Archive for home insurance quotes

Oklahoma City Homeowner Insurance Quotes

The Internet has made it so easy for consumers in Oklahoma City and Edmond to get home insurance quotes in the middle of the night it almost seems like a dream come true to busy working professionals. But getting quotes online and comparing homeowner insurance policies with online systems isn’t the best option for gathering the most competitive prices and policy options.

Online quotes give very little information: When you get price quotes online, you don’t have the benefit of reading the policy documents or even asking questions about the underlying policy specifics. All you get is a number with some vague information about limits and deductibles. Exclusions to covered incidents and other caveats are not easily visible and therefore cannot be appropriately evaluated against each other.

No human ingenuity: Developing an effective insurance portfolio is an art. It takes an experienced agent to suss out all the possibilities for discounts that your lifestyle presents. Computers are great for solving linear problems and delivering static answers to dynamic questions, but your financial situation and risk assessment needs are much more sophisticated than a computer can actually handle. When you have an insurance agent working with you, human ingenuity steps up to the plate to ask the appropriate questions and analyze the situation in order to help you develop the coverages you need and combine them with hidden opportunities for discounts.

Answers, not solutions: If you have questions during the process of shopping for Oklahoma City home insurance quotes online then you can probably find answers, but if those questions lead you to realize that you have specific planning issues that need to be addressed, you will have hit a dead end. Only a live person can take your questions and handle them as they evolve into situations.

It can be a great idea to get online homeowners quotes when you initially start shopping for insurance products simply so you can learn about how the different products and options can affect price. But when it comes to making buying decisions, it’s always a good idea to have an experienced professional at your side rather than a cold hunk of synthetic materials.

Oklahoma City and Edmond as well as all of Oklahoma continue to trust Statewide Insurance Agency for their home insurance needs as well as their auto insurance needs.

Homeowners Coverages – Actual Cash Value vs Replacement

Oklahoma Homeowners usually think about the insurance on their home twice — when they get new homeowner insurance quotes and when they need to file a claim. The first is often hurried; a policy is needed to complete the mortgage package or equity loan, and the driving concern may be cost and speed more than depth and type of coverage. The second is the day after the fire, hailstorm, or other natural disaster. Unfortunately, that hastily purchased cheap homeowners insurance policy may not be the bargain it seemed. The time to learn about the breadth and depth of coverage is at the time of purchase, before the loss.

There are two primary types of homeowner’s insurance: replacement cost and actual cash value. In a replacement-cost policy, the structure is insured for the cost of repairing the damage or building a comparable replacement, regardless of its age. If mandated by the local authorities, the repairs and construction will have to incorporate any upgrades required by the building codes in force at the time of the rebuild.

A key provision is that in a replacement-cost policy, there is no reduction in the payout because of depreciation. A 10-year-old roof is paid out the same as a nearly-new roof. For example, a 15-year-old roof is destroyed in a hailstorm. The roof has multiple layers of shingles, and the sheeting is deteriorated. New building codes require a full tear-off, including new sheeting and rafter repair. A replacement-cost policy will cover the supplemental work, even though the rafter damage isn’t a direct result of the storm.

As the name implies, an actual-cash-value, or ACV, policy pays out the fair market value of the damaged portion of the home at that time of the loss, minus depreciation. For example, a 15-year-old roof destroyed in a hailstorm may only be valued at $2,000 to $3,000. After the typical $1,000 deductible, the homeowner may only receive a single lump-sum payment of $1,000 to $2,000 to apply to the cost of repair or replacement of the roof.

Another consideration is the insurance coverage on the contents of the home. This comes into play after a major loss such as a fire or tornado. Replacement-cost policies pay for a comparable item, without regard to the age or condition of the original.

Some policies may be hybrids, with replacement cost on portions of the house, but ACV on other parts, such as the roof or windows. Contents are often rated at ACV. This is done for many reasons and there is nothing wrong or unprofessional about it. However, the policy owner needs to understand each part of the coverage — what is included and what is excluded.

The difference between replacement cost and actual-cash-value policies is significant, and homeowners need to make an informed choice. The primary reason to choose ACV is cost. The premiums for an ACV policy are significantly less than a full replacement policy. For many homeowners, ACV may be all they think they can afford. However, after a major loss, that cheap policy may not even pay back the premiums paid over many years.

Oklahoma City Homeowners shouldn’t wait for a disaster to take a second look at their insurance. A licensed agent can go over the existing coverage and explain not only what potential payouts might be, but also ways to economically upgrade. Feel free to call us at 405-285-2929 today, and we will answer any questions you have about homeowner’s insurance.

By the way, Statewide Insurance Agency offers Actual Cash Value home insurance policies as well as Replacement homeowners insurance policies!

“We shop up to 10 companies to find you the best coverage and price on your Oklahoma home insurance”

Statewide Insurance Agency https://okstatewide.com

Oklahoma Home Insurance Claims Decrease in 2014

Oklahoma hail insurance claims down 76 percent in 2014, State Farm reports Oklahoma fell from No. 2 to No. 14 in number of hail claims from 2013 to 2014. by Don Mecoy, NewOK.com Modified: April 9, 2015 at 9:34 pm • Published: April 10, 2015 Oklahoma experienced a big decline in the number of hail-related insurance claims in 2014, according to figures released Thursday by the state’s largest provider of home and auto insurance. State Farm home and auto insurance policyholders in Oklahoma filed less than one-fourth the number of hail-related claims last year than they did in 2013, when Oklahoma ranked No. 2 overall in hail claims. Combined home and auto hail claims in Oklahoma fell last year to 8,089, which ranked 14th among states, State Farm reported. In 2013, Oklahoma State Farm customers filed 33,790 hail claims. “This past year was much better in the way of hail losses, obviously,” State Farm spokesman Jim Camoriano said. State Farm is Oklahoma’s largest provider of homeowners’ and auto insurance, with a market share of nearly 28 percent and 21 percent, respectively, according to the state Insurance Department’s 2014 annual report. Texas filed the most hail claims last year, with 51,193, followed by Illinois (43,821 claims); Colorado (42,365); Missouri (23,019); and Nebraska (21,326). Hail damage to homes and cars insured by State Farm totaled $2.4 billion in 2014. While hail storms most frequently strike the Great Plains and Midwest, every state is susceptible, State Farm said. According to National Oceanic and Atmospheric Administration’s Severe Storm database, the states that typically have the highest hail risk include Colorado, Iowa, Kansas, Minnesota, Missouri, Nebraska, Oklahoma, South Dakota, Texas and Wyoming. Peak months for high hail activity are historically March, April, May and June, the NOAA said.