Oklahoma City Homeowners Insurance
Homeowners Insurance Quote Forms
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Homeowners Insurance Information
Homeowners insurance protects you financially if your home or its contents are damaged. It covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to others. This includes damage caused by your pets. Additionally, most mortgage lenders require homeowners insurance. Are you sufficiently insured?
- About one in 15 insured homes has a claim each year
- About one in 30 insured homes has a property damage claim related to wind or hail each year
- About one in 55 insured homes has a property damage claim caused by water damage or freezing each year
How Much Homeowners Insurance Do You Need?
Home Structure – You need a policy that will cover the cost of rebuilding your home at current construction costs. The cost of the land is not to be included. And, don’t base your estimate to rebuild on the price you paid for your home. The cost to rebuild could be more or less than the price you paid or could sell it for in today’s market. Some banks require homeowners insurance to cover the amount on your mortgage. If the limit of your insurance policy is based on your mortgage, make sure it’s enough to cover the cost of rebuilding…if not, increase it.
For a quick estimate of the amount of insurance you need to replace your home, multiply the total square footage of your home by local building costs per square foot. To find out construction costs in your community, call your local real estate agent, builders association, or insurance agent.
Standard homeowners policies provide coverage for disasters such as damage due to fire, lightning, hail, explosions, and even theft. THEY DO NOT COVER floods, earthquakes, or damage caused by lack of routine maintenance.
Your Personal Property – To determine the amount of coverage you need to protect your personal property, you need to conduct a home inventory…create a detailed list of everything in your home and information related to the cost to replace each item if stolen, damaged, or destroyed. See How To Create A Home Inventory if you need help with the inventory of your possessions. Most homeowners insurance policies provide 50 to 70 percent of the amount of insurance you have on the structure to cover your personal property. If you think you need more coverage, ask your insurance agent about a higher limit on your personal property.
Expensive items like furs, jewelry, silver, guns, art and collectibles are covered, but there are usually dollar limits if they are stolen. To sufficiently cover these items, purchase a special personal property endorsement or floater and insure the item at its officially appraised value.
Liability – Your policy covers you against lawsuits for bodily injury or property damage that you or family members cause to other people. It pays for both the cost of defending you in court and for any damages a court rules you must pay. It can also pays for damage caused by pets. So, if your son, daughter, or your dog tear up the neighbor’s trampoline, you’re covered. If they tear up their own trampoline in their own backyard, you are on your own.
Umbrella or excess liability insurance policies provide extra liability coverage. It starts to pay after you have used up the liability insurance in your underlying homeowners policy. An umbrella policy is not part of your homeowners insurance and must be purchased separately.
Additional Living Expenses Or ALE – ALE pays the additional costs of temporarily living away from home if you can’t live in it due to damage from a covered cause of loss claim. ALE coverage is limited and some policies have time limitations at well. So look at the policy you are considering, and talk to your ECI representative if you want to consider increasing the amount your ALE coverage.