Home Insurance

With insurance policies varying state-to-state, it can be difficult to determine coverages when moving to a new state. When residents find their dream home, it must be protected with the proper amount of home insurance coverage. Understanding the various types of coverage can help understand what aspects of the dwelling are protected and which are not.

Standard Coverage

Most home policies in Oklahoma are covered under the standard policy:

• Guest medical protection – this coverage aids with the cost of medical expenses when an individual is injured on the owner’s property.
• Home structure – this insurance type protects the physical structure of the home such as the roof and walls under a variety of natural disasters.
• Liability protection – this coverage protects the owner when a claim or lawsuit is placed against them for damages when being injured on the owner’s property.
• Other structure – this insurance protects other structures on the owner’s property (besides the home) such as a stand-alone garage or shed.
• Personal property – helps protect items inside the home including electronic equipment, furniture, bicycles, dishes, etc. If these items are damaged outside of the home or stolen, personal property insurance coverage will help replace them.
• Additional protection – most insurance companies offer additional protection such as living expense coverage in the instance that the owner has to live in a hotel following a loss.

Oklahoma Homeowners Insurance Requirements

In Oklahoma, new owners are only required to have a home insurance policy if there is a loan on the home. This is to protect the financial interests of the mortgage company in the case where there may be a loss. Home repairs, medical bills, and lawsuits can be incredibly expensive, so it is always advisable to have home insurance regardless if the house still holds a mortgage payment.

To learn more about the various home insurance policies and their coverages, contact LeBo Insurance Services today! Stop by the LeBo Insurance Services LLC offices or call today for more information!