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Homeowner Insurance

from J. K. Meadors & Co

Homeowner Insurance

If you own your house or condo, your property is probably your greatest asset. Likewise, if you rent, you have years of investment in clothing, electronics, and home furnishings. What would you do if fire, theft, or natural disaster damaged or took away these precious assets? 

Most people cannot afford to replace these items. Fortunately, for this kind of situation, there is homeowner insurance. 

Whether you own your home or rent, there is a homeowner insurance product for you. How does it work? You pay a premium, either monthly, biannually, or annually. If something happens to your dwelling or belongings, your insurance policy can help you rebuild and replace these things, up to the value of your policy. 

Depending on the policy you opt for, you may also get coverage for: 

  • Personal liability 
  • Medical expenses if someone is injured on your property
  • Additional living expenses if your home becomes uninhabitable
  • Scheduled protection for jewelry, antiques, collectibles, and art
  • Tenant-related damage if you are a landlord

Deductibles

When you take out a homeowner insurance policy, you will decide on a deductible. This is the amount you agree to pay yourself before your policy kicks in when you file a claim. The deductible is usually deducted from the claim at the time of payout. 

Your premium cost and deductible are closely related. When you choose a smaller deductible, you usually pay a higher premium. And, when you elect to pay a higher deductible, your premium goes down accordingly. 

Ask your insurance agent about selecting a deductible-premium combination that works best for your unique needs. You can also talk about how much insurance coverage you need based on the value of your home and belongings. 

Building the Right Coverage

Before meeting with your insurance agent, take a quick inventory of your home and belongings. A quick and easy way to do this is to use your mobile phone to snap photos or make a video of your house and its contents. Then together you can arrange a policy that provides the coverage you need and can afford. You might even want to add an umbrella policy for extra liability coverage. 

Our independent insurance agents have access to multiple insurance carriers and can offer a flexible, customized policy that is right for you. Call J. K. Meadors & Co at 405-377-0000 today and tell us about your homeowner insurance needs. We are here to help you build the right policy.