Moon-Baker Agency

130 E Main St
Ada, OK 74820

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Moon-Baker Agency Blog

My house is under construction and I want to insure it. What type of policy options do I have?

When your house is under construction, the home insurance policy that you need can differ from the type of policy that you want after the project is completed. Even if the construction is primarily renovation work on an existing structure, you need a policy that reflects your concerns about the project rather than the complete property.

Consider a Builder’s Risk Policy

Unlike a basic home insurance policy, a builder’s risk plan is designed specifically for houses that are undergoing major renovations or are in the midst of construction. Generally, the policy will protect against common risks associated with building a new property. For example, it will protect against the loss of materials due to weather conditions or damages that occur during the process of constructing the property.

Conventional Coverage

When you are planning to live in the house during the process of renovation or if the construction project is completed enough that you can move into the property, then you may be able to obtain a conventional home policy.

Plans for Older Homes

Construction projects that are designed to repair, renovate and re-build an older house may require a policy that is specifically designed for older properties. The policy, which is also called a HO-8 plan, will cover personal belongings and basic liability concerns, but it will not cover the structure of the building due to the higher risk of damages. You can change the policy after the construction is complete for more comprehensive protection.

Constructing a home or renovating an existing property can be complicated and may take time. The coverage that you need may vary, but there are options that address your primary concerns. Contact us to talk to an agent for more details.

Will I be covered under my company insurance if I met with an accident while driving the company’s vehicle?

In most cases, your company vehicle insurance in Ada OK will cover an accident you are in while driving the company vehicle. Your company vehicle insurance is specifically obtained to take care of all the company cars and all the employees of the company while they are driving those cars. As long as you are officially an employee, you are driving an officially designated company car, and you are on company business, your policy should normally cover an accident that might happen.

It can become considerably more complicated in situations where you are driving your personal car, but you are doing company business. In most cases, a wreck in this situation would result in your needing to file a claim through your own personal insurance, even though you were actually on business.

In a situation where a non-employee is driving a company car, this can also become more difficult to determine exactly how the claim would be filed in case of an accident. Generally speaking, a company auto insurance policy will cover specific named employees, but it might not automatically cover any other person who is not named on the insurance policy.

Keep in mind that any car insurance policy, whether it is for a company or for an individual, can vary widely by insurance company and by the individual or company holding it. If you are concerned about not having enough vehicle insurance to cover both yourself and all your company employees while they are driving your vehicles, it is smart to discuss the situation with an insurance agent who can customize a policy for you.

Our agents offer live comparative quotes using information from all the major insurance companies. Quotes are absolutely free, so call us or visit the website anytime!