Archive for Midwest City home insurance

Homeowners Insurance: "Am I Covered?"

Oklahoma homeowners often ask the question, “what does this home insurance cover?”  Coverage’s can vary a lot from one policy to another.  However, there are some things that are consistently limited or not covered at all in home policies.  Therefore, sometimes I’ll answer the question by telling my customers about these limitations.  Here are some of my top examples of things that are not covered or that have limited coverage under homeowners insurance policies in Oklahoma City, Edmond and the entire state of Oklahoma….. Rising Flood Water: Surface water and rising flood water damage is the # 1 uninsured loss in Oklahoma and the United States.  Most flood victims will tell you that they thought their home was in an area that was high enough that it would not flood. Many Oklahoma home policies do cover damage that results from a sudden rupture of water from your plumbing system or air conditioning system. Shifting Soil: Much of the soil type in Oklahoma is clay.  It expands with moisture and contracts as it dries out.  Hot and dry Oklahoma summers can result in shifts in your foundation that crack slabs and crack walls.  This type of damage is not covered by any home policy, as far as I know. Jewelry: Oklahoma home insurance policies limit coverage for theft of jewelry.  Furthermore, mysterious disappearance or a stone falling out of a setting is not usually covered unless special endorsements are purchased.  Most of your jewelry needs can be met by purchasing extra jewelry coverage.  Jewelry is usually covered up to your Personal Property policy limit in a fire loss or a tornado loss. Tools and Other Property Used In Your Business: Coverage is very limited under most policies.  You are expected to have a separate business insurance policy for these items. Sewer Back Up: This coverage is oftentimes available by endorsement.  Some companies interpret this exclusion to mean back up of a city’s main sewer line and distinguish this from an “overflow” due to a problem within your plumbing system.  I do represent one company, Safeco, that provides significant coverage for sewer back up without an extra charge. Motorized Land Vehicles: Be very careful here.  You’ll usually need a separate policy for motorcycles, dirt bikes, ATV’s, boats, trailers, etc.  However, you may be able to get coverage for a motorized wheel chair and a riding lawn mower.  You might get some coverage for a tractor if it is used “exclusively” to maintain the premises. Business Liability: Liability which arises from your business activities is almost always excluded.  Certain professions such as teachers and sales people might be able to purchase it with endorsement if you are an “employee” of someone else and not “self-employed”. Mechanical Breakdown of Appliances: This is not usually covered but is now being offered by endorsement by a growing list of companies. Damage Caused By Insects and Animals: Not Covered:  This would include damage caused by termites, dogs, squirrels, etc. This is not intended to be a comprehensive list of Oklahoma home insurance coverages, limitations and exclusions.  It is my intent to help you educate yourself so you’ll be able to shop more effectively by asking the right questions.   Von Nix, CPCU 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.

New Office of Statewide Insurance Agency

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Oklahoma Home Insurance – Special Limits of Liability

Homeowner insurance policies typically limit coverage for certain types of Personal Property.  Sometimes these limitations can be increased by paying  additional money and sometimes another policy can be purchased to provide more comprehensive coverage in that particular area.  Ask your agent about the personal property limitations within your policy.  While the limitations vary from company to company, the types of limitations are very similar.  For example, all policies will limit coverage for theft of jewelry, losses of cash and coins and theft of firearms, just to name a few. One of the companies we represent for home insurance is Travelers Insurance and I am copying an exert from their homeowners insurance policy that states their Personal Property Limitations within their home insurance policy…. 3. Special Limits of Liability. The special limit for each category described below is the greater of the limit shown below or the special limit for such category, if any, shown in the Declarations. Such limit is the total limit for each loss for all property in that category. These special limits do not increase the Coverage C limit of liability. a. $200 on money, bank notes, bullion, gold other than goldware, silver other than silverware, platinum other than platinumware, coins, medals, scrip, stored value cards and smart cards. b. $1,500 on securities, accounts, deeds, evidence of debt, letters of credit, notes other than bank notes, manuscripts, personal records, passports, tickets and stamps. This dollar limit applies to these categories regardless of the medium (such as paper or computer software) on which the material exists. This limit includes the cost to research, replace or restore the information from the lost or damaged material. c. $1,500 on watercraft of all types, including their trailers, furnishings, equipment and outboard engines or motors. d. $1,500 on trailers or semitrailers not used with watercraft of all types. e. $1,500 for loss by theft of jewelry, watches, furs, precious and semiprecious stones. f. $2,500 for loss by theft of firearms and related equipment. g. $2,500 for loss by theft of silverware, silverplated ware, goldware, gold-plated ware, platinumware, platinum-plated ware and pewterware. This includes flatware, hollowware, tea sets, trays and trophies made of or including silver, gold, platinum or pewter. h. $5,000 on property, on the “residence premises”, used primarily for “business” purposes. i. $1,500 on property, away from the “residence premises”, used primarily for “business” purposes. However, this limit does not apply to loss to electronic apparatus and accessories described in category j. below. j. $1,500 on electronic apparatus and accessories, while in or upon a “motor vehicle”, but only if the apparatus is equipped to be operated by power from the “motor vehicle’s” electrical system while still capable of being operated by other power sources. k. $250 on tapes, records, discs or other media that can be used with any electronic apparatus, while in or upon a “motor vehicle”.

Ordering Mexican Food at Outback

Statewide specializes in homeowners insurance and auto insurance to the Oklahoma City area.  Specializing enables us to be more effecient, more effective and just “better than most” at what we do.  I think most consumers are tired of companies and sales people trying to sell them more products and services than you want just because they may have your attention (or your email address).  Buying health insurance from the agent that sold you car insurance is usually like ordering mexican food at Outback!  http://www.okstatewide.com