The state of Oklahoma is in the middle of Tornado Alley, a wide area that is susceptible to tornadoes. It’s also suffers the second highest number of tornadoes per square mile each year, second only to Texas. Even though the state of Oklahoma doesn’t require you to carry home insurance unless you carry a mortgage, it’s a good idea to purchase coverage to protect your home and property against loss.
It is important to remember that once a natural disaster threatens or strikes, it’s too late to purchase insurance. This is why you should be prepared and know your options ahead of time.
Comparing Oklahoma Home Insurance Rates
As you shop for home insurance in Oklahoma, it is a good idea to compare rates. This means that you should obtain a quote from at least 2 to 3 insurers in order to gauge what level of coverage you are able to get for the cost of the monthly premium.
The cost of the insurance can vary widely and the exact cost you pay each month will depend on many factors. In addition to the part of the state you live in, such as the panhandle or the eastern side, you should also consider these factors:
- Presence of a security system or smoke alarms.
- Type of residence (mobile home, single story dwelling, multi-story dwelling).
- Lifetime number of claims in the neighborhood and at the property's actual address.
- Amount of the deductible you choose.
- Proximity to a fire hydrant.
Water damage that occurs from broken pipes or a faulty icemaker water line is typically covered by a home insurance policy. However, keep in mind that standard home insurance coverage doesn’t cover damage from floods or earthquakes and most insurers don’t sell flood insurance coverage. If you live in an area that may suffer flooding, you should purchase a separate insurance policy from the government's National Flood Insurance Program.
Preparing for Weather Disasters and Loss in Oklahoma
There is no lack of natural weather disasters in the state of Oklahoma. In an average year, residents may suffer from tornadoes, floods, earthquakes, fires, and roof-damaging hailstorms. Fortunately, there are several things you can do to prepare yourself and the other residents in your home when disaster threatens to harm your city or area of the state.
- Prepare a comprehensive home inventory with pictures. You can do this online, on paper or through an insurer’s mobile app.
- Gather and store valuable papers in waterproof bags and place inside a waterproof and fireproof safe
- Gather an emergency kit for each member of the residence (this can include items such as pre-packaged food, bottles of water, a change of clothes, and a rain jacket or plastic parka)
- Develop an evacuation plan (choose a route to take out of town and where you will meet with the other members of the household once you are safely away from the affected area)
Frequently Asked Questions About Oklahoma Home Insurance
When you are shopping for Oklahoma home insurance, it is likely that you will have several questions. Here are some commonly asked questions:
1. What exactly is medical payments coverage?
When someone suffers an injury on your property, medical payments coverage pay some of the medical bill costs. The dollar amount that the medical payments coverage part of your policy covers varies by insurer.
2. Can policyholders get a discount on their insurance coverage?
There are many other discount programs available so it’s highly likely you may qualify for a discount. Home insurance discounts can include a discount for bundling (having your home and auto insurance policies with the same carrier), and purchasing additional security measures, like an alarm.
3. Can policyholders skip a premium payment and still be covered?
It is always a good idea to keep your insurance coverage paid and up to date. If you miss a payment, you risk cancellation. You also risk potential claim rejection if you don't maintain consistent coverage for 30, 60, or 90 days, depending on the actual policy terms.
4. How much should a deductible be?
The deductible will depend on several factors. Depending on your insurer, or where you live, your deductible may be a dollar amount (typically $500 to $1000) or it can be a percentage value of your home. Typically, the higher the deductible, the lower the monthly payments will be. However, if you decide to buy a policy with a high deductible, make sure you have the financial means to cover the deductible out of pocket in case you need to make a claim.
How to Get Great Rates on Oklahoma Home Insurance
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Oklahoma Home Insurance Resources
Oklahoma Insurance Department
State of Oklahoma insurance regulations and information