When purchasing homeowners’ insurance to protect your investment, there are often exclusions to coverage. While your house may be fully insured for fires, tornadoes, and other types of damage, there are some disasters the insurance carrier won’t cover. To find out what your policy doesn’t cover, you should read the Exclusionary Provisions section.
Earthquake Coverage
While you may not think earthquake insurance is needed for your house in Oklahoma, earthquakes are occurring more frequently in the state. Although some people blame fracking operations for their occurrence, no one knows what is triggering this natural phenomenon and most home insurance policies in Oklahoma City, OK do not cover earthquakes. There may be exceptions, but usually earthquake insurance can be bought as a stand-alone policy or as an endorsement.
Flood Coverage
Most home insurance does not cover floods, no matter where you live. Although you may live in a flood plain, most insurance carriers only offer flood insurance as a stand-alone policy. To find out more about obtaining flood insurance, you can contact insurance carriers directly or the National Flood Insurance Program, NFIP, about coverage.
Tornado Coverage
Even though Oklahoma seems to be the favorite target of tornadoes, standard home insurance policies do provide coverage for tornadoes and other storm damage. However, you should review your policy to makes sure it provides the coverage you need. Your homeowners’ insurance should provide you with at least 80% of your home’s replacement value if something happens.
If you live in Oklahoma, you will want to periodically examine your home insurance policy to make sure your house is adequately protected in case of a natural disaster like an earthquake, flood, or tornado. Depending on where you live, you should consider purchasing earthquake and flood insurance to make sure your investment is adequately protected if it receives damage.
