Ensuring Proper Homeowners Insurance Coverage

For a homeowner, insurance is one of the most important steps we can take in order to protect our investment in the event of a disaster or theft. Whether purchasing, updating or just considering insurance, keep the following ideas and tips in mind to ensure that your property is properly insured.

1. Your insurance policy is actually a contract. As with any other contract or important document, take the time to read it. An insurance policy is not an exciting thing to read for most people, however, you may realize that your policy doesn't cover everything that you thought. Since it is a contract, realize that the insurance company will cover what they are required to in the contract and nothing more. If your contract doesn't cover it, you will be at a loss.
2. The value of your property that is listed on your insurance policy is not necessarily the appraised value of your property. Companies use different methods to find this value. Whatever method they use, find out what the maximum amount is that can be spent should your property need to be re-built. Some companies max out at 125% of the value.
3. Check your policy at least once every 4-6 years to ensure that your property is valued correctly and that the maximum coverage (from #2) is adequate to rebuild your property. Don't wait until a disaster happens to find out that you are under-insured.
4. Many homeowners are under-insured. Discuss this concern with your insurance agent and your Realtor. Your Realtor or a trusted home-builder can be a great source to ensure that the value on your policy is in line with the current costs to build a new home. Ask your Realtor for a current market value of your property and discuss with him and the builder what it would likely cost to rebuild. No figure is set in stone but you will end of with a better idea of the figure you need on your policy.
5. When selecting insurance keep two important factors in mind: the insurance company and the insurance agent. Make sure that you are not only getting a good value but that the company and the agent are reputable and knowledgeable. Don't settle for cheap insurance or an agent that is a family friend if you don't know enough about them. The right agent will help you get a good value, the right coverage, and a good insurance company.
   
6. If you have questions, talk to your insurance agent. They are the expert that you have chosen to help ensure that your investment is covered. Use their expertise in this area.
7. Check out these videos on limitations on your homeowners insurance policy and insurance coverage for expensive and unusual items. Simply click on the links or watch the videos below.
   

For more information about homeowners insurance coverage for your Tulsa, OK area home, contact Mike Tedford of Tedford Insurance at 918-299-2345 or www.tedfordinsurance.com.

To find out what your Tulsa, OK area home is worth, contact Darryl Baskin, McGraw Realtors at 918-258-2600 or www.darrylbaskin.com.