Home Insurance | Homeowners Insurance in OKC | Insurance Nsight

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What Is Homeowners Insurance and Why Do I Need It?                                    Find an Agent Now!

Buying a home is an exciting experience. There’s nothing like the excitement and joy that comes from getting the keys, walking across the threshold, and knowing that you now own that piece of property. When you think about that excitement, wouldn’t you do whatever you could to protect your home from the myriad of things that could go wrong? That’s where your home insurance policy comes in handy.  

Homeowners insurance protects your home and your belongings in the event of a disaster, such as fire, hail, or a tornado, as well as other risks, like theft and vandalism. A typical home insurance policy also provides coverage for expenses associated with accidents that occur inside your home or on your property.

Now imagine having to foot the bill to pay for the costly repairs and other expenses associated with any of the possible risks just mentioned. Doesn’t sound fun, does it? For this reason, your home insurance policy is your new best friend.


Protecting Your Most Valuable Possession

For most people, their home is one of, if not the, most valuable asset they own. When you purchase a home, you’re making an investment for the future. Home insurance helps protect that investment – as well as your family and personal belongings – in the event that something should happen. Below are some of the top reasons having home insurance is important:


It’s Most Likely Required

Although home insurance is not required by law in the state of Oklahoma, it will most likely be required by your mortgage lender. Prior to being granted a mortgage, your lender will want to know that the investment they are making in funding your home is protected and insured. If your home were to be damaged or destroyed and wasn’t insured, both you and your lender would take a financial loss.

In fact, if you don’t buy home insurance or your policy is canceled for some reason, your mortgage company is legally allowed to buy insurance for you and charge you a hefty fee. This scenario is called a force place, meaning the lender forcefully places an insurance policy on you in order to provide coverage for your home.


Strengthens Your Personal Financial Security

As we mentioned before, without a home insurance policy, you would most likely be responsible for covering the costs of covered damages to your home—a situation that could severely hurt your bank account, or worse, put you in debt.

With homeowners insurance, you can rest easy knowing that your insurance company will cover most, if not all, of the costs associated with damages caused by a covered peril. For this reason, insurance not only means security for your home and belongings, but your personal finances.


Protects Your Property from the Unexpected

A standard home insurance policy in Oklahoma protects more than the house you live in. It also may cover other structures on your property, your personal belongs, injuries to your guests, additional living expenses, and damages or injuries occurring on someone else’s property that your family is liable for. 

You can never be prepared for every circumstance that could happen in life. Whether it’s a natural disaster, theft, vandalism, or a vehicle driving through your living room, your home insurance coverage will help protect you from all of the unexpected things that life could throw at you.


What’s Typically Covered by a Home Insurance Policy in Oklahoma?

The following are perils that are commonly covered by home insurance policies in the state of Oklahoma. However, it’s always important to ask your insurance agent or company to explain exactly what is covered by your policy.

Typically Covered:


  • Your dwelling (including attached structures)
  • Other structures
  • Your personal property
  • Fire damage
  • Lightning damage
  • Windstorm or hail damage
  • Explosions
  • Damage caused by a vehicle
  • Smoke damage
  • Vandalism
  • Theft or attempted theft
  • Additional living expenses
  • Debris removal

Typically Not Covered:


  • Flood damage
  • Earthquake damage
  • Backup of sewage and water
  • Pets
  • Home businesses
  • Home daycares
  • Identity theft
  • Nuclear accidents or war
  • Removal of fallen trees (unless they land on or damage the roof or walls of a home)
  • Enforcement of building codes, ordinances, or laws regulating the construction, reconstruction, maintenance, repairs, replacement, or demolition of any structure

How an Insurance Agent Can Help

Your insurance agent is an invaluable resource when it comes to shopping for and purchasing insurance. Insurance, especially homeowners insurance, is complex and confusing to the average consumer. An insurance agent can explain exactly what’s covered, as well as what’s not covered, under any type of homeowner’s policy that you’re interested in. They can even suggest additional coverage that may be important to have based on where you live.

For example, flood insurance and earthquake insurance are not included in a standard home insurance policy, but if you live on a flood plain or have been affected by the recent earthquakes in Oklahoma, these might be important to have.

An agent can also help explain or answer questions about all of those insurance terms you may not understand, such as: What are scheduled roof payments?;  What’s the difference between replacement cost and the actual cash value?; What is homeowner liability?; What’s included in wind and hail coverage? The list goes on and on. To help in the short-term, we’ve defined some of the more common terms related to home insurance that you may encounter.

Ready to buy a home insurance policy? Find an agent near you now!
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