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Search by Quote ID → Search by Date of BirthMercury Homeowners Insurance in Oklahoma City
Mercury offers comprehensive homeowners insurance at competitive rates, ensuring you get the best value for your investment. Whether you’re a new homeowner in Nichols Hills or looking to switch providers in the Paseo Arts District, we’re committed to offering the peace of mind you deserve. Experience the Mercury difference today and let us help safeguard what matters most to you right here in OKC.
What Oklahoma City Homeowners Insurance Covers (and Doesn’t)
Knowing what your home insurance covers and doesn’t cover can help you make informed decisions. It can also ensure that you’re fully protected against potential risks, and help you avoid unanticipated expenses when the unexpected happens.
Coverage Inclusions
- Dwelling protection: This covers damage to the structure of your home caused by covered perils such as fire, windstorms, hail, and vandalism. This protection is crucial since Oklahoma City is in the heart of Tornado Valley.
- Personal property: This protects your personal belongings, including furniture, electronics, and clothing, whether they are damaged or stolen. This coverage extends even when you’re away from home, offering peace of mind wherever you are.
- Liability protection: This provides financial protection if someone gets injured on your property or if you accidentally damage someone else’s property.
- Additional living expenses: This covers the cost of temporary housing if your home becomes uninhabitable due to a covered loss, ensuring you have a place to stay while repairs are underway.
Coverage Exclusions
- Flood damage: Standard homeowners insurance doesn’t cover flood damage. OKC residents in flood-prone areas should consider purchasing separate flood insurance.
- Earthquake damage: Earthquake damage is typically not included in standard policies. Oklahoma has experienced increased seismic activity in recent years, so if you’re concerned about this risk, consider purchasing earthquake insurance.
- Maintenance issues: Damage resulting from neglect or lack of proper maintenance, such as mold, infestations, or wear and tear, is not covered.
- Certain types of water damage: While sudden and accidental water damage (like a burst pipe) is usually covered, slow leaks, sewer backups, and sump pump failures often require additional endorsements or separate policies.
Optional Homeowners Coverages
Enhance your standard homeowners insurance with optional coverages tailored to your needs. Here are some additional coverages you may want to consider:
- Additional personal property coverage: Protect high-value items like jewelry, art, and collectibles with this optional coverage.
- Extended replacement cost: This offers additional coverage up to 150% of your dwelling’s policy limits to rebuild your home in the event of a covered loss.
- Home systems protection: This endorsement provides peace of mind and financial protection by covering the cost of repairing or replacing essential home systems and appliances that break down due to mechanical or electrical failure.
- Identity management services: Identity theft is a growing concern, and this optional coverage provides resources and support to help restore your identity if it’s stolen.
- Service line protection: This add-on extends protection to the utility lines running from the street to your home, covering repairs to damaged water, sewer, electrical, and gas lines.
- Home cyber protection: This bundled coverage protects you from losses such as compromised data on personal computers, mobile devices, and other connected home technology. It also covers damage to software and operating systems.
Understanding Oklahoma City Coverage Rates
Several factors can influence the cost of your homeowners insurance, including:
- Location: Your home’s location significantly impacts your insurance rates. For example, OKC is in Tornado Valley, and that risk can lead to higher premiums. Additionally, the crime rate in your neighborhood can affect your rates, with higher crime areas often leading to increased costs.
- Home Value and Replacement Cost: The value of your home and the cost to rebuild it in case of a disaster are crucial factors in determining your insurance rates. Higher home values and construction costs generally lead to higher premiums. For instance, upscale neighborhoods like Nichols Hills might have higher replacement costs.
- Age and Condition of the Home: Older homes or those in less-than-optimal condition may face higher insurance rates due to the increased risk of damage and the higher cost of repairs.
- Coverage Limits and Deductibles: The amount of coverage you choose and your deductible levels directly influence your insurance rates. Higher coverage limits and lower deductibles typically result in higher premiums.
- Personal Claims History: Your personal claims history also affects your insurance rates. If you have a history of filing multiple claims, insurers may view you as a higher risk, leading to higher premiums.
How to Reduce Your OKC HO Insurance Rate with Mercury Insurance
Lowering your homeowners insurance rate is possible with a few strategic steps. At Mercury, we offer several ways to help you save while ensuring your home remains well-protected. Here are some tips to reduce your insurance premiums:
- Bundle your policies: Bundling your home and auto insurance can lead to big savings and simplify your insurance management.
- Increase your deductible: Opting for a higher deductible can reduce your monthly premium. While this means you’ll pay more out of pocket in the event of a claim, it can significantly lower your insurance costs over time.
- Maintain a clean claims history: To qualify for lower rates, refrain from filing small claims and maintain a clean claims history.
- Review your coverage annually: Avoid overpaying for unnecessary protection by regularly reviewing and updating your insurance policy.
Save More with Discounts
At Mercury we offer various discounts to help you save. These may include discounts for installing security features, making home improvements, and special savings for homes with green certifications or energy-efficient features. Be sure to ask about all available discounts with your local agent to maximize your savings today!
Oklahoma City Home Insurance: Frequently Asked Questions
What is the average cost of homeowners insurance in Oklahoma?
According to Policygenius, the average annual premium in Oklahoma is $4,161. The Oklahoma Insurance Department is great resource for comparing rates and learning more about OKC home insurance.
Does Oklahoma require homeowners insurance?
No state law requires homeowners insurance, but most mortgage brokers require you to have homeowners insurance.
Why is Oklahoma home insurance so high?
Oklahoma home insurance is high primarily due to the state’s susceptibility to natural disasters, such as tornadoes, hailstorms, and severe weather, which increase the risk for insurers. Additionally, the frequency of these events results in higher claims rates, driving up premiums to cover potential losses.
What Mercury Insurance products are available to OK residents?
Here are the products available to OK residents: