When a bank requires a borrower to carry insurance, many people just take out a policy to satisfy the lender. But a homeowner’s policy can provide far more financial support than just securing a mortgage. As the year’s pass, you may find that the initial policy no longer reflects your investment in the property. That’s why Moon – Baker Insurance Agency Inc. professionals are committed to helping members of the Ada, OK community update existing policies to ensure adequate and secure coverage.
Floods and Natural Disasters
We’re all well aware that Oklahoma endures its share of tornadoes and severe storms. But not every policy provides coverage for these types of natural disasters. When one of these twisters touches down, it can completely destroy your home. Take the time to check your policy and be certain you’re covered.
Many people assume that having a policy ensures they’ll be able to rebuild in the event of a total loss. This may not be the case. To meet today’s replacement costs, your policy will need to account for the current cost of labor, materials, building and fire code changes, among other things. The average price of home construction runs about $150 per square foot.
Policies often account for personal property as a percentage of the home’s value. But as you acquire wealth and assets, that number may fall short. Think about flat-screen TVs, electronic devices, jewelry, heirlooms, and other high-end items. You may want to create a list of assets and upgrade your policy to meet their value.
Updating an existing homeowner’s policy on a regular basis makes good sense. It’s important that your coverage meets your current home value and assets. Moon – Baker Insurance Agency Inc. professionals are available to help members of the Ada, OK community with professional and comprehensive homeowners service. We want you to enjoy a secure policy that gives you peace of mind.