Did You Know This Could Be Insured?

It may be surprising to learn that many personal items in your household can be eligible for insurance coverage. There are a variety of items insurance could protect in the event of damage or theft, like instruments, jewelry and art. So whether you’re looking to insure a wedding ring or pet iguana—we’ve got your covered! Keep reading to learn more about the unique items covered under insurance!

What is Personal Property Insurance Coverage?

When it comes to Personal Property Insurance, there are a few different coverage options available. Replacement cost, which covers the cost of replacing damaged or stolen items, is the most common type of coverage. There is also cash value coverage, which reimburses you for the actual cash value of your belongings at the time of the loss. Finally, there is Personal Property Insurance, which covers the cost of repairing or replacing your belongings.

What can be covered?

Musical Instruments. When it comes to household items, there are a few surprising things that could be insured. For instance, did you know that you can insure a musical instrument? If you own an expensive piece, or simply want to protect your investment, Personal Property Insurance could be a great option.

Electronics are another type of household item that can be insured, such as TVs, sound, or gaming systems. You may want to consider insuring these types of items against damage or theft. Also, be sure to check different coverage limits in case you need to include additional coverage for certain electronics.  

Jewelry and art are two other types of personal belongings that can be insured. If you have pieces of jewelry or art, Personal Property Insurance could help to protect your investment. For example, you could file a claim for lost, stolen or damaged pieces and receive reimbursement for the value of your belongings. 

Cameras/Camera Equipment. If you are a photographer, videographer or work with cameras often, Personal Property Insurance coverage may be the thing for you! Personal property coverage may cover cameras and qualifying camera equipment. Consider looking into all the coverage options available. 

If you’re looking to protect your belongings, we encourage you to speak with your OKFB insurance agent about options available to you. If you have any other questions, connect with us today. We would be happy to help you find the insurance coverage that best meets your home, auto, commercial, and life insurance needs.  

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Is My Home Underinsured?

How do you know if your home is underinsured? In this blog post, we touch on some common signs that may indicate a need for increased Home Insurance coverage. Whether you just bought your first home or you’ve been a homeowner for years, keep reading to learn more!

How to Determine if Your Home is Underinsured

One of the most obvious signs that a home may be underinsured is if current coverage couldn’t cover the cost to rebuild if it was severely damaged. For example, if there was a major storm or fire. This is a major indication that you may need to review your policy and talk to an insurance agent to determine the best plan for your situation. 

There are other less obvious signs to keep in mind. For example, if a home has outdated features, it may not be worth as much as a newer home. This means that a homeowners insurance policy may not cover as much in the event of a claim. Additionally, consider increasing your coverage if you have expensive belongings to ensure they’re protected in case of damage or theft.

What Type of Coverage is Available?

The first step is to understand the different types of coverage available. There are a few types of coverage that homeowners should become familiar with: Cash Value coverage and Replacement Cost coverage.

Cash Value coverage is based on a home’s current condition and provides reimbursements for its monetary worth. Depreciation can happen over time, especially pertaining to older homes. It’s important to consider whether or not a home can be fully rebuilt based on today’s cost estimate, instead of the initial price when it was originally built.

Replacement Cost coverage is another type of coverage that homeowners can purchase. This type of coverage will provide a reimbursement for the cost of rebuilding a home using the same type of materials. This policy could require enough coverage to restore a home to new, so it’s important to consider how much it would actually cost, as opposed to covering market value. For example, the price of a home today may not be at the same rate as the rebuild.

Currently, there are issues surrounding the pandemic that may have led to the adjustment or change in the costs of goods and services across Oklahoma. Consider taking some time with your insurance agent to review your insurance policies to discuss if your coverage may be impacted. They can help you assess your home’s value and ensure you have the proper coverage.

If you have any other questions about insurance, connect with us today. We are happy to help you find the coverage that best meets your home, auto, commercial and life insurance needs.  

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Top Insurance Questions Answered by Insurance Agents – Part 3

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.

Top 7 Spring Cleaning Hacks

Most Oklahomans associate spring with sunshine, the start of baseball season and severe weather. But it’s also a time to shake off the cobwebs, and give the house a good scrub and a declutter. While it’s no one’s favorite chore, spring cleaning can give you that wonderful, fresh-start feeling. Here are our seven favorite spring cleaning hacks:

  1. Get Rid of Garbage Disposal Smells

Most of you have seen viral videos on social media claiming that a bit of ice and hot water will flush grime out of the pipes. However, a plumbing expert recently warned that running your disposal with hot water can loosen grease and make clogs worse. One way to clean a garbage disposal: 

  • Fill the disposal with ice cubes, a sprinkle of coarse salt and a few lemon wedges to give the disposal a fresh scent. 
  • Turn on the cold water and run the disposal until the ice has cleared. 

Voila! Enjoy a lemony-fresh garbage disposal… at least until you wash your next batch of dirty dishes. 

  1. Clean Your Microwave the Easy Way

If you have a few lemons left over after cleaning the garbage disposal, use them to loosen up the grime in the microwave. Yes, really! 

  • Squeeze the juice of one lemon into 1/2 cup of water and drop the rinds into the mixture. 
  • Microwave for three minutes and let it stand for five minutes without opening the door. The trapped steam will loosen those pesky stuck-on food bits, so you can wipe the microwave clean with less effort.
  1. Let Go of Old Clothes

“I plan on wearing that when I lose weight!” 

“My vintage jeans will totally be back in style soon!” 

If you’ve made similar excuses when cleaning out your closet, this next hack is for you. Take all of your clothes on hangers and place the hanger on the rack, but with the ‘hook’ facing you. Then set a calendar reminder for 6 months. Every time a piece of clothing is worn, hang it back up with the hanger facing the correct way. At the end of 6 months, donate all of the clothing still facing the wrong way. Let’s face it – if it hasn’t been worn in a year, it will probably never be worn. 

  1. Fix Your Clogged Shower Head

Have been meaning to fix that shower head that sprays water in all directions? Now is the time! One way to clear the mineral deposits that could affect water flow is with white vinegar, a plastic bag and a rubber band. Simply fill the bag with vinegar and use a rubber band to secure the bag to the shower head. Let it soak overnight. To avoid the smell of vinegar all day, remember to let the water run before hopping in the shower!

  1. Get Rid of Old Electronics and Accessories

Electronic waste is the fastest-growing waste stream globally. Rather than throwing away your old gadgets and accessories, consider some more useful ways to get rid of that tangled box of cords accumulating dust: 

  1. Retail Drop-Off. Big box electronics stores often have kiosks for recycling old electronics and accessories. A few places like Best Buy, Fry’s and more!
  2. Sell and Recycle. Metal recycling centers will sometimes pay you for your small electronics – especially cables with copper wiring.
  3. Give away. One man’s trash is another man’s treasure. Electronics that are old, may be an upgrade for a friend or family member. Find out if anyone would love to have that older generation iPhone, Xbox or even GameCube.
  4. Donate to STEM Programs. Schools and nonprofits with STEM programs may be highly useful for educational purposes. 
  1. Clean the Inside of a Dishwasher (the easy way!)

You may think that because a dishwasher cleans dishes, that the inside must be sparkling. But dishwashers can actually accumulate grimy buildup and cause unpleasant smells. Here are a few ways to keep a dishwasher fresh with only two ingredients and a few easy steps. 

  • First, inspect the drain and remove any debris. Give it a scrub with some vinegar and an old toothbrush. 
  • Next, place a bowl of white vinegar on the top rack and run the dishwasher on the hottest setting. 
  • When it’s finished, sprinkle baking soda on the bottom floor of the dishwasher and run for a short hot water cycle. 

*For an extra clean dishwasher, add 1 cup of bleach to the bottom of the dishwasher and run a full wash cycle. 

Performing this process as needed can help eliminate clogs and help avoid costly repairs.

  1. De-Gunk Your Oven

Did you know that dryer sheets can help clean the gunk off oven racks? It may seem strange, but it really works. Here’s how to try it out for yourself. 

  • Place 6-8 dryer sheets in the bathtub and lay the oven racks on top. 
  • Fill the tub with hot water until the oven racks are covered. 
    • For extra-greasy racks, add about ¼ cup of Dawn dish soap.
  • Let the racks soak for several hours or overnight. 
  • Use the dryer sheets to wipe away the gunk. Thanks to the antistatic in the dryer sheets, the grime should wipe away easily. 

Along with cleaning and decluttering with our spring cleaning hacks, this could also be a good time to check in on your Home Insurance coverage. Contact your local OKFB agent to discuss any updates or planned renovations to ensure your coverage is up to date.