Purchasing a home is exciting, especially when it’s your first home. One of the last things you have to do before you move in is to buy homeowner’s insurance. While this may seem trivial in comparison to closing on a mortgage, it is very important not to take this step lightly. By doing your homework and asking questions of the insurance agent, you can get Home Insurance in Oklahoma City OK that gives you all of the protection you can afford and leaves little room for surprises if a disaster strikes your home.
The first thing you will have to consider is which disasters you want your Home Insurance in Oklahoma City OK to protect you against. Standard policies cover fire, explosions, storm damage and theft. Many new homeowners purchase a basic policy because they cannot imagine that something tragic will happen to their new home. However, taking the first policy the agent shows you without considering adding additional coverage may be a mistake. Most young homeowners can least afford the cost of repairs in their first few years in their home.
A comprehensive policy can cover just about anything that can go wrong. This kind of policy will cover you if a falling object hits your home, if one of your appliances or your plumbing causes water damage to the interior of your house and damage caused by the weight of ice or snow on your roof. You may not need such comprehensive coverage but it can be beneficial to consider the costs associated with repairing damage caused by any of these events versus the costs of a comprehensive homeowner’s insurance premium and deductible.
You’ll also need to determine an appropriate amount for your deductible. Instead of accepting the standard $500 or $1,000 deductible for your Home Insurance in Oklahoma City OK, consider how much you can afford to pay in the event of a loss. A higher deductible will decrease your annual premium but it may put you in a bad financial position if you ever need to file a claim. Some new homeowners adjust their deductible yearly as they set aside the funds to pay for their portion of the repairs.
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