Why Oklahoma Home Insurance Policies Differ

Oklahoma residents often experience severe weather, with hail storms being a common occurrence that can cause significant damage to homes. As a result, homeowners in Oklahoma are understandably concerned about how their insurance policy will cover a hail-related claim, which is one of the most frequently made claims on homes, particularly in areas such as El Reno, Moore, Norman, Newcastle, and Blanchard.

When reviewing a homeowners insurance policy in Oklahoma, it is important to first consider the type of settlement offered for a roof claim. Many insurance companies now offer a tiered approach to payouts, meaning that if the roof is over 15 or 20 years old, the homeowner will likely receive an "actual cash value" or "depreciated value" rather than full replacement cost.

In Oklahoma, the age of a roof cannot be determined solely based on the information printed on the shingle packaging, due to the extreme weather conditions which can accelerate the deterioration of a roof. Therefore, insurance companies may offer a deflated value based on the remaining lifespan of the roof rather than a full replacement for roofs older than 25 years. It is important to review the policy language to fully understand how a roof claim will be settled in these circumstances.

Another important factor to consider is the deductible for wind and hail, which typically has its own line item on a homeowner's policy in Oklahoma. The majority of insurance companies in this state have adopted a wind and hail deductible that is at least 1% of the dwelling value, with some requiring a mandatory minimum of 2% or more. This means that homeowners could be responsible for a significant portion of the claim before insurance coverage kicks in. It is crucial for homeowners to be aware of their specific deductible amount.

Lastly, homeowners should be aware that some policies may not cover damage resulting from water entering the home as a result of hail damage. It is essential to understand any coverage limitations, such as wind-driven rain coverage, to ensure that adequate protection is in place. Seeking advice from an independent insurance agent, such as Miner Family Insurance, can provide insight into the nuances of an insurance policy and help homeowners understand how their home is protected.

Topics: hail, home insurance, homeowners insurance, deductibles, hail storm, roofer, insurance claim