Home Insurance in Owasso, OK
Home insurance in Owasso can offer peace of mind for common perils, especially tornadoes.
Owasso, a suburb of Tulsa, has a lot going for it. The nearly 40,000 residents of Owasso can enjoy the proximity of being only 12 miles from the work opportunities and attractions of a larger city while being able to take advantage of more space and other suburban features. Owasso does sit in Tornado Alley, and its residents face higher-than-normal risks. That is one reason why getting home insurance in Owasso is important.
The median home value in Owasso is $260,344. The homeownership rate is nearly 65%, and almost half of the homes were built in 2000 or after. Three-bedroom homes are the most common in Owasso, with four-bedroom homes being next.
While Owasso residents face an increased risk from tornadoes, they have a one in 67 chance of becoming property crime victims. That is much lower than the average for Oklahoma as a whole.
Home insurance in Oklahoma does not come cheap, and Owasso. Residents in the city pay about $328 a month or $3,935 a year. This figure is steeper than the U.S. norm and reflects the increased risk from tornadoes, wildfires, floods, hail, earthquakes and other events. However, residents in some other areas of Oklahoma pay even more on average because they are at even higher risk.
Home insurance costs can vary considerably. Even in Owasso, some residents pay well below the average while others pay more. Factors influencing your specific rate include the types of coverage you select and the level of protection you opt for as well as these:
For example, if you choose a higher deductible, you should be able to decrease your premium (the amount you pay every month). However, you might end up paying more out of pocket if you ever need to file a claim.
Home insurance in Owasso can offer safeguards against fires, property damage, damage to your belongings and theft, and offer personal liability protection and temporary housing options if your home becomes unsuitable for living in.
However, due to the unique risks that life in Oklahoma poses, it is even more important to review your standard policy so you understand what is covered and what you might need to purchase separately. Each insurer handles its policies and add-ons differently, but, fortunately, it is simple to review quotes using VIU by HUB.
Your standard policy may offer coverage for damage tornadoes cause, including wind, hail and rain damage deriving from a tornado. Always check to make sure.
For example, you may have to get a separate wind-only add-on for wind and hail damage. You will probably have to purchase flood insurance separately, even for flooding that a tornado event causes.
Keep the 80/20 rule in mind, too. You should have insurance for at least 80% of your home's replacement value. This is because your insurance coverage or reimbursement will likely be proportionate to the amount of coverage you purchased. Inflation and home renovations affect the value of your home and the 80/20 guideline, so review your coverage at least once a year.
Use VIU by HUB to compare multiple quotes for home insurance in Owasso. One insurer can offer drastically different rates for the same property because insurers weigh risks differently.
This information is intended for general informational purposes only and is not intended to constitute legal advice.
