What to Know Before Making A Claim September 9, 2022 No matter how prepared you are, sometimes life deals you a bad hand. If you’ve experienced property theft, severe weather damage, a car accident, home fire or another unfortunate incident, calling your insurance company may not be the first thing you think about doing. However, once you’re safe, it’s important to act quickly. Starting the claims process early helps you get back on your feet as soon as possible. If you’ve never needed to file a claim on your auto or home insurance policy, the process might seem unfamiliar and daunting. That’s where we come in to help. Your local OKFB Insurance agent can answer any questions you may have about how insurance claims work. The guide below breaks down some of the key elements to know about the process. Communication is critical As soon as you’ve suffered a loss, it’s important to communicate the details to your insurance company. Even if you’re uncertain whether the event is covered or if you plan to file a claim, let us know what happened so that our team can help evaluate the coverage you have and guide you through the next steps. In some cases, there may be a limited amount of time to file a claim after you’ve experienced a loss. Getting in touch with your insurance agent quickly can get you a better understanding of the finer details of your policy, but it can also help you avoid missing out on the timeframe you’re eligible to file a claim. Document the claim More is always better when it comes to documentation for insurance claims! If the claim involves theft or vandalism, you will likely need to file a police report to submit alongside your claim. Keep note of who you speak to and who inspects your property. It’s also important to document all damage, stolen items, or anything else that will substantiate the claim. For claims involving property damage, document as much as you can about the items and approximate value. It’s also important to take pictures and video if possible. You should also build an inventory list that is specific to the brand and model of the damaged items. This will help your agent accurately assess what is covered under your policy and your options for reimbursement. Appraise damages and start repairs Once a claim is filed, most insurance companies will deploy an adjuster or contractor to assess the extent of the damages. This could involve coordinating with a local mechanic for auto insurance claims or personally inspecting the property for home claims. They will ask you certain questions and give an estimate for how much it will cost. You’ll receive payment from your insurer once the deductible is paid and you have agreed on a settlement amount. Depending on the type of claim, these payments may come as a one-time lump sum for replacement costs or as incrementally released funds throughout the repair process. Your agent or adjuster can help guide you through the options available for payment and securing contractors for repairs. We’re here for you 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. Don’t forget to follow us on social media! This kind of information and more is just a click away. You can find us on Facebook, Instagram and LinkedIn.
Guide to Getting Off Your Parents’ Car Insurance September 9, 2022 Whether you’ve just purchased your first vehicle on your own or are ready for financial independence, it may be time to switch off of your parents’ car insurance policy. Searching for a new auto insurance policy can be a confusing experience, especially for those looking for their own policy for the first time. Here are a few things to keep in mind if you’re considering getting off your parents’ car insurance. Know when to switch Many parents opt to keep their kids on the family car insurance policy until they move out of the house or graduate college, as it is often more affordable than if a teenager bought their own insurance policy. However, once you move out or buy your own car, some insurance companies may require you to get your own policy. Check your policy or get in touch with your insurance agent if you’re unsure whether this applies to you. Understand your finances Before you start shopping for a new auto insurance policy, take stock of your finances. Consider your monthly budget and set a range of what you can afford to pay for your insurance policy. You may also want to think about any savings or emergency fund. How much could you reasonably pay out of pocket for repairs or damages in the event of an accident? Having a good grasp of what you’re able to pay will help you choose the right coverage that fits both your vehicle and lifestyle. Be prepared to shop around It’s not uncommon for young adults to stick with the same insurance company their parents use. However, just because you’re familiar with that company doesn’t necessarily mean they have the right plan to fit your needs. Now that you’re no longer on your parents’ plan, there’s a good chance your rates will go up, so you may need to look around at different policy levels and options before you find the one that’s right for you. Take the time to compare your options for coverage levels and whether any discounts are available. Brush up on terminology There are a lot of terms that you’ll see in auto insurance policies that you may not have encountered before. From roadside assistance and uninsured motorist coverage to comprehensive deductibles and liability coverage, it’s easy to get intimidated by all the terminology. For a quick overview, check out our overview of auto insurance options and features or our blog where we define the insurance jargon. Don’t be afraid to ask for help The first time shopping for your own car insurance policy can be confusing and feel high-pressure. There’s no shame in asking your parents, a friend or an agent to help you navigate through the process, options and terminology. Having some seasoned guidance can be a huge help and local agents are always happy to walk through your goals and available options or answer any questions you may have. We’re here for you 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. Don’t forget to follow us on social media! This kind of information and more is just a click away. You can find us on Facebook, Instagram and LinkedIn.
Top Insurance Questions Answered by Insurance Agents – Part 3 April 11, 2022 Insurance can be confusing and that’s why some of our agents took the time to answer a few of the most frequently asked questions. If you have any other questions or need additional clarification, please do not hesitate to reach out and contact your local OKFB agent today! What is Insurance? Insurance is a contract between you and a provider. You pay your premiums (typically monthly or annually) and an insurance company agrees to pay for your covered losses. It can help protect you from the financial consequences of unexpected events, such as car accidents, fires, or theft. What Does Homeowners Insurance Cover? Homeowners Insurance can help protect your home and possessions from damage or loss due to covered perils. This can include fire, windstorm, hail, water damage and theft. It also offers personal liability coverage. It can also help financially protect you if you are sued for causing property damage or someone is severely injured at your home. What Does It Not Cover? Every home policy is unique to each individual, location, cost of a home, and past credit history. To cover other aspects, you may need extended coverage. Have an open conversation with your agent about which parts of your policy may need to be expanded (i.e. by-laws, earthquakes, floods, etc.). However, typical wear and tear is not covered and should be maintained over time. What Does Auto Insurance Cover? Auto coverage can help financially protect you if you are in covered accident. It may cover damage to a car, as well as potential medical expenses and property damage incurred by you or other people involved in the accident. Does a Small Business Need Insurance? A business that is run through your home by one or two people might not need workers’ compensation insurance, but it could need more coverage than your average homeowner’s policy. Make sure to double-check your home liability and property policy to see whether you are financially covered. Be sure to stay in touch with your OKFB agent about your business coverage needs. What is the Difference Between Term Life and Whole Life Insurance? Term life insurance provides coverage for a specific period of time, such as 20 years. Whole life insurance provides coverage for your entire life. Term life typically has lower premiums than whole life, but it does not build cash value. Whole life typically has higher premiums than term life policies, but it builds cash value over time. We hope you found these questions and answers helpful! If you have any other questions, please do not hesitate to connect with us. We would be happy to help you find the coverage that best meets your home, auto, commercial, and life insurance needs. Don’t forget to follow us on social media! This kind of information and more is just a click away. You can find us on Facebook, Instagram, and LinkedIn.
3 Ways to Show You Care January 31, 2022 Valentine’s Day is the perfect holiday to show your loved ones how much you care. This year, don’t just get flowers and chocolates. One gift that can truly last is insurance. It may not be as romantic as a dozen roses, but it can provide protection for life. Protect Your Valuables Home is where you usually feel safest and where you keep your most prized possessions. Whether you’re a homeowner or a renter, both insurance lines offer personal property coverage. Personal property coverage covers personal belongings inside a home in the event of damages or theft that may not be covered under a general Homeowners or Renters Insurance line. Personal property coverage can provide a sense of security and help in recuperating valuables. Reach out to your local OKFB Agent and see if the jewelry you have or are planning to give for Valentine’s Day is covered. Travel With Confidence Planning a weekend getaway for the weekend of love? Whether you’re fishing at the lake, racing ATVs or cruising Route 66 in an RV, one way to protect your loved ones from the unexpected is with Recreational Insurance. We offer a wide range of coverage options that could help you when making new memories wherever your travels take you. Support Your Employees The COVID-19 pandemic has shown us that small businesses have to expect the unexpected and adapt quickly. Many Oklahoma businesses have suffered from lost revenue, staffing shortages or have had to close their doors completely. One way to show you care for your employees is to give the gift of insurance. Our fully-customizable Business Owners Insurance includes Loss of Income coverage that could help cover a loss of net income due to suspension of operations and help pay for continuing payroll expenses. BONUS – How We Care: Drive with Peace of Mind One auto-related gift to offer a loved one, and no, we’re not talking about buying a car, is Roadside Rescue. As an OKFB member or policyholder, we give you the gift of Roadside Rescue. This is a free service that provides 24/7 assistance wherever you or your loved one is nationwide. Enjoy the gift of traveling with confidence and peace of mind wherever and whenever this Valentine’s Day. Insurance coverage is a great way to show you care and to provide loved ones with protection and safety. Reach out to your local OKFB Insurance agent if you have questions about your existing plan or purchasing a new one. We’re here to help!
