MWI Insurance Brokers | A Beginner’s Guide to Home Insurance

Disasters happen all the time, but it doesn’t often feel real until it actually happens. One of the best ways to protect yourself and your family is to prepare for a disaster before it happens. This includes choosing the right homeowners insurance coverage for you.

Buying your first home can be an exciting yet intimidating process. It’s like a right of passage into adulthood, yet not many adults talk about the specifics of homeowners insurance and what it covers. 

Your home is usually the biggest purchase you will make and is your most valuable asset. While homeowners insurance may initially seem like an unnecessary additional cost, you never know when you will need it, especially in Oklahoma. 

When you take the step to protect your most valuable asset, you are also protecting yourself financially.

Homeowners insurance includes coverage for arepairs or replacements your home requires after the event of insured damage, such as wind, fire, hail, water, lightning, theft, etc.

There are so many coverage options for homeowners insurance. It can be challenging to pick the one that is best for you.

Let’s break down a standard homeowners insurance coverage and things you should look out for.

What should a standard homeowners insurance cover?

A standard homeowners insurance policy should cover repairs or replacements needed to your house or the items within your home after a disaster.

This is a very broad definition that includes several types of damages. Your homeowners insurance can be customized based on your location and needs. Here is a list of standard damages a general homeowners insurance should cover. 

Property damages include the exterior and interior of your house.

A standard homeowners insurance policy will cover damages done to your house or items within your home.

Most home insurance policies will cover theft, vandalism, fires, roof damage, foundation repair, tree removal, plumbing issues, fences, and air conditioning units.

Damages like foundation repairs, fences, and roof damage are covered if the damage is caused by an insured incident like a storm, hurricane, or fire.

Most home insurances do not cover disasters involving floods, earthquakes, termite damage, and poor maintenance. However, flood damage and earthquake damage may be included in your homeowners insurance depending  On where you live.

One of the common natural disasters in Oklahoma is tornadoes. Damage done by tornadoes is most commonly covered under wind and has a separate deductible than other covered damages.    

When you choose your home insurance, it’s important to pay attention to what damages it will cover. Keep in mind the common natural disasters in your area when you choose your home insurance plan.

If you’re not sure, your insurance professional is familiar with your area and can help give you advice on the best plan for you and your home.

Personal Property Damages

Homeowners insurance can also replace items in your home in the case of a natural disaster, vandalism, or theft.

Insured items in your home can include furniture, clothes, jewelry, kitchen appliances, and other important tools and objects.

When you choose your insurance company, you will want to take a home inventory of the items in your home to make sure it is insured in case a disaster strikes.  

Taking a home inventory can sound overwhelming, but it will be beneficial in the long run. Take note of the items in your house and be detailed if you can. For example, include the make and model of items if you can. Taking photos of the item is also a great idea or simply go around your home videoing each room and closet.

While taking inventory of items in your home is important, be sure to make digital copies of any important documents like your birth certificate, social security number, and financial records.

When you take a home inventory, it will save you time in the event of a disaster. It will be one less thing that you don’t have to worry about, and your insurance company will help you throughout the process of rebuilding, replacing, or repairing any damages.

Liability Coverage

Standard homeowners insurance policies often include  personal liability coverage. This includes anything that could happen on your property that you could be held liable for.

The purpose of liability coverage is to cover any expenses from an injury that occurred on your property as well as anywhere in the world.

With liability coverage, you have to be held liable for the incident. If you are not responsible for the incident, your liability coverage will not apply.

You might need liability coverage if your dog attacks a visitor or your dog gets out of your yard.  You would be held liable for the injuries since it was your dog. Liability coverage will protect you from paying out-of-pocket for any medical bills. If you golf and hit a bad shot, a person could be hit with the ball. If they are injured, it is an example of what personal liability would protect you from having to pay for the damages out of pocket.

Liability coverage does not include any car accidents on your property. Your car insurance will cover that. It also does not include injuries caused intentionally by you or another resident of your home. It doesn’t apply if you or a resident sustain injuries.

If you ever need to use your liability coverage, your insurance company will walk you through your next steps and what your home insurance will cover on your behalf.

Medical Coverage

Certain medical expenses can also be covered by your homeowners insurance. Medical coverage is very similar to liability coverage. Except with medical coverage, you do not have to be found liable for the injury

Medical expenses apply to any injuries or damages that occurred on your property, whether you were responsible for it or not. If a claim is filed against you, your insurance company will cover a certain amount of medical expenses.

Let’s say a visitor fell down your stairs and broke their arm. Later, that person decides to file a claim against you. You may not be liable, but you would need to cover any medical expenses since the incident occurred on your property,

This is where your homeowners insurance comes in handy. Your insurance company would cover the medical expenses instead of you.

How MWI Insurance Brokers Can Help

Finding the right homeowners insurance for you and your home can be difficult. There are so many options. It can often be overwhelming.

When you choose MWI Insurance Brokers, our team of experienced agents will work with you to find insurance coverages that proficiently address your concerns. 

Located in Oklahoma City, but serving the entire state of Oklahoma, our team knows the area and is prepared to find you the homeowners insurance you need, so when disaster strikes, you are prepared.
Request a quote today, and our team will help you find the insurance that best suits your needs while making sure it’s affordable.