HOMEOWNERS INSURANCE: PROTECTING YOUR HOME & PEACE OF MIND

Homeowners insurance coverages in Oklahoma typically consist of several components designed to protect your home, personal belongings, and provide liability coverage. Here's a detailed breakdown of the common coverages found in homeowners insurance policies in Oklahoma:

1. **Dwelling Coverage**: This is the core coverage that protects the structure of your home itself. It helps pay for repairs or rebuilding in case of covered perils, such as fire, windstorms, hail, lightning, and vandalism. It's important to ensure that your dwelling coverage is sufficient to cover the cost of rebuilding your home in case of a total loss.

2. **Other Structures Coverage**: This covers structures on your property that are not attached to your main dwelling, such as sheds, garages, fences, and guesthouses. It's usually a percentage of your dwelling coverage.

3. **Personal Property Coverage**: This covers your personal belongings such as furniture, electronics, clothing, and appliances, in case they are damaged, stolen, or destroyed by covered perils. Keep in mind that there might be limits on coverage for high-value items like jewelry, artwork, and collectibles. You can often purchase additional coverage for these items.

4. **Loss of Use Coverage**: If your home becomes uninhabitable due to a covered event, this coverage helps pay for additional living expenses such as hotel stays, meals, and other necessary costs while your home is being repaired or rebuilt.

5. **Liability Coverage**: This coverage protects you financially if you're found responsible for injuring someone or damaging their property. It can help cover legal fees, medical expenses, and settlements if you're sued. For example, if someone slips and falls on your property, liability coverage can help with their medical bills.

6. **Medical Payments Coverage**: This coverage helps with medical expenses if someone is injured on your property, regardless of who is at fault. It's usually a smaller amount and is intended to cover minor injuries.

7. **Personal Liability Umbrella**: While not a standard coverage, you can often add a personal liability umbrella policy to extend your liability coverage beyond the limits of your homeowners insurance. This is especially useful if you have significant assets to protect.

8. **Earthquake Coverage**: Oklahoma is part of the central United States, where earthquakes are less common but can still occur. Earthquake coverage is usually not included in standard homeowners policies and might need to be purchased as an add-on or separate policy.

9. **Flood Coverage**: Like earthquake coverage, flood damage is not typically covered by standard homeowners insurance. If you're in a flood-prone area, you might need to purchase a separate flood insurance policy through the National Flood Insurance Program (NFIP).

It's important to read and understand the specifics of your homeowners insurance policy, including any exclusions and limitations. Consider reviewing your policy periodically to ensure your coverage still meets your needs, and update it if you make significant improvements to your home or acquire valuable possessions. Additionally, remember that insurance companies and policies can vary, so working closely with our team at Durant Insurance gives you the ability to tailor a policy that suits your individual situation.