Perils Coverage Explained

Dobbs & Braddock Inc. understands that the insurance industry uses terminology that not everyone understands. We want to put an end to that so you knowledgeably purchase insurance that suits your needs. Your home insurance covering your Altus, OK home includes perils coverage if you purchased an HO-1, HO-2, HO-3, or HO-5 policy, but what does that mean to you?

Perils Coverage Explained

Home Insurance typically includes perils coverage, coverage for unexpected acts of chance, such as wildfire, tornado, hurricane, snowstorm, etc. Home insurance includes eight different forms of coverage, but only HO-1, HO-2, HO-3, and HO-5 policies cover a dwelling with perils coverage.

Each Home Policy Offer Different Levels of Perils Coverage

Check your policy carefully though because each of the four home policies that do cover perils cover different perils. An HO-5 policy offers the broadest coverage and covers personal property, but most people end up with an HO-3 policy because they don’t know what to ask for. The other four types of home policies – HO-4, HO-6, HO-7, and HO-8 – offer no perils coverage of any kind.

When Perils Coverage Activates

As soon as the peril named in the insurance policy damages your home, the coverage activates. When the damage occurs, file your claim as long as your home policy covers that particular peril.

Contact Us to Update Your Home Coverage

Did you just check your home policy and learn that you don’t have the perils coverage you desire? Contact Dobbs & Braddock Inc. to improve the coverage on your Altus, OK home. Let us help you upgrade your home policy to an HO-5 for the most comprehensive coverage.

Are You a Homeowner? Protect it with Insurance

People purchase homeowners’ insurance for the same reason they purchase health, automobile, or life insurance. It helps owners deal with the financial consequences if their home is damaged or if someone is injured on their property. If you live in or near Atlus, OK, we at Dobbs & Braddock Inc. can provide the protection you need for your home.

Home Insurance: What You Need To Know

Homeowners’ insurance covers most aspects of damage to your property, but not all. The most common exclusions are related to floods, war, large-scale disasters, normal wear and tear, negligence, or risky items like trampolines.

Examples of events not covered by homeowners’ insurance are:

  • Acts of war
  • Earthquakes
  • Floods
  • Infestations
  • Mold
  • Nuclear accidents
  • Sewer backup
  • Water damage

Homeowners’ insurance is necessary because it offers financial protection against the loss of your most valuable asset, your home. It also covers your personal property and all your assets in the event you are sued for damages if someone is hurt on your property.

You are legally required to purchase automobile insurance. It isn’t the same for homeowners’ insurance. The law does not require it on any level, from local to federal. But mortgage lenders usually require a homeowners insurance policy to be purchased before they fund the mortgage. A lender takes precautions to protect their money and a wise homeowner will want the same protection.

Get Home Insurance Today

Liability insurance and hazard insurance are combined to make up homeowners’ insurance. A knowledgeable and experienced group of professionals can explain all the differences and benefits of a homeowners’ insurance policy. Contact the insurance professionals at Dobbs & Braddock Inc. in Atlus, OK get answers to your questions regarding the correct level of protection necessary to cover your home, property, and possessions. You will be glad you did.

What Will the Homeowners Association (HOA) Cover?

Whether you live in a condo, townhouse, high-rise, or individual house, chances are that you live in a community that’s governed by a homeowners association, also known as an HOA, a self-governing organization that collects maintenance fees. 

Depending on your property type, your HOA, which is most likely run by resident homeowners, might be responsible for something as small as maintaining the common areas, including parking lots, or something as significant as overseeing the management of the whole property. Dobbs & Braddock Inc offers this guide for the greater Altus, OK community in navigating HOA. 

Homeowners Association (HOA): What You Need To Know

In communities that have an HOA, homeowners pay fees so they can maintain the neighborhood or units. If you’re curious about the cost of HOA fees and what they cover, you’re in the right place–because that’s exactly what we’re covering here. 

So, how much are HOA fees, and what do they cover? It depends on the community’s amenities, but generally, homeowners pay between $200 and $2,500 per year. 

At the very minimum, homeowners can expect their HOA to cover things like: 

  • Parking 
  • Safety and security
  • Maintenance and landscaping
  • Garbage pickup 
  • Common area utilities 

It should come as no surprise that larger communities with a more extensive list of amenities typically charge significantly more than communities that simply enforce rules and regulations. 

By paying the HOA fees, homeowner residents get to enjoy living in a community that’s safe, clean, and well maintained. 

Contact Us Today

Do you know what else is worth investing in? Condo insurance. This type of coverage has a plethora of benefits, including protection from losses from events like theft, vandalism, and natural disasters. And that’s where Dobbs & Braddock Inc comes in. For nearly a century, our insurance agents have been serving the greater Altus, OK community. For more information about how we can help you, give us a call.

Why Liability Coverage Is A Significant Part Of Home Insurance Policies

Dobbs & Braddock Inc serves the Atlus, OK community and surrounding areas. We help our clients obtain the necessary coverage to manage life’s risks and live comfortably. It’s important to have the right insurance coverage during emergency situations so that you will have a safety net. We offer our clients several policies, so they will be covered regardless of the issue. Providing excellent customer service is a priority. We look forward to assisting you with your coverage needs.

Why Liability Coverage Is A Significant Part Of Home Insurance Policies

Home insurance covers your Atlus, OK property. You are covered if there is damage to the structure of your home due to severe weather or an accidental fire. You are also covered if your possessions inside the home are stolen or vandalized. Home insurance also covers any detached structures on your property such as a shed, fence, or garage. You can amend your policy to add alternative living coverage. Alternative living coverage protects you if you have to stay somewhere else temporarily until your home is repaired due to serious damage.

Liability coverage is a significant part of your home insurance policy. Accidents can occur at any time. Imagine one of your guests slips and falls in your backyard, spraining their ankle. Perhaps they fall down the steps. Liability coverage will assist with the injured party’s medical treatment. Liability coverage also protects you against accidental property damage. Perhaps you are cutting a tree outside, and it falls over on your neighbor’s property. Liability coverage will protect you in that situation as well.

Dobbs & Braddock Inc Will Help You Protect Your Assets

Visit our website to learn more information about home insurance.

4 Popular Myths About Home Insurance

While nearly all homeowners in the Atlus, OK have insured their homes, there are many misconceptions around home insurance. You’ve probably come across numerous information when shopping for your home insurance — both helpful and not so helpful information. But how do you know what’s true? At Dobbs & Braddock Inc, we have broken down four common myths about home insurance to equip you with correct information. 

  • Home insurance is not worth the expense: Do you know that one event is enough to wipe out your entire investment? Why then should you not safeguard your home? If anything damages your home, you will be glad you had insured your home. Otherwise, you will have to finance the repairs or rebuilding from your pocket. 
  • Home insurance only protects your belongings and property: The truth is that home insurance protects more than your belongings and property. For example, it provides liability coverage, including bodily injury and property damage to other people. Besides, it covers additional living expenses when a covered peril destroys your home. 
  • Home insurance isn’t required: While homeowners insurance is not required by law, mortgage lenders require home insurance before advancing the loan. 
  • Home insurance covers everything: While home insurance covers most perils, it has exclusions. Typical home insurance doesn’t cover damage resulting from pest infestation, normal wear and tear, war, and flood damage. Additionally, home insurance provides little protection for high-value items like art, jewelry, and silverware. 

To be on the safe side, talk to your home insurance agent to understand what is covered and not covered to avoid surprises when the unexpected occurs. 

Home insurance in Oklahoma

As you can see, there are many myths surrounding home insurance. However, shopping for one with the help of a professional will help a great bunch. Please contact Dobbs & Braddock Inc for affordable coverage that suits your need. Additionally, we are a call away to help you bust all home insurance myths that come your way.