Constructing Your Ideal Insurance Policy
Understanding your insurance options is an important part of becoming a home or vehicle owner; however, you also need to know what all may be required to include in your policy. As a first-timer, be mindful of making hasty decisions regarding your coverage and only sign a contract when you are fully aware of what it includes. Here’s what you should consider.
Oklahoma operates under what is known as a 25/50/25 liability insurance minimum. This means that you must have liability coverage that is a minimum of:
- $25,000 in bodily injury protection per person
- $50,000 in bodily injury protection per accident
- $25,000 in property damage protection
However, the Oklahoma Insurance Department acknowledges that this is typically insufficient to cover all the expenses following a severe accident. They recommend that drivers have policy limits up to:
- $100,000 in bodily injury per person
- $300,000 per accident
- $100,000 in property damage
You may also find it useful to obtain policy additions like uninsured/underinsured motorist (UM/UIM) coverage or medical payments coverage (MedPay).
Home insurance is not technically required in the state of Oklahoma, although it is highly recommended considering the risk of tornadoes and other severe weather. Unfortunately, this can also cause insurance premiums to increase; data from popular insurance companies report that the mean cost of home insurance is about $4,053 annually.
When considering what to include in your policy, consider your home’s value and size, the risk of severe weather in your area, and how quickly the turnaround time is for damage claims. It is also highly recommended that you compare policies across different companies to ensure you are getting the deal that is right for you.
Oklahoma Insurance Claim Attorneys
Whether you have been waiting to hear back on a claim or were recently denied, our Tulsa firm can help ensure you get the compensation you are entitled to. Schedule a free consultation by calling 631-769-8431 or filling out this short form.