Articles Editor's Blog Reader Mail

Why Do I Need Homeowners Insurnace? Sapulpa OK

The home insurance policies which apply to your situation are: HO-1, HO-2, HO-3, and HO-8. The most popular home insurance policy is the HO-3 policy, which will cover you for all the commonly named perils. Note that if you own a multi-family home you might consider the HO-3 coverage with a special endorsement to cover you in case of renter-caused damage to your property.

Allstate Insurance - David Gibbon
(918) 246-9433
12 W 2nd St
SAND SPRINGS, OK
Services
Homeowners Insurance

Farmers Insurance Group of Companies
(918) 369-6666
11134 South Memorial Drive
BIXBY, OK
Services
Homeowners Insurance

Allstate Insurance - V. Karen Howard
(918) 742-2784
3315 S Yale Ave #200
TULSA, OK
Services
Homeowners Insurance

Allstate Insurance - Kelly Gonzales
(918) 664-2424
10396 E 21st St
TULSA, OK
Services
Homeowners Insurance

Reliable the Life Insurance
(405) 946-9683
4300 Highline Boulevard
OKLAHOMA CITY, OK
Services
Homeowners Insurance

David VanEaton Agency - Farmer''s Insurance Group
(918) 851-7000
1515 East 71st Street - Stuite 200
TULSA, OK
Services
Homeowners Insurance

Allstate Insurance - Linda Archer
(918) 627-8600
5605 East 41st
TULSA, OK
Services
Homeowners Insurance

Stumpff-Cooke Insurance Agency
(918) 369-6009
12844 South Memorial Drive
BIXBY, OK
Services
Homeowners Insurance

Allstate Insurance Companies - Independent Agent- Pauls Valley
(405) 238-7331
101 South Willow Street
PAULS VALLEY, OK
Services
Homeowners Insurance

Allstate Insurance - Bill Puckett
(405) 495-7340
7029 Nw 12th St
OKLAHOMA CITY, OK
Services
Homeowners Insurance

Why Do I Need Homeowners Insurnace?

Provided By: 

Homeowner Needs

What Home Insurance Covers

Matching your needs to the kinds of policies available can be a challenge. You need to consider the cost of the premiums as well as your ability to tolerate some risk. These are always the main factors you will need to balance out.

However, there are unique needs depending on the type of home you own or rent.

When you own the building, you should have home insurance for the building. In most cases, if you have a mortgage your lender will require this insurance as a condition of lending you the money.

If you are a homeowner, you should consider some level of coverage for the 4 standard components of home insurance:

  1. structure
  2. contents
  3. liability
  4. living expenses

The home insurance policies which apply to your situation are: HO-1, HO-2, HO-3, and HO-8. The most popular home insurance policy is the HO-3 policy, which will cover you for all the commonly named perils. Note that if you own a multi-family home you might consider the HO-3 coverage with a special endorsement to cover you in case of renter-caused damage to your property.

Let's start with the structure. You will need enough home insurance to rebuild your home. Keep in mind that your estimate should be at current construction costs - not the original cost to build. Also, you might have to consider rebuilding with less-expensive materials. This is often the case when you have owned an older home.

You can come to a quick estimate in a number of ways. You can have your home appraised. You can also get an appraisal from a real estate agent and then subtract the cost of the building lot. However, neither of these approaches will give you an actual construction cost estimate.

You can also take the square footage of your home and multiply it by the average building cost per square foot. However, average cost per square foot will not include special finishings.

Your policy will not cover you in the case of damage because you didn...

Click here to read the rest of this article from Insurance Guide 101

About Us | Contact Us | Link to Us | Privacy Policy | Terms of Use | Insurance Resources | Sitemap