Does home insurance in Oklahoma cover hail damage to my roof?
Yes, most Oklahoma homeowners insurance policies include hail coverage for the exterior of the dwelling. The provision for wind and hail coverage is included in the premium price that you pay each month to maintain your policy status.
What is different about wind insurance in Oklahoma?
Wind insurance in Oklahoma is typically priced with a separate deductible while remaining part of the primary home insurance policy’s coverage. The policyholder’s wind insurance coverage will be paid for with part of the home policy’s premium.
Premium - The amount you pay to secure the coverage of an insurance policy. Premiums are paid up front, typically on a monthly or an annual basis. Premium prices are determined by multiple factors including location, localized perils and hazards, and the policyholder’s insurance history.
How does home wind and hail coverage work in Oklahoma?
Wind and hail coverage is included in the dwelling coverage piece of a home insurance policy. Dwelling coverage, also called Coverage A, protects the exterior of the home, including the roof and outside walls. Dwelling coverage is the type of insurance that is required by any reputable mortgage lender for the protection of their collateral.
How do wind and hail deductibles work in Oklahoma?
Like many other states that are at a greater risk of wind and hail damage, Oklahoma policyholders see their wind and hail coverage included in a primary home policy, but priced with a separate deductible. This allows insurers to pass on some of the cost to customers while continuing to offer coverage to an area with premiums that can be kept manageable.
Deductible - The amount you owe when you make a claim on an insurance policy. Deductibles are defined at the time of purchase on the policy, and can be set as a flat rate or as a percentage of the total insured amount. Some types of insurance do not require a deductible, but most do.
Can I get help covering my wind/hail deductible in Oklahoma?
There are programs that offer assistance to Oklahomans who have difficulty obtaining coverage through the private insurance market. The Oklahoma Market Assistance Program does not sell insurance coverage, but it does offer assistance to homeowners who meet the program’s qualifications.
Tips for Oklahoma homeowners with high deductibles
The deductible is a potential cost that homeowners have to accept as part of the agreement when they buy insurance to protect their home. With the common use of percentage deductibles in several states, including Oklahoma, it is increasingly important for homeowners to be aware of the level of coverage in place for their homes and the costs associated with the policy. This includes the sometimes surprising expenses that often follow a claim.
Why is wind/hail insurance important in Oklahoma?
Oklahoma sits in the region known as Tornado Alley, as well as the newer group of states now called Hail Alley. The state has more than its fair share of severe weather each year, and the rate at which damaging hail and winds hit the residents of Oklahoma and their property continues to increase, thanks to climate change factors. The changes seen across the state reinforce the importance of having the appropriate protection in place.
Get a quote for Wind and Hail insurance in Oklahoma today.
Sources:
“Oklahoma Market Assistance Program” MAPSprogram.com, https://mapsprogram.com
Gray is the Senior Content Specialist at Sola Insurance, working with the Sales and Marketing teams to provide helpful, valuable content for homeowners and agents. Gray has worked previously in finance, logistics, and advertising.
