Keeping Your Home Protected, Inside and Out

Whether you’re a new homeowner or are looking to protect additional items, you need a policy that covers your needs. Understanding what a basic homeowners policy does and does not include is important. That way, you know what additional coverage you should consider. Keep reading for tips and tricks on how to find the right fit for protecting your home, inside and out. 

What’s the difference between Homeowners Insurance and Personal Property Insurance? 

In areas where your homeowners policy may be lacking, additional personal property coverage can help ensure your high-dollar valuables are protected. 

Homeowners Insurance will cover various items inside and outside of your home. However, there are limitations to what items and under what circumstances they will be covered. This is where personal property coverage comes in handy. It protects personal belongings inside your home in the event of damages or theft. This includes specific, high-value items, like jewelry, firearms, furs, collectibles, silverware, gold, musical instruments and more. 

For what situations should I consider additional insurance beyond my homeowners policy?

  • Home-based businesses. If your business inventory got ruined or a customer fell in your home, your standard homeowners policy might not cover it. Be sure to talk to your agent about commercial coverage to keep your work and clients safe.
  • Outbuildings. The tree house you built for your kids or the shed you have for more storage are typically limited in standard home coverage. Check with your agent to see if you should get additional structure coverage to have your hard work and personal items protected. 

How do I ensure my home is protected in case of Earthquake and/or Flood?

You may assume you’re covered under your standard homeowners policy from these natural events, but that might not be the case. In reality, these natural disasters require their own policy additions. If you live in a flood or earthquake prone area, talk to your agent about these other insurance options. 

A good Home Insurance Policy coupled with the right amount of additional coverage can help ensure your home and valuable assets stay protected through the ups and downs. Contact an agent today to see how much coverage you may need.

Don’t Get Fooled By Top Insurance Myths

When it comes to shopping around for insurance, or even when it’s time for an annual review of your current policy, it can be overwhelming to sort through the sea of information about insurance. Furthermore, popular myths and misconceptions about insurance can leave you even more confused. Check out some of the top myths we hear, and the facts that bust them.

Myth: Life insurance is not necessary until I’m older.

Fact: Life insurance can be a valuable investment at every life stage. Whole and universal life policies not only provide a death benefit, they also allow you to use accumulated cash value for plans such as buying a home or retirement, meaning investing younger can yield benefits for later in life.

Myth: All the belongings in my house are covered by my homeowners policy.

Fact: There are different types of homes and each home varies in the features it has and the homeowners policy it needs! Limitations may apply to specific items, especially those that are high in value. Plus, items you may consider part of your home may be considered separate within your policy, such as a detached property.

Myth: Earthquake and flood insurance come standard with homeowner insurance.

Fact: Standard homeowners insurance policies don’t typically cover damage caused by a flood or earthquake. Policy additions for natural disasters, like floods and earthquakes, can often be added to a policy, but if the coverage is not obtained before the event occurs your property will not be protected.

Myth: Color is a major factor in the cost of my auto insurance.

Fact: Contrary to popular belief, having a red vehicle does not automatically mean your auto insurance will cost more. However, there are several other factors to keep in mind when car shopping, because all of these things could affect the price you pay to insure your car, such as car make, body type, age of your vehicle and the car’s sticker price.

Learn more about the right coverage for your unique needs by contacting an OKFB agent near you.