Just like Tulsa auto insurance is important, so is Tulsa home insurance. Having homeowners insurance is the best move a homeowner can make. It’s never too late to get Tulsa home insurance. However getting the right policy with correct coverage for you and your loved ones can be tricky. Let’s take a deep dive into Tulsa home insurance to unlock the secrets of Homeowners policies.
Homeowners insurance policies generally cover destruction and damage to a residence’s interior and exterior, the loss or theft of possessions, and personal liability for harm to others. Three basic levels of coverage exist: actual cash value, replacement cost, and extended replacement cost/value.
Let’s start with the popular homeowners insurance (HO-3) policy is a Tulsa Home insurance plan that covers your home’s structure, your personal belongings and liability in the event of damage or injury. Typically, an HO-3 policy will also cover additional living expenses (like living in a hotel) and protection for other structures on your property.
Moving on to the HO-1 policy for Homeowners we find ourselves in a very limited policy that doesn’t have additional coverage you may need in Oklahoma. This is the most basic policy you can start with. It does offer coverage on your home for ten very specific perils. With an HO-1 Tulsa home Insurance policy you can expect to be covered from:
- Fire and lightning
- Windstorm and hail
- Riots and civil commotion
- Vandalism and malicious mischief
- Volcanic eruptions
If you experience any other damage or problem that may occur to your home other than what’s listed above you will not be covered. I know the list seems pretty detailed and long but you won’t be covered for important risks like earthquakes, floods and falling objects.
If you are looking for Tulsa home insurance that is the full package you want to look into an HO-5. The HO-5 is commonly known as the comprehensive form. It is written as an open peril policy meaning everything from the HO-3 policy is covered plus more. This means your insurer covers damages to your home and personal property when it’s caused by an event, or peril, as long as it’s not listed as an exclusion in the policy.
Most customers believe that flood insurance as well as earthquake insurance is always included in any Tulsa home insurance policy. That is not the case with most insurance policies, be sure you ask your agent about coverage for flood and earthquakes. These perils are both becoming more common in Oklahoma and will be needed by everyone in the future. If you live in a common floodplain this would be a great coverage to be sure you have on your policy. You never want to lose all your belongings in a flood or disaster but it is nice to know that you can get items replaced or be reimbursed in the event of a disaster.
Something that is not commonly discussed is actual cash value (ACV) vs replacement cost value (RCV). Actual cash value (ACV) policies typically have lower premiums than RCV policies, and for good reason: they provide less in compensation when a claim is made. … Depreciation is key in ACV claims, because an item can lose thousands in value depending on the condition it was in before the loss. When purchasing a Tulsa Home Insurance policy you need to make sure what you are getting and how your items will be replaced if you are ever presented with a loss or claim.
With any Tulsa Home Insurance policy it is important to review your policy and coverages each year with your agent. Things change daily in our day to day lives and changes could be made to your policy to help cover new additions to your home or discounts could be added to help save you money. Be sure you talk to your agent and check in each year. It could be the difference between a huge loss or a family vacation with your saved money.
Before you call for a Tulsa Home Insurance quote be sure you have the following items available and you have researched the type of policy you would like.
Who lives in the home? You may be asked who lives in your home, their ages, your marital status, your occupation and your education level.
What is your insurance history? It’s good for your agent to know if you have other insurance policies or if you currently have Tulsa Home insurance. This could mean deep discounts for you. They may ask how much it would cost for you to rebuild your home and if you have a current mortgage.
What is your house like? What year was it built, what is the exterior finish, when was the roof replaced last, the more the detail you can provide the better. You may even take several photos of your home from different angles for your agent. It’s important to paint a good picture for your Tulsa Home Insurance agent.
What improvements have you made to the home? Have you remodeled or put in a new Kitchen. When you start a policy and you plan to make improvements let your agent know.
What devices do you have in your home? It’s becoming more and more common to have smart home features. Also it’s important to know if you have a security system. If you’re a high tech home owner you may be rewarded with additional discounts.
We hope this article helps you understand Tulsa Home insurance more. Education on the products you purchase is always important to have. Know before you purchase anything. Tulsa Homeowners policies can be tricky but at Best Insurance we want to work with you and make sure you receive the best rate with the coverages you need to protect your home and what’s most important, your family. We offer 3 great locations for you to visit to start a Tulsa Home Insurance policy.
- 4315 S Sheridan Road
- 1825 S garnett Road
- 11 s sheridan Road
Visit us or call for your free Tulsa Home insurance quote.