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.

3 Ways to Show You Care

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. 

  1. 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.

  1. 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. 

  1. 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!

Quiz: How Well Do You Know Your Insurance Policy?

Are you familiar with your Oklahoma Farm Bureau Insurance policy?

“Yeah, I practically have it memorized!”

“…well, kinda.”

 

Answer the following questions to test your OKFB insurance policy knowledge. The prize for a perfect score? Major bragging rights. (Scroll down to see the answers!) If your score isn’t what you expected and you have some questions, don’t worry! Your OKFB agent will be happy to answer any questions you have – no matter how big or how small. We’re here for you.

  1. What is “umbrella coverage”?
    a. Coverage that only goes into effect during inclement weather
    b. Coverage that provides higher limits of protection
    c. Coverage that protects your umbrella against damage and/or theft
  2. Which of the following is NOT considered a ‘dwelling?’
    a. A home
    b. A mobile home
    c. Any shop that sells food or drink items
  3. If you want to contact your local agent, what do you do?
    a. Visit the Find An Agent page on the OKFB website
    b. Holler real loud
    c. Call the operator
  4. What is a CD?
    a. One of those tiny records kids are listening to these days
    b. Celine Dion’s initials, of course
    c. A certificate of deposit – a low-risk money management tool that provides you with a fixed interest rate
  5. Can a jet ski be placed on a boat insurance policy?
    a. Yes
    b. No
    c. Yes, but only if it’s really cool
  6. I’m building a home. Can I insure a home that’s under construction at any time throughout the construction process?
    a. Yes, as long it doesn’t have more than 5 bedrooms
    b. No, the policy must be put into effect before construction of the home begins above ground level
    c. Maybe. Your contractor will decide
  7. How many Oklahoma counties have OKFB Insurance offices?
    a. 5
    b. All 77
    c. 56
  8. What animals can be insured on the 4H/FFA policy?
    a. All animals, excluding dolphins
    b. Any animal that walks on 4 legs is eligible
    c. Show animals belonging to club members of the insured 4H or FFA club
  9. Does General Liability cover me if my employees are injured?
    a. No, you will need a Workers Compensation policy to cover your employees
    b. Yes.
    c. Only if you’re at fault
  10. Are my farm employees allowed to drive my insured farm automobiles?
    a. Only if they drive under 10 miles per hour
    b. Yes, if their driving record is acceptable
    c. Yes, but off-road vehicles are excluded

 

ANSWERS

  1. What is “umbrella coverage” anyway?
    Answer: B. Umbrella coverage provides higher limits of protection against bodily injury or property damage claims by a third party.
  2. Which of the following is NOT considered a ‘dwelling?’
    Answer: C. A dwelling is a house, apartment or other place where you live.
  3. If you want to contact your local agent, what do you do?
    Answer: A. Visit the Find An Agent page on the OKFB website.
  4. What is a CD?
    Answer: C. A certificate of deposit – a low-risk money management tool that provides you with a fixed interest rate. When you deposit your money into the account, you agree not to make any withdrawals for a certain period of time. At the end of that time, you get your money plus whatever was earned in interest back.
  5. Can a jet ski be placed on a boat insurance policy?
    Answer: A. Yes. Boat Insurance options and features include:
    Liability
    Medical payments
    Physical damage
    Ask your OKFB agent about insuring your jet skis on a Boat Insurance policy.
  6. I’m building a custom home. Can I insure my home at any time throughout the construction process?
    Answer: B. No, the policy must be put into effect before construction of the building begins above ground level. If you’re a builder, check out available coverage options for builders.
  7. How many Oklahoma counties have OKFB offices?
    Answer: B. You can find OKFB agents in all 77 Oklahoma counties. Use the Find An Agent tool to locate an agent in your area.
  8. What animals can be insured on the 4H/FFA policy?
    Answer: C. You may insure show animals belonging to club members of the insured 4H or FFA club. Raising a lamb, pig or other farm animal for 4-H or FFA club exhibitions or contests requires skill, hard work and lots of dedication. Consider insuring your animals with 4-H and FFA insurance from a company that understands the effort you put into your show animals.
  9. Does General Liability cover me if my employees are injured?
    Answer: A. You will need a Workers Compensation policy to cover your employees. If you don’t know what kind, or how much coverage you need, contact your OKFB agent. We’re happy to help!
  10. Are my farm employees allowed to drive my insured farm automobiles?
    Answer: B. Yes, farm employees may drive your insured farm automobiles if their driving record is acceptable. You can easily provide their driver’s license information to your OKFB agent to add them as approved drivers.

 

 

These Are a Few of Our Favorite (2021) Things

We know that 2021 was an uncertain time for many Oklahomans, but there’s one thing you can always be sure of – Oklahoma Farm Bureau Insurance is here for you. Despite the hard times, we have a lot to be thankful for and we want to take a moment to express our gratitude and reflect on our top 3 favorite moments from last year.

#1: Sam Barrick raised $25,000 for the Ronald McDonald House

Last year, OKFB agent Sam Barrick led an effort in Love County to raise money for the Ronald McDonald House. He raised an incredible $25,000, which helped provide a comfortable space in the Ronald McDonald House for families that have a child hospitalized in OKC. Sam Barrick is living proof that Oklahomans have big hearts. Thanks, Sam, for all you do!

Oklahoma Farm Bureau Insurance Agents helped raise $25,000 for the Ronald McDonald House.

#2: Oklahoma Farm Bureau Insurance’s 75th Anniversary

In 2021, we celebrated our 75th Anniversary! We’re honored that so many of you have trusted us to take care of your homes, your farms, your businesses and your families over the last 75 years. Together, we’ve been through a lot and every day we’re inspired by your resilience, strength and character. Thank you for welcoming us into your communities and homes. We look forward to serving Oklahomans for many years to come.

#3: A New Feature Just for You

Anything we can do to make your lives easier – no matter how small – is a big win for us. That’s why in 2021, we rolled out a new feature that allows you to opt-in to receive email notifications for:

  • Changes made to a policy
  • Renewal notices
  • Billing statements

We’re happy to make these processes seamless and more convenient. If you haven’t signed up for email notifications yet, contact your Oklahoma Farm Bureau Insurance agent today to make the change!

Thank you for your business, support and friendship. Because of you, we know great things are in store in 2022.