Archive for oklahoma mobile home insurance

Mobile Home Insurance Oklahoma Affordable

I’m very pleased to announce our new partnership with National Security Insurance Group (Nasdaq – NSEC).  As an authorized agent for National Security, Statewide will be able to offer Oklahomans’s quotes on one of the finest mobile home insurance products in the state at a price that is usually substantially less than their competitors.

https://okstatewide.com/services/home/manufactured-homes/

 

Standard homeowners and renters insurance does not cover flood damage. Flood coverage, however, is available in the form of a separate policy both from the National Flood Insurance Program – NFIP (888-379-9531) and from a few private insurers.
The NFIP provides coverage for up to $250,000 for the structure of the home and $100,000 for personal possessions. The NFIP policy provides replacement cost coverage for the structure of your home, but only actual cash value coverage for your possessions. Replacement cost coverage pays to rebuild your home as it was before the damage. Actual cash value is replacement cost coverage minus depreciation so that the older your possessions are, the less you will get if they are damaged. There may also be limits on coverage for furniture and other belongings stored in your basement.
Flood insurance is available for renters as well as homeowners. You will need flood insurance if you live in a designated flood zone. But flooding can also occur in inland areas and away from major rivers. Consider buying a flood insurance policy if your house could be flooded by melting snow, an overflowing creek or pond or water running down a steep hill. Don’t wait for a flood season warning on the evening news to buy a policy—there is a 30-day waiting period before the coverage takes effect.
Excess flood insurance is also available from some private insurers for those who need additional insurance protection over and above the basic policy or whose community does not participate in the NFIP. Depending on the amount of coverage purchased, an excess flood insurance policy will cover damage above the limits of the federal program on the same basis as the federal program—replacement cost for the structure and actual cash value for the contents.
Excess flood insurance is available in all parts of the country—in high risk flood zones along the coast and close to major rivers as well as in areas of lower risk—wherever the federal program is available. It can be purchased from specialized companies through independent insurance agents, or from regular homeowners insurance companies that have arrangements with a specialized insurer to provide coverage to their policyholders.
To find out whether private primary flood insurance is available in your area, contact your insurance agent.

http://www.iii.org/

 

 

 

 

The price you pay for your homeowners insurance can vary by hundreds of dollars, depending on the size of your house and the insurance company you buy your policy from. Here are some ways to save money.

Shop Around

Prices vary from company to company, so it pays to shop around. Get at least three price quotes. You can call companies directly or access information on the Internet. Your state insurance department may also provide comparisons of prices charged by major insurers.
Check the financial health of insurance companies by using ratings from independent rating agencies and consulting consumer magazines.
Get quotes from different types of insurance companies. Some sell through their own agents. These agencies have the same name as the insurance company. Some sell through independent agents who offer policies from several insurance companies. Others do not use agents. They sell directly to consumers over the phone or via the Internet.
But don’t shop price alone. You want a company that answers your questions and handles claims fairly and efficiently. Ask friends and relatives for their recommendations. Contact your state insurance department to find out whether they make available consumer complaint ratios by company.
Select an agent or company representative that takes the time to answer your questions. Remember, you’ll be dealing with this company if you have an accident or other emergency.

Raise Your Deductible

A deductible is the amount of money you have to pay toward a loss before your insurance company starts to pay a claim. The higher your deductible, the more money you save on your premium. Consider a deductible of at least $500. If you can afford to raise it to $1,000, you may save as much as 25 percent.
If you live in a disaster-prone area, your insurance policy may have a separate deductible for damage from major disasters. If you live near the coast in the East, you may have a separate windstorm deductible, if you live in a state vulnerable to hail storms, you may have a separate deductible for hail, and if you live in an earthquake-prone area, your earthquake policy may have a deductible.

Buy Your Home and Auto Policies from the Same Insurer

Most companies that sell homeowners insurance also sell auto and umbrella liability insurance. (An umbrella liability policy will give you extra liability coverage.) Some insurance companies will reduce your premium by 5 percent to 15 percent if you buy two or more insurance policies from them. But make certain this combined price is lower than buying the coverages from different companies.

Make Your Home More Disaster-resistant

Find out from your insurance agent or company representative what you can do to make your home more resistant to windstorms and other natural disasters. You may be able to save on your premiums by adding storm shutters and shatter-proof glass, reinforcing your roof or buying stronger roofing materials. Older homes can be retrofitted to make them better able to withstand earthquakes. In addition, consider modernizing your heating, plumbing and electrical systems to reduce the risk of fire and water damage.

Do Not Confuse What You Paid for Your House with Rebuilding Costs

The land under your house is not at risk from theft, windstorm, fire and the other perils covered in your homeowners policy. So don’t include its value in deciding how much homeowners insurance to buy. If you do, you’ll pay a higher premium than you should.

Ask About Discounts for Home Security Devices

You can usually get discounts of at least 5 percent for a smoke detector, burglar alarm or dead-bolt locks. Some companies may cut your premiums by as much as 15 or 20 percent if you install a sophisticated sprinkler system and a fire and burglar alarm that rings at the police, fire or other monitoring stations. However, these systems aren’t cheap and not every system qualifies for a discount. Before you buy one, find out what kind your insurer recommends, how much the device would cost and how much you’d save on premiums.

Seek Out Other Discounts

Many companies offer discounts, but they don’t all offer the same types of discounts or the same level of discount in all states. Ask your agent or company representative about discounts available to you. For example, if you’re at least 55 years old and retired, you may qualify for a discount of up to 10 percent at some companies. If you’ve completely modernized your plumbing or electrical system recently, some companies may also provide a price break.

Look into Group Coverage

Does your employer administer a group insurance program? Check to see if a homeowners policy is available and is a better deal than you can find elsewhere. In addition, professional, alumni and business groups may offer an insurance package at a reduced price.

Stay With the Same Insurer

If you have been insured with the same company for several years, you may receive a discount for being a long-term policyholder. Some insurers will reduce premiums by 5 percent if you stay with them for three to five years and by 10 percent if you’re a policyholder for six years or more. To ensure you are getting a good deal, periodically compare this price with the prices of policies from other insurers.

Review Policy Limits and the Value of Your Possessions Annually

You want your policy to cover any major purchases or additions to your home. But you don’t want to spend money for coverage you don’t need. If your five-year-old fur coat is no longer worth the $5,000 you paid for it, you’ll want to reduce or cancel your floater (extra insurance for items whose full value is not covered by standard homeowners policies) and pocket the difference.

Look for Private Insurance if You Are in a Government Plan

If you live in a high-risk area—one that is especially vulnerable to coastal storms, fires or crime—and you’ve been buying your homeowners insurance through a government plan, find out from insurance agents, company representatives or your state insurance department which insurance companies might be interested in your business. You may find there are steps you can take that will allow you to buy insurance at a lower price in the private market.

When Buying a Home, Consider the Cost of Homeowners Insurance

The price you pay for homeowners insurance depends in part on the cost of rebuilding your home and the likelihood that it will be damaged by natural disasters or that it will burn down. You may pay less if you buy a house close to a fire hydrant or in a community that has a professional rather than a volunteer fire department. You may also pay less if your home’s electrical, heating and plumbing systems are less than 10 years old. If you live in the East, consider a brick home because it’s more wind-resistant. If you live in an earthquake-prone area, look for a wooden frame house because it is more likely to withstand this type of disaster. Choosing wisely could cut your premiums by 5 percent to 15 percent.
Remember that flood and earthquake damage are not covered by a standard homeowners policy. If you buy a house in a flood-prone area, you’ll have to pay for a flood insurance policy that costs an average of $400 a year. The National Flood Insurance Program provides useful information on flood insurance on its website. A separate earthquake policy is available from most insurance companies. The cost of the coverage will depend on the likelihood of earthquakes in your area and the construction features.
If you have questions about insurance for any of your possessions, be sure to ask your agent or company representative. For example, if you run a business out of your home, be sure you have adequate coverage. Most homeowners policies cover business equipment in the home, but only up to $2,500 and they offer no business liability insurance.

Insurance Information Institute:  http://iii.org

 

 

 

Travelers Insurance Offers Oklahoman's Insurance "Value"

As an independent agent, we are constantly monitoring the “value proposition”offered by the different companies that we represent for home insurance and auto insurance in the Oklahoma City area.  For the most part, this “value proposition” is made up of great pricing, solid coverage’s and excellent claim service.  If one company were always the best, that company would have all of the business.  That’s why consumers need an independent agent to place you with the company that offers you the best value on your home insurance and auto insurance.

We are very excited to report that our perception of the “value proposition” being offered by Travelers to Homeowners in Oklahoma City, Edmond and Oklahoma is on the rise.  We expect Travelers to continue to gain momentum in 2013.

Check out these videos from Travelers Insurance Company.  Great reasons to get home and auto insurance quotes from an independent agent.  https://www.travelers.com/value-of-an-agent.aspx

 

 

OKC Spotlght Article

Local Profile: Statewide Insurance Agency

By admin · Wednesday,June6th,2012

 

Statewide Insurance Agency www.OKStatewide.com 405-285-2929

Together, Von and Cheryl Nix have more than 40 years of knowledge and experience in the insurance industry most of us grew up with, but their new business concept is modern and booming.

The Nixes had previously worked for a captive insurance agency, meaning they were required to sell for that one agency.

In 2009, Cheryl left the captive agency and started Statewide Insurance Agency with the intent of giving customers more solutions to their insurance needs.

Von says he could easily see the benefits in the customers’ favor and joined Cheryl at Statewide in April 2012. “Because we are an independent agency, we can usually offer our customers better rates and better coverage because we represent multiple companies. We have the ability to shop many different insurance companies until we find the best fit for each particular customer’s needs.”

Statewide specializes in personal lines – home, auto insurance, boats, renters’, personal umbrella policies, trailers, landlord policies, etc. Von says this is yet another realm that sets Statewide apart from other insurance agencies. “Most agencies want to do everything for everyone. We’re not like that. By specializing, we give better service, are more accurate and our overall processes are better.”

Customers come first at Statewide. The Nixes say they take pride in trying to answer all incoming calls, rather than allowing clients to get voicemail. They strive to be accurate in their work, avoiding second requests. Again, this all points back to streamlining, or specializing the products they sell.

The uniqueness of their business doesn’t stop there. Statewide serves customers in Bethany, Del City, Edmond, Midwest City, Moore, Mustang, Norman, Oklahoma City and Yukon and will soon be authorized to offer the AARP’s Auto and Home Insurance Program through The Hartford to these and other surrounding areas.

Von says his favorite part of his job is watching the insurance work. “I love watching a claim be successfully handled in order to get the customer back to where they where prior to the loss. Oftentimes, people buy insurance because they have to have it. I get great satisfaction in watching the service that people are buying actually get used.”

The relationships that are forged, even under the toughest of circumstances, are some of the biggest job rewards for Von and Cheryl.

“The truth is a lot of people rely on the agent to set up the policy the right way. When there’s a total loss, it’s usually a fire or a tornado. That’s when you find out how good your insurance is,” says Von.

Von says when people are displaced and they help them get into temporary housing, the insurance is working the way it should and those people know Statewide helped them, it’s a great feeling. “When customers pick up the phone and say, ‘Hey, I appreciate what you did. Thank you’… I know what I’m doing is making a difference.”

Statewide Insurance Agency www.OKStatewide.com 405-285-2929

Mobile Home Insurance Oklahoma Rates Stable?

Mobile home insurance rates in Oklahoma have shown more stability than the rates of site built homes over the last 4 years.  Mobile home rates have certainly increased over the last several years; however, the increases have been much less dramatic than those of site built homes.

Part of the reason for this may be due to the fact that many mobile homes in Oklahoma are on acreages in rural areas.  When a hail storm hits these areas, an insurer may get 5 or 10 claims from customers that have been impacted.  When that same hail storm rolls through Oklahoma City or Tulsa, that same insurer ends up with 500 to 1000 claims.  In other words, the geographical diversity of mobile homes in Oklahoma allows the insurance company to “spread” their risk and be less prone to the widespread damage that has pounded the metropolitan areas of Oklahoma the past 4 or 5 years.

Click to visit our page dedicated to Oklahoma Mobile Homes: https://okstatewide.com/services/home/manufactured-homes/

 

 

Edmond Home Insurance

Last week I was working with a new potential client here in Edmond.   I asked him about the prior home insurance claims that he had filed in the last few years.  He began to tell me about a very unfortunate situation where he sustained major water damage only to find out later that water damage claims are not covered under his policy.

Sudden ruptures of water are covered under most property policies but not all.  When you are shopping and getting home insurance quotes, make sure you ask about coverage for water damage.

 

Know Your Roof Coverage – Oklahoma

Oklahomans and their insurance companies continue to battle very heavy wind and hail damage over the last 5 years.  As rates have increased, consumers, many of which have been very loyal to their insurance companies, have decided it’s time to “shop around”.

Consumers can save money by taking the time to ask more questions about the coverage being offered on their roof surface in light of the fact that the vast majority of claims filed in Oklahoma are for wind or hail damage to roof surfaces.

Simply put, there are two ways that a roof surface claim can be paid by your insurance company.  One is known as “Replacement” and the other is known as “Actual Cash Value” (ACV).  Under Replacement, it is possible to recover the full cost of replacing your roof, less whatever deductible that you have.  Under ACV, the insurance company takes a deduction from your settlement in addition to your deductible.  This deduction is called “depreciation”.  The amount of depreciation taken is based upon how old your roof is compared to the average life of your roof.  For example, if the average life of your roof is 20 years and your roof is now 10 years old, the deduction for depreciation is 10/20, or 1/2 (50%).  Therefore, if the cost to replace the roof is $15,000, you will have a $7500 deduction (50% of $15,000) for depreciation in addition to the deduction you have for your deductible.  So, at the end of the day, you end up receiving $6000 or so on your $15,000 claim and the family vacation is on hold.  Suddenly that great home insurance deal you got two years ago isn’t looking so great.  When shopping for Oklahoma home insurance, here are some of the questions you should ask the agent………

1. Are you proposing Replacement or ACV coverage on my roof surface?
2. Is the approval of this coverage subject to an inspection?
3. Does the company change the coverage from Replacement to ACV after my roof reaches a certain age?
4. Do wind and hail claims have a separate deductible than other claims?

Von Nix, CPCU

Von, and his wife Cheryl own Statewide Insurance Agency in Edmond, Oklahoma.  Statewide is an independent insurance agency specializing in home, auto, mobile home and other personal insurance products.  They can be contacted by going to their web site, www.okstatewide.com.