Dear Oklahoma Insurance Agent…

Why does my Oklahoma Home Insurance seem to go up every year when I’ve not had any claims?

There are a couple of different factors that can affect your insurance premium. Most home policies have a built in “inflation guard.” This means that the company will automatically increase the amount of coverage you carry on your home a certain percentage every year. This helps protect you from being underinsured due to inflation increases on cost of building supplies and labor needed to repair or rebuild your home if you sustain a loss.
Another factor that can influence the premium on your policy is company rate increases. Just like everything else in life, insurance companies are required to increase their overall rates once in awhile to keep up with inflation. Unfortunately, this will affect all policyholders regardless of claims history.

Does my Home Insurance cover damages from an earthquake?

Unless you have specifically added earthquake coverage, your policy will not cover damage from an earthquake. Some companies will allow you to endorse the coverage onto your existing policy. Other companies do not offer this coverage, and you will need to get a stand-alone earthquake policy.

My husband got me a beautiful diamond necklace for Valentine’s Day. Will my homeowner’s policy cover it?

Depending on the value of the necklace and the type of policy you have, you may or may not need to schedule the jewelry on your homeowner’s policy. Even if you do not need to schedule the jewelry, many agents will still want to make a note on your policy that you do have the necklace. To make sure you are properly insured, you should contact your insurance agent for guidelines specific to your policy.

What does Uninsured Motorist cover? Am I required by Oklahoma Law to have it on my policy?

Contrary to popular opinion, Uninsured Motorists coverage will NOT pay to fix your vehicle. However, the coverage does pay for medical expenses and lost wages for you and your passengers in the event that you are involved in an accident (that is not your fault) with an uninsured or underinsured driver. You are not required by law to carry this coverage, but it is highly recommended. Statistics show that over 25% of drivers in Oklahoma are uninsured…this does not include drivers who are UNDERinsured.


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