OKLAHOMA – Oklahoma Farm Bureau Insurance invites Oklahomans to participate in National Insurance Awareness Day, a day for consumers to examine their current insurance coverage and assess any needs. The observance falls on Wednesday, June 28.
“Every person’s situation is unique, so there’s no one-size-fits-all solution when it comes to determining what insurance coverage is going to protect your family and your property best,” said Gary Buckner, executive vice president and general manager of Oklahoma Farm Bureau Mutual Insurance Companies. “Setting aside time each year with your insurance agent to discuss life changes and your current insurance needs not only provides peace of mind, but it can also lead to opportunities for potential cost savings.”
As part of a complex industry, there are many opportunities for confusion when it comes to choosing the right insurance. OKFB is providing insights into some common misperceptions and myths agents often hear. Be sure to check with your agent to find out the specifics of your coverage.
Myth: Earthquake and flood coverage come standard with homeowner insurance. Standard homeowner 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: My insurance isn’t responsible if someone else is driving my car. Personal auto insurance plans are associated with the vehicle, not the driver. If someone other than the insurance policy holder is driving the vehicle and is involved in an auto accident, the policy on that vehicle could be negatively affected.
Myth: Life insurance is only necessary late in life. 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 home are covered by my homeowner policy. 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.
About Oklahoma Farm Bureau Mutual Insurance Companies
Since 1946, Oklahoma Farm Bureau Mutual Insurance Companies have worked to maintain their position as the leading Oklahoma-based insurance company for Oklahomans from all walks of life. The company protects Oklahomans in all 77 counties from the risks they face every day, and because each agent lives and works in Oklahoma, they are present when needed most. Oklahoma Farm Bureau is committed to helping the more than 140,000 member families to ensure Oklahoma’s financial strength today and in the future.