Oklahoma Insurance All Your Needs in One Place

If you own a house in Oklahoma, you can protect your finances and cover the investment you have made in your property by purchasing a homeowners insurance policy. In Oklahoma, home insurance provides five types of coverage:

• Coverage A: This is called dwelling insurance. It covers loss or damage to the structure of your home.
• Coverage B: This is called other structures insurance. It covers loss or damage to other structures on your property like detached garages, fences, and storage sheds.
• Coverage C: This is called contents insurance. It covers loss or damage to your personal property.
• Coverage D: This is called loss of use insurance. It covers your extra living expenses if damage caused by a covered event leaves your home unsafe for habitation.
• Coverage E: This is called homeowners liability insurance. It covers court costs, legal fees, mediation costs, judgments, and other related expenses if you or someone in your household faces a personal liability lawsuit.

A local independent insurance agent can help you be certain that your coverage limits are sufficient in each category.

Vehicle owners in Oklahoma need to have a car insurance policy that meets or exceeds the state’s minimum coverage requirements. This means all car insurance policies in this state must include auto liability coverage.

Auto liability coverage is designed to pay for other people’s injuries or property damage if you are at fault for an accident. Oklahoma state law mandates that your policy must provide, at a minimum:

• $25,000 in bodily injury liability coverage per person
• $50,000 in bodily injury liability coverage per accident
• $25,000 in property damage liability coverage per accident

In addition to the coverage required by law, you can include several options in your policy. Some options you are likely to see offered by insurance companies in Oklahoma include collision insurance, comprehensive insurance, uninsured motorist insurance, medical payments insurance, gap insurance, rental car reimbursement insurance, and towing and roadside assistance.

A local independent insurance agent can help you review all your coverage options so you can make an informed decision about which are a good fit for you and your family.

Business insurance helps Oklahoma companies stay profitable in times of trouble by shielding them from significant financial losses. Most small business owners can choose between buying a business owners policy (BOP) or a business insurance policy package.

• In most cases, low-risk businesses with fewer than 100 employees and less than $1 million in annual revenues qualify for a business owners policy. BOPs are the most affordable option, but they are somewhat limited in the types and amounts of coverage they can provide. BOPs include only general liability insurance, commercial property insurance, and business interruption insurance.
• Owners of larger businesses and small businesses with complex coverage need to purchase a business insurance policy package. When you buy your coverage this way, you can review a wide range of commercial insurance products and select policies à la carte so that you only buy the coverage appropriate for your Oklahoma business.

Purchasing business insurance may sometimes be complicated, but a local independent insurance agent can simplify the process. These agents can recommend suitable policies for your company and shop around to find the best and most affordable coverage.

Workers’ compensation is no-fault insurance that protects employees from financial losses related to on-the-job injuries and occupational illnesses and helps businesses avoid potential liability lawsuits related to workplace injuries. With very few exceptions, this coverage is required for all employers in Oklahoma.

Policies may be purchased from any insurance provider authorized to write workers’ compensation policies in Oklahoma or through Oklahoma’s state-administered fund. Alternatively, qualified businesses may opt to self-insure.

Workers’ compensation provides injured employees with several types of coverage, including:

• Complete coverage for all necessary medical treatments
• Short- and long-term disability compensation
• Death benefits for the employee’s spouse and dependents
• Vocational rehabilitation and training

Workers’ compensation insurance does not award reimbursement for pain and suffering.

Life insurance enables you to rest assured that if something were to happen to you, your loved ones would be taken care of. You can choose between term and permanent policies:

• Term life insurance: These policies are the least expensive option so they enable you to purchase a large amount of coverage at a low price. However, at the end of the policy’s term, the coverage expired.
• Permanent life insurance: These policies cost more than term policies but the coverage can continue for the rest of your life so long as you continue to pay your premiums. These policies can also be used as an investment vehicle.

If you would like to learn more about life insurance, talk to a local independent insurance agent. Your agent can help you view policy options and costs so you can make an informed decision about which type of coverage is right for you.

There are instances where landlords and rental agencies require their tenants to carry renters insurance. However, this insurance is usually optional.

Whether or not it is required, renters insurance is a good investment. It can protect you from financial losses related to property damage, theft, displacement, and even personal liability lawsuits, and it gives you all this protection at a surprisingly reasonable price.

The average renters insurance policy in Oklahoma costs just $236 a year. That is only $20 a month. Talk to a local independent insurance agent to learn more about what an affordable renters insurance policy can do for you.

Oklahoma residents with a lot to lose can protect their assets by purchasing an umbrella insurance policy. This secondary insurance coverage provides an affordable way to significantly boost the liability coverage provided by the policies you already have.

Because umbrella insurance does not kick in unless your primary insurance has been exhausted, it is surprisingly affordable.

• Personal umbrella insurance policies are designed to enhance the liability coverage you already have through other policies like homeowners insurance, renters insurance, car insurance, RV insurance, and boat insurance. This excess liability coverage is typically sold in million-dollar increments at about $200 to $300 a year for every million dollars in coverage purchased.
• Commercial umbrella insurance policies are designed to boost your company’s general liability coverage. These policies typically cost about $500 a year for every million dollars in coverage purchased.

Talk to a local independent insurance agent to learn more about umbrella insurance in Oklahoma.

Property in Oklahoma is at risk for damage caused by severe weather, catastrophic events, and property crimes. Fortunately, insurance products are available to cover damage caused by these hazards. Hazards most likely to affect property owners in Oklahoma include:

• Severe storms: These can include windstorms, thunderstorms, and derechos.
• Tornadoes: An average of 62 tornadoes touch down in Oklahoma every year.
• Falling objects: This includes things like hailstones, uprooted trees, and fallen branches.
• Floods: More than one in ten properties in OK have a significant risk of flood damage.
• Accidental fires: Most insurance policies cover fire and smoke damage.
• Wildfires: Around 88% of properties in OK are at risk for wildfire damage.
• Property crimes: Most insurance products cover burglary, vandalism, and arson.

Because independent agents live and work in your community, they are familiar with the risks you face in your Oklahoma neighborhood. Your local agent can help to ensure that your property is suitably covered against all potential hazards.

Flood damage is not covered by home, renters, or business insurance policies. While most properties in Oklahoma do not have a significant risk for flood damage over the next thirty years, more than 186,000 do. If you own one of these at-risk properties, you may want to supplement your coverage with flood insurance.  

Affordable policies are available through the National Flood Insurance Program in NFIP-participating neighborhoods. Otherwise, you can purchase coverage through a commercial provider. When deciding whether or not to buy a policy, it is worth considering that the average payout per approved flood claim in Oklahoma is $21,200.

Shopping around for the best insurance products can sometimes be frustrating. That’s why it pays to have a knowledgeable insurance agent in your corner.

Local independent agents will take the time to understand your insurance coverage needs fully. These agents can save you time and money by contacting various insurance providers and obtaining customized quotes on your behalf.

No matter what kind of coverage you are looking for, you can get help from an independent insurance agent. With more than 440 independent agencies in Oklahoma, finding an experienced agent near you should be easy.