Floods, Earthquakes, and Renting…. Oh, My!

Flood Insurance: A Good Idea? YES!

Here’s Why:

  • Did you know floods are the number one natural disaster in the U.S.? There are many sources of flooding in a home, including flash floods, snow and ice melting, appliance and plumbing issues, and storms. According to floodsmart.gov (the official site of the National Flood Insurance Program), this area of concern for homeowners is often overlooked until it is too late. And since it usually takes 30 days after purchase for a policy to take effect, waiting to get flood insurance is not a good idea. When purchasing your new home in Oklahoma, you are eligible to purchase flood insurance as long as your community participates in the National Flood Insurance Program. See: www.fema.gov/cis/ok.html. For more information about how to obtain flood insurance as well as statistics in your area, see www.floodsmart.gov or www.fema.gov.

Renter’s Insurance: A Good Idea? YES!

Here’s Why:

  • Although, renting is not always the recommended choice over owning your own home, there are times when it becomes necessary.  Fire, theft, storms, leaks, water damage, and other sources can all cause damage to your personal property within your home. If you are renting, your landlord’s insurance policy likely does NOT cover your personal losses in these devastating events. To protect yourself and your valuables, renters insurance is a wise investment, and is not as expensive as you might think. To avoid any complications with renters insurance, it is helpful to keep an active record of your belongings. Some renters even take pictures or video of the home and store them in a safe place (other than the home itself).

Earthquake insurance: A Good Idea? It’s iffy…

Here’s Why:

  • Here in the great state of Oklahoma, homeowners are accustomed to a variety of exciting weather:  tornadoes, drought, extreme heat, snow, wind, hail, ice, and now earthquakes?  As anyone living in Oklahoma in 2010 knows, the recent outbreak of seismic activity in the homeland state has some people a little shaken. According to the Oklahoma Geological Survey, the number of earthquakes felt in 2010 was unusually high. The largest occurred near Norman on October 13 and was of a 4.7 magnitude. The organization has not yet determined a cause for the dramatic increase in local seismic activity. Keep in mind also, that the most costly single earthquake in the U.S. was centered in the Midwest, near New Madrid, MO. This 7.7 magnitude earthquake caused $100 billion in damage in 1812. Oklahoma homeowners are now left wondering whether earthquake insurance is a good investment. Deductibles can be sky-high, although the policy itself is usually fairly inexpensive. Your best bet is to contact your current homeowner’s insurance company and get a quote. Then, you can make an informed decision about whether this insurance is right for you and your family. For more information about earthquakes in Oklahoma, visit www.okgeosurvey1.gov.

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Amanda Hull, The Allen Group

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