Moon-Baker Agency

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Ada, OK 74820

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How Home Renovations Alter Your Home Insurance

Over the years, you may make home improvements or renovations to your Ada, OK home that alters your home insurance coverage. By reviewing your policy with Moon – Baker Insurance Agency, Inc. you can see if you need to update your coverage to maintain the protection you need. Here’s how home renovations affect home insurance coverage.

Raise Home Value

Major renovations like a kitchen remodel or increasing living space can increase your home’s value. If you insured your home for a certain amount when you first purchased it, you may need to increase the limits of your policy to fully protect your home at its new value. Otherwise, you could fall short of insurance coverage if a disaster were to totally destroy your property. You’ll also need to add your renovations to your policy so they’ll be protected against unforeseen disasters.

Change Premium Costs 

Insuring your home for a greater value and adding renovations to your coverage will increase the cost of your policy. You should be prepared to pay more for the extended protection you need due to changes in your home structure.

On the flip side, home renovations like a new electrical or plumbing system reduce your risk of water and fire damage. This could make you eligible for a discount on your home insurance costs. In like manner, you may qualify for a discount if you install a home security system in your Ada, OK home to improve the safety and security of your property. 

Increase Liability Risk

Adding a pool to your property is a major renovation that will increase your liability risk of accidents. You may need to raise your liability limits to protect yourself against lawsuits that may arise due to a pool accident. 

For more information about renovations and home insurance, contact Moon – Baker Insurance Agency Inc.

Why You Need Auto Insurance in Oklahoma

Anyone that lives in the Ada, OK area will need to have a car in order to get around town. When you are going to purchase a car, you should also carefully consider all of your insurance needs and options. For those that do have a car in this area, having auto insurance is a necessity. There are several reasons why you need to get auto insurance in this state. 

Required by Law

One reason why you need to get auto insurance in Oklahoma is that it is required by the law. Whenever you drive a car on a public road, there is a small chance that you could cause an accident. With any accident, there are bound to be damaged. To ensure that you are able to pay for these damages, the state requires that you carry a minimum level of liability insurance. Those that drive without it will be in violation of the state law. 

Ensures Loan Compliance

Another reason to get an auto insurance policy is that it will ensure you are in loan compliance. Many people today have to take out a loan to purchase a vehicle. If you do decide to take out a loan to purchase a car, the lender will want you to have insurance the whole time. If you do not have this coverage, you could be in violation of your loan agreement. 

Those that are in the Ada, OK area need to make sure that they have auto insurance at all times. When you are looking for a new policy, you should contact Moon – Baker Insurance Agency, Inc. The team at Moon – Baker Insurance Agency, Inc. can help you to find a policy that will ensure you are in compliance with all requirements. 

How do Life Insurance Companies Perform Risk Analysis in Sulphur, Oklahoma?

The risk analysis for life insurance in Sulphur, Oklahoma can seem complicated when you are looking at the coverage options that are available. Although the exact processes that are used by any insurer may vary slightly, certain elements can help the insurer determine if you have a high risk or a low risk based on the coverage that you obtain.

Mortality Risk

Mortality risk is the possibility that you will pass away during the term that is identified in your policy. If you are young, then you are likely to have a low risk of mortality when compared to an individual who is older.

Your age is only one aspect of your mortality risk. The duration of time that you are covered can also play a role. If you obtain a term life policy for five years, then your mortality risk is much lower than a term policy for 30 years.

Health Hazards

Although the basic risk assessment is based on your current situation, a variety of factors can increase the risk of mortality, even if you are young.

Insurers will want to know if you smoke, engage in risky behaviors or work in a dangerous job before offering any type of insurance. They may also ask about your current health and any medical conditions that may impact your life expectancy. A larger number of health hazards can mean that you have a higher risk of morbidity and therefore your premium will increase or the insurer may decide to refuse your application.

Risk analysis is the process of determining whether you qualify for insurance coverage. In many cases, it is based on statistics and your current health. To learn more about life insurance, contact us to talk to an independent agent.

Will my Umbrella insurance in Ada, Oklahoma fund me if I am bedridden and not able to go to work?

Depending on the reason you are bedridden and not able to go to work, Umbrella insurance in Ada, Oklahoma may be able to help. Umbrella insurance is a policy that provides liability coverage after the limits for your other insurance policies have been met. If you were involved in an accident that has exhausted the liability limits on your car or homeowner’s insurance, your Umbrella policy may be able to help out.

Of course, all policies are different and you will need to talk with an independent agent in Sulphur or Ada, OK to determine what will be covered. If you do not have Umbrella insurance coverage, you may want to purchase a plan to be better prepared for the future. Usually, Umbrella insurance plans in Oklahoma are inexpensive and just give homeowners extra peace of mind. Consider what would happen if your deck fell over while you were giving a large party at your home. You could be sued for thousands of dollars over what your current homeowner’s policy will payout. With Umbrella insurance, you could have up to $1,000,000 of extra protection.

When talking with your independent agent, remember to compare quotes to find the best rates for Umbrella coverage. When you work with independent companies, you are usually able to find the best deal and professional agents can answer all of your questions. So if you are wondering if your Umbrella insurance will cover you if you are bedridden, or if you are just wondering what exactly Umbrella insurance covers, contact your independent agent today.

Is flood insurance only for people who live in high-risk areas in Coalgate, Oklahoma?

If you live in a flood zone in Coalgate, Oklahoma, you will most likely need or want to buy flood insurance. If you have a mortgage, your lender will insist that you carry flood insurance. If you own your home outright, you will want to purchase flood insurance to protect you from the financial risk of a devastating loss due to a flood.

Flood insurance is issued through the National Flood Insurance Program and can be bought through your independent agent or an insurance company that is authorized to sell flood insurance. While your home policy will cover water damage from a broken pipe or an overflowing bathtub, it does not cover flooding from outside sources like a river that overflows its banks or tidal surge.

When you buy any type of insurance, you do so to lower your personal financial risk in the event of a loss. Even if you live in a low-risk area of Coalgate, Oklahoma, there is still some risk of flooding. FEMA draws up maps that show the different flood zones and those flood zones are ranked in terms of how likely that area is to flood.

If you live outside of a flood zone, you probably do not need flood insurance. However, if you are abundantly cautious and want the extra cover to protect against the remote possibility of a flood, you can buy coverage. The good thing is that your premium will be very low because the risk of having to pay out a claim is also very low.

If you are not sure whether or not you should buy flood insurance because you do not live in a high-risk area, why not call your independent agent and find out all of the pros and cons of buying coverage? An independent agent is there to help.

What Kind of Commercial Insurance Do I Need for Renting Retail Space in Coalgate, Oklahoma?

When renting any type of space, there are two factors to consider. First, you need to consider what type of insurance coverage the current property owner has. In nearly all cases, you will not be protected as the tenant in a commercial business property through the owner’s policies. That means that you need to have your own policy that provides ample protections for the risks you, in particular face. Luckily, it is often possible to find an affordable policy that meets all of your needs for your commercial business in Coalgate, Oklahoma.

Define the types of insurance you need. This will change from one business to the next, but often includes commercial property insurance. Though you do not have to protect the building itself, your business’s equipment, assets, inventory, and other items are not protected. By having proper property insurance, you can reduce risks to your bottom line should something happen to your business. This can be very important in a retail space where a lot of inventory is kept.

Aside from property insurance for your assets, you also need liability protection. In some cases, the business is held responsible for accidents, injuries, and illnesses occurring in their business. For example, if a customer falls because of your wet floor, this could be a liability issue that your business must handle. It is not one that the property owner will be responsible for.

Ultimately, it is best to work with an independent agent to help you to find the commercial insurance right for your specific needs. Every retail establishment is different, but there is rarely a time when you should go without proper protection and a BOP policy for overall coverage of your assets. Discuss your options with your agent.

Is Accidental Glass Breakage Covered Under my Home Insurance Policy in Coalgate, Oklahoma?

Accidental breakage of glass in a home can be a topic of confusion when it comes to your home insurance policy. Although the details of any policy may vary in Coalgate, Oklahoma, some insurers may be willing to pay for the damages when the glass is broken due to an accident.

The Situation

Depending on the insurer and your policy, the situation that caused the accident may play a role in your ability to make a claim. Insurers may offer coverage in certain situations, like a neighborhood child throwing a ball and accidentally breaking the window, but might not cover the damages in every situation.

Insurers may identify specific situations that are covered in a policy. Otherwise, you have specific exceptions or clauses that are identified that help you determine when you are not covered for the accident.

Differences Between Policies

Every insurer has a different policy and method of determining whether an accident is eligible for a claim. Depending on your current policy and the insurer, you may or may not be covered for accidental breakage.

Read your policy thoroughly to determine if you are covered or not. Pay specific attention to any clauses, exceptions or fine print that may impact your ability to make a claim. The specific details of your policy may impact your ability to make a claim on your account based on exceptions or fine details that are stated in your current homeowner’s plan.

Replacing the glass after an accident can be expensive, but it is possible that you may be covered for the damages and repair costs. Insurers may offer some protection against accidental breakage so that you are not facing a difficult financial situation. Contact us to talk to an independent agent today for more information.

Does a Home Security System Reduce my Insurance Cost in Ada, Oklahoma?

Finding ways to cut back on the cost of home insurance without giving up any of the protection that you have obtained may take time and effort. Depending on your situation and the insurance policy on your home, it may be possible to reduce your costs in Ada, Oklahoma if you put in a new home security system.

Cost Reductions

The way that a security system may help reduce the cost of your coverage is through a discount. Some insurers will offer a discount on home insurance coverage if you have a security system because it helps reduce your risk of theft, burglary and damage from common threats like fires.

The system can warn officials about a problem, which reduces the amount of damage that the insurer may need to pay if your home is damaged from a fire or similar situation.

Company Differences

Although insurers may offer a discounted rate if you put in a security system, the amount that you save and the options that are available may vary. Some insurers may not offer a discount for the system.

Each company has a different policy and method of helping you save on your premium. Even if your insurer does not offer a discount or a reduced rate for the system, it is still beneficial to put in a system to help reduce your risks and keep your home safe. The system can reduce the amount of damage that occurs when a burglary, fire or similar situation arises.

Saving money on your home insurance can seem complicated, but there are solutions that help reduce your cost through discounts and special promotions. To learn more about reducing your premium, contact us to talk to an independent agent today.

Should I inform the home insurer in Sulphur, Oklahoma, if I have changed the security system of my house?

You probably choose to have a security system for your home to protect your family in case of a break-in or other incident. However, having one installed in your home could possibly make an impact on the rates you pay for insurance. Because of this, you may wonder– “Should I inform the home insurer in Sulphur, Oklahoma, if I have changed the security system of my house?”

First, you should look at your insurance policy and see if you are receiving any type of discount for having the system in the first place. If you are not, then you are not under any actual obligation to tell your insurer you are making this change. But, in this case, you may be missing out on a valuable discount. So, it may make sense to go ahead and make an appointment with your agent and get that information accurately on the record.

If, on the other hand, you are receiving a discount for having a home security system, it is very important that you report this to your insurer. It is up to you to report any changes that could have an impact on your insurance. Then, you can get the exact insurance, and discounts that you need. If you work with us, as your independent agent we can take care of reporting those changes for you.

If you have further questions about how your home’s security system can impact your insurance rates, give us a call. If you are in or around Sulphur, Oklahoma, an independent agent from our firm can run a live comparative search and help you find the best home insurance for you and your family.

Can I file a claim on my auto insurance policy in Sulphur, Oklahoma if my car is damaged by a pothole?

Sometimes you see potholes and sometimes you don’t. Potholes are just one of the many hazards you might encounter when driving down the street in Sulphur, Oklahoma. If you hit a pothole and it causes damage to your car, you may be able to file a claim with your Oklahoma auto insurance company.

Hitting a pothole can do minor damage to your car, or, it can result in an expensive repair bill. If you get a flat tire, you are looking at a bill from maybe twenty-five dollars to patch the tire or several hundred dollars to buy and install a new tire. It could also cause more serious and more expensive damage such as a broken axle. If hitting the pothole causes you to lose control of your vehicle and slam into a tree, the damage could run into the thousands.

As long as you have auto insurance that includes collision, you will be able to file a claim with your carrier for the damage caused by your encounter with the pothole. Your auto insurance company will get an estimate from an appraiser and determine e the amount of damage. After you meet your deductible, any amount of the claim above the deductible will be paid for by the insurance company.

You should think before filing a collision claim with your auto insurance company. If you file a claim, your rates may go up when it comes time to renew your policy. If, for example, you have a $250 deductible and the damage is $300, it would probably be smarter to pay the extra $50 yourself and not file a claim with your car insurance company.

As your independent agent in Sulfur, Oklahoma, we are here to help you with all types of claims. Before you file a claim for damage caused by a pothole, give us a call and an independent agent will go over all of your options so you can make the smartest choice of how to proceed.