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Oklahoma Homeowners Insurance FAQs

Mike knows a lot about insurance right here in Oklahoma. With years of experience, he can help you find the best coverage, at the right price, for your situation!

What is the difference between Full replacement coverage and Actual Cash Value coverage?

The short answer is just one word – Depreciation. Now the long answer – At the time of a claim, Full replacement coverage will give you the value of the item lost, without deduction for depreciation. For instance, if your roof is 10 years old, Full Replacement coverage will give you the value to fully replace the roof. Actual Cash Value on the other hand only gives you the actual value of the item at the time of loss (similar to how your car is treated after an auto accident). In the 10 year old roof example, your claim payout will be much lower due to the current age of the roof. If you would like more information on this topic, please check out this video, or better yet give us a call at 217-8851.

What is covered in a typical homeowners insurance policy?

Thankfully, there are two main types of homeowners insurance policies on the market today – Named Peril, and All Peril. They come in different names but the main difference is what perils (cause of damage) are covered. Some policies, which are sometimes called “Named Peril” or “Basic coverage”, list all perils that are covered (fire, wind, theft, ect.). “All Peril”, or sometimes called “Comprehensive”, covers all perils except a few excluded causes. In a nut shell – Named Peril policies state what they will cover, All Peril policies state what they will not cover. (*Disclaimer – This is for informational purposes only and may change from company to company. To find out what policy you have specifically, simply ask your agent – but at least now you know the question to ask!)

What deductible options are available?

ANPAC has many different deductible options to choose from. We are one of the few companies in Oklahoma still offering a flat $1,000 deductible. If you are interested in a higher deductible, we have options of $2,000, $3,000, $5,000, and $10,000. Along with these options, you may also elect to add a separate 1% deductible for wind and hail.

What is a 1% deductible?

Since the 2008 hail storms, many insurance companies have changed to a 1% deductible as opposed to the standard $1,000. With a the style, your deductible is determined at 1% of your Dwelling coverage. For instance, if your home is covered at $200,000, then your deductible is $2,000. ANPAC is one of the few companies in Oklahoma still offering the standard $1,000 deductible.

Is my wedding ring covered?

On a typical homeowners insurance policy, jewelry has a limited amount of coverage. In most cases, jewelry is limited to $1,000 per item, and $2,500 total. To increase this amount you will want to add a “Rider” or “Schedule”, to your policy to cover any higher value items.  Besides higher coverage amounts, Riders offer broader coverage than a typical homeowners insurance policy including coverage for a diamond falling out, losing a ring in the lake, or simply mysterious disappearance. ANPAC is now offering a great new inexpensive endorsement that covers any item up to $5,000 without the need to list items or get them appraised. For more information, or to add this endorsement, please call us at 27-8851.

Does my homeowners insurance change if I get a pool or trampoline?

Getting a pool or trampoline does not automatically change your insurance coverage or price, but it is highly recommended that we review your coverage to make sure you are properly covered in the event of an accident. A typical homeowner insurance policy has liability coverage up to $300,000 or $500,000. With today’s litigious society, this may not be enough to cover an accident in the pool or trampoline. With many clients, we recommend obtaining an Umbrella policy to increase your liability coverage by $1,000,000. This will help protect the assets in the event of a lawsuit.

How do I set up my new homeowners insurance policy with Lynnae Insurance Agency?

The easy answer – just call and let us know, we will take care of the rest. Oh, you wanted the long answer…here goes – Once you decide to transfer your insurance to Lynnae Insurance Agency, call us immediately to notify us. At that point we may order a few reports (such as a roof report, or home inspection), and contact your mortgage company to work out the escrow details. Once we get these tasks done, we will then set up a time to meet to sign the paperwork. From here, we will handle the cancellation of your existing insurance (if you would like us to), and send all appropriate information to your mortgage company. If an escrow account has been set up with your mortgage (which is the case 90% of the time) we will send the bill to your mortgage company to be paid. As you can see, the short answer is much easier – just give us the go-ahead and we will take care of everything from there!

What happens to my escrow account after I transfer my homeowners insurance?

As the homeowner, you are able to transfer your homeowners insurance at any point in the year. When your current policy is cancelled, a pro-rated refund will be sent to you or your mortgage company, which will allow your new policy to be paid. If you receive the refund, please contact us as we can advise you on the appropriate steps to take (which is to typically send it to your mortgage company).

Do I need to cancel my previous policy after transferring to Lynnae?

Once we finalize your policy, you will have the option cancelling your previous policy personally, or we can handle it for you. Due to privacy restrictions, it is difficult for us to verify whether the cancellation took place. If you have not received a confirmation from your current carrier in 2 weeks, it is recommended to call them to confirm.