Tag: homeowners insurance

What to Budget for Beyond the Mortgage

Buying a home is one of the biggest, most exciting financial commitments you’ll ever make. However, it’s not just about the mortgage. Many first-time buyers are surprised by extra costs that come with homeownership. Planning ahead can help you stay financially comfortable and avoid surprises.

1. Insurance Is More Than a Line Item:
Homeowners insurance is often rolled into your mortgage payment, but it’s worth understanding the real cost. Your premium depends on factors like location, age of home, and coverage level. It’s also important to consider flood or storm coverage if you live in higher-risk areas.

2. Property Taxes Add Up:
Property taxes vary widely by location, and they can increase as property values rise. Make sure you understand how your taxes are calculated and set aside enough to cover yearly or semi-annual payments.

3. Routine Maintenance: The Hidden Monthly Bill
Experts recommend budgeting 1-3% of your home’s purchase price annually for maintenance. That includes:

  • HVAC servicing
  • Gutter cleaning
  • Roof inspections
  • Pest control

Even small items like replacing air filters or fixing a leaky faucet add up over time.

4. Utilities and Upgrades:
From water and electricity to internet and trash pickup, monthly utilities can fluctuate seasonally. Factor in the cost of upgrades or repairs you may want to make, like replacing old appliances or installing new flooring.

5. Emergencies and Unexpected Repairs:
Unfortunately, emergencies happen. Whether it’s a burst pipe or broken water heater, having an emergency fund specifically for your home is crucial.

Your mortgage may be the biggest piece of the puzzle, but it’s not the only one. Understanding the full picture of homeownership costs—including reliable home insurance—helps you make smarter decisions and stay financially secure. Protect your investment, your peace of mind, and everything that makes your house a home. Prepare now, so you can enjoy it without worrying about what’s around the corner.

We’re Here to Help

Whether you’re a longtime policyholder or just starting to look for insurance options, we’re here to help. If you have questions or concerns that you want to discuss, connect with your local OKFB agent today. If you have any insurance-specific questions, we would love to help you find the coverage that best meets your home, auto, commercial and life insurance needs.

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Top 5 Commercial Insurance Myths

There are many operations and assets that come with running a business. To support our Oklahoma business owners, we provide a range of coverage for large and small businesses with our Commercial Insurance and Businessowners Policy. When looking to insure your business operation, it’s helpful to be aware of a few common Commercial Insurance myths.

Myth 1: My Business Is Too Small to Need Insurance

  • Insurance helps keep your business covered. This includes the physical building, employees, inventory and more. It serves to protect against any risks your business could face. For instance, Commercial Insurance could help if someone steals your work laptop or if an accidental fire burns inventory and supplies. Most businesses, regardless of size, will find Commercial Insurance beneficial. 

Myth 2: My Homeowners Insurance Covers My Home-Based Businesses

  • Homeowners Insurance covers your physical home and its contents. However, OKFB may not cover business assets related to your home-based business. Obtaining Commercial Insurance will ensure that any inventory, assets, and more pertaining to your business are protected in case of the unexpected. 

Myth 3: My Auto Insurance Covers The Personal Car I Use for My Business

  • This is similar to the myth above. Since company vehicles could include items pertinent to your business, these items may not be covered under a typical Auto Insurance policy. For example, if an accident ruins your inventory or if someone steals it. Instead, a Commercial Auto policy would cover your business vehicle, and it would include other features like auto liability and uninsured motorist coverage that could provide protection for the vehicle and extra coverage. 

Myth 4: Commercial General Liability Insurance Has Me Covered 

  • Commercial General Liability coverage serves to keep you and your business covered if operations lead to injury or property damage. However, there are limitations. Contact your agent to discuss if Commercial Liability does not cover some parts of your operation. Also, see if it could instead be protected under a Commercial Umbrella policy or Commercial Property policy. 

Myth 5: I Don’t Need Workers’ Compensation Insurance if I Don’t Have Many Employees

There are many aspects to think about when ensuring sufficient coverage for your business. Reach out to your local OKFB Insurance agent if you have any questions or want to discuss any of these Commercial Insurance myths.