looking for one that better fits your financial situation.
For more about insuring your new home: Homeowners Insurance Coverage [11]
ALL SOURCES OF INFORMATION:
August 14, 2018: Norman, OK. Encompass Insurance, a wholly owned subsidiary of Allstate Insurance (ALL NYSE) has entered the Oklahoma home insurance market with a bang.
The Encompass homeowners product will target consumers in select communities such as Norman by offering below market home insurance quotes (in most situations) and a top quality product.
The product has all of the features and benefits that consumers have come to expect from Encompass and Allstate including up to $5,000 for emergency repairs that need to be made quickly following a loss in order to prevent further damage.
The Encompass home insurance product is being quoted and offered exclusively through Independent Insurance Agents, including Statewide Insurance Agency (Statewide) in Edmond, OK.
Statewide’s owner, Von Nix, commented on the opportunity to offer Norman residents lower homeowner insurance rates by saying, “we have agreements in place to offer home insurance from many different companies; however, there are only 4 that we have confidence in to provide great claim service and excellent long-term value….Encompass certainly falls in this category. We have seen several companies continue to take rate increases the last 4 years despite better than average weather in Oklahoma. Encompass will provide the competition that is needed in areas like Norman to help keep other carriers in line from a pricing point of view.”
The short answer is usually, “yes”The coverage is quite straightforward: if a tree hits a home or other insured structure, such as a detached garage, standard homeowners insurance policies provide coverage for the damage the tree does to the structure and the contents in it. This includes trees felled by wind, lightning or hail.
After a hurricane or windstorm, trees, shrubs and branches can become projectiles capable of traveling significant distances and can cause considerable damage to property. In most cases, an insurance company is not going to spend time trying to figure out where a tree or other item originally came from.
In some situations where the felled tree was located on a neighbor’s property, the policyholder’s insurance company may try to collect from the neighbor’s insurance company in a process called subrogation. This sometimes occurs if the tree was in poor health or not properly maintained. If the insurer is successful, you may be reimbursed for the deductible.
Standard home insurance policies also provide coverage for damage to trees and shrubs due to fire, lightning, explosion, theft, aircraft, vehicles not owned by the resident, vandalism and malicious mischief. Coverage for these disasters is generally limited to up to 5 percent of the amount of insurance on the structure of the house. Generally, most insurers will limit the coverage to about $500 for any one tree, shrub or plant. Trees and plants grown for business purposes require a separate business insurance policy.
ALL SOURCES OF INFORMATION:
I am very thankful for this team of professionals that serve our customers everyday with quality homeowners insurance and car insurance at prices that are usually lower than our competition. Moreover, we monitor every renewal for accuracy and competitiveness. Our goal is to place your home and car insurance with one of our quality companies that you can build a long term relationship with. However, we all know that, occasionally, that doesn’t happen….our renewal process allows us to see these issues and start working on them well before the policy renews.
Our Specialty: Home and car insurance in Oklahoma….we don’t try to be experts in all lines of insurance.
Our Experience: As of this writing, every staff person has an Oklahoma Agents License to service and sale and our staff of 7 has 108 years of combined personal insurance experience.
Our Motivation: We desire slow, steady growth through long term client relationships.
Our Commitment: To place your best interest above our own.
“Okstatewide.com – when you tired of fighting homeowners insurance in Oklahoma”
Travelers, Safeco and Progressive Insurance are 3 of our favorite homeowners insurance and automobile insurance providers to quote and sell in Oklahoma because…..
1. they offer excellent coverages
2. their claim service is what you expect it to be and
3. they offer rate stability….they don’t price gouge you on your renewal.
Most Independent Insurance Agents represent 10 or more companies homeowner insurance companies in Oklahoma and they are usually willing to quote any of them. That is where Statewide Insurance Agency is different….we only quote products of companies with proven track records of price, coverage and service stability.
Furthermore, you do not have to ask us to review your home insurance policy when it renews…..we do it automatically as one of the agencies most important processes.
Please consider Statewide Insurance Agency the next time you need a quote on your home or car insurance in Oklahoma.
