Buying

Insider Secrets: How to Choose the Best Homeowners Insurance

January 9, 2025

Purchasing a home is an exciting milestone, but it’s also a significant financial commitment that requires careful planning. For buyers in Shawnee and Central Oklahoma, one crucial aspect of the process is securing homeowners insurance. Not only is it a vital protection for your investment, but it also plays a critical role in ensuring your financing stays on track.

What is Homeowners Insurance?

Homeowners insurance is a policy that safeguards your home and personal property against damage or loss. A standard policy typically covers:

  • Dwelling Coverage: Protects the physical structure of your home from perils like fire, windstorms, or vandalism.
  • Personal Property Coverage: Covers personal belongings such as furniture, appliances, and clothing.
  • Liability Protection: Provides coverage if someone is injured on your property and you are held legally responsible.
  • Additional Living Expenses (ALE): Pays for temporary housing if your home becomes uninhabitable due to a covered loss.

Why It’s Crucial to Get an Insurance Quote Immediately

Once your purchase contract is ratified, obtaining a homeowners insurance quote should be a top priority. Here’s why:

  • Avoid Surprises: Discovering late in the process that your premium is higher than expected can derail your closing timeline.
  • Loan Qualification: The premium amount impacts your debt-to-income ratio, which lenders review carefully. An unexpected increase in insurance costs could affect your ability to qualify for the loan.
  • Peace of Mind: Knowing your home is properly insured early on ensures a smoother path to closing.

Shawnee-Specific Considerations

Living in Central Oklahoma comes with unique risks, particularly due to tornadoes and severe weather events. While standard homeowners insurance policies typically cover wind damage, they may not include flood coverage, which is often required separately. Understanding these local risks is key to choosing the right policy.

Where to Start

For trusted insurance agents who understand the nuances of the Shawnee and Central Oklahoma market, visit the real estate resources page on my website. This curated list can serve as your first step in finding coverage that aligns with your needs.

Tips for Selecting the Right Policy

  • Assess Coverage Needs: Ensure the policy covers the full replacement cost of your home and personal property.
  • Bundle for Savings: Combining your homeowners policy with auto or other insurance can lower premiums.
  • Understand Local Risks: Work with an agent who is familiar with Shawnee’s unique challenges, such as tornadoes and potential flooding.
  • Ask About Discounts: Some insurers offer discounts for installing safety features like security systems.

Final Thoughts

Homeowners insurance isn’t just a box to check on your way to closing; it’s a cornerstone of protecting your investment and ensuring financial stability. By obtaining a quote early and choosing coverage that fits your needs, you’ll be well-prepared for a smooth home-buying journey in Shawnee and Central Oklahoma.

For a comprehensive overview, the National Association of REALTORS® (NAR) offers a detailed Consumer Guide to Homeowners Insurance.

Have questions about the home-buying process or need expert guidance? Let’s connect! I’m here to help you navigate every step of the way. Call/text 405-585-6580 or email Hello@SoldonShawnee.com.