Homeowners Insurance in Mustang, OK
Experts break down home insurance costs, coverages, companies, and more for property owners in Mustang, Oklahoma.
Mustang, OK is home to around 21,000 people. Mustang was once an agricultural area but has since evolved into the community it is today. If you own a house in this Oklahoma City suburb, you can benefit from the protections afforded by a good homeowners insurance policy.
When you are shopping for suitable coverage for your Mustang home, a local independent agent can help. These agents work with several of the area's top insurance companies to find you the best and most affordable policy. Contact an independent insurance agent near you to get more information.
What Is Homeowners Insurance, and Is It Required in Mustang, OK?
Homeowners insurance is a policy designed to shield you from liability lawsuits and protect your investment in your house and personal property.
If you are still paying on your mortgage or have taken out a home equity loan or line of credit, your lender is likely to require you to carry homeowners coverage for the duration of your loan. Otherwise, homeowners insurance is optional but highly recommended.
How Much Does Homeowners Insurance Cost in Mustang, OK?
Oklahoma's average homeowners insurance rate is much higher than the national average. This is due primarily to the high risk of tornado and wildfire activity in this state.
- National average yearly premium: $1,211
- Oklahoma average yearly premium: $1,885
Of course, an average rate can only give you an idea of what you might actually be expected to pay. Home insurance companies will base their rate on several factors such as:
- The year your house was built, its rebuild value, and the materials used in its construction
- The size of your home's living space in square feet
- The estimated value of your personal property
- The crime, weather, and wildfire risks where your house is located
- Your home's distance from the nearest fire station
- Your insurance claims history and credit score
- The size of your deductible
Every insurance company has a different way of calculating rates. Reviewing customized homeowners insurance quotes from a few competing insurers lets you choose the policy that offers the coverage you want at the most affordable price. Comparison shopping can save you hundreds of dollars a year.
You can save even more money if you qualify for any offered home insurance discounts. For instance, if you bundle your home coverage with another policy like car insurance or motorcycle insurance, you may be able to earn valuable discounts on all of your bundled policies.
Local independent agents make comparison shopping easy and can ensure that you receive any discounts to which you are entitled.
What Does Homeowners Insurance Cover in Mustang, OK?
Your home insurance policy protects you from significant financial losses in three ways. It can cover against:
- Property loss or damage
- Liability lawsuits
Coverage for your property
Homeowners insurance covers against damage caused by most of the risks you are likely to face as a homeowner in central Oklahoma. Your policy's dwelling insurance can cover the cost to repair damage to the structure, while your contents insurance can cover loss or damage to your personal property.
Covered hazards that may affect property owners in Mustang include:
- Fires: This includes coverage against accidental fires, wildfires, weather-related fires, and explosions. It pays for damage caused by flames, smoke, and firefighting efforts.
- Falling objects: This includes coverage against hazards like hailstones and uprooted trees.
- Severe weather: This includes events like lightning strikes, thunderstorms, windstorms, tornadoes, derechos, and winter storms
- Property crimes: This includes crimes like burglary, vandalism, and arson.
You will want to make sure that your coverage limits are high enough to enable you to fully rebuild your house and replace all of your personal property if a catastrophic event like a wildfire destroys your home.
Coverage against displacement
Mustang has a moderate risk of wildfires and a very high risk of tornado activity. Every property in Mustang is at risk of sustaining wildfire damage over the next 30 years, and an average of five tornadoes touch down in the Mustang area every year.
Catastrophic events like wildfires and tornadoes can do more than destroy your property. They can also render your house unsafe for habitation until repairs are made, leaving you homeless. If this happens, the loss of use insurance included in your homeowners insurance policy can help.
If you are forced to seek alternate accommodations due to damage caused by a covered event, your loss of use insurance can cover many of your extra living expenses like:
- A hotel, temporary rental, or other reasonable accommodations
- Meals and/or groceries
- Dry cleaning and laundry service costs
- Moving and storage fees
- Mileage reimbursement if you must drive further to get to work
- Pet boarding, if needed
Your loss of use coverage can continue to provide compensation until your house has been repaired and is safe to move back into or until you have purchased or built a new primary residence.
Coverage against liability lawsuits
Anyone can end up on the wrong end of a liability lawsuit. All it takes is just one lapse in judgment or accident, and you could cause someone else to suffer serious harm.
Liability lawsuits can grow very expensive. That is why, in addition to covering your house and property, your homeowners insurance provides you with significant personal liability protection.
Homeowners liability insurance can cover expenses like court costs, legal fees, mediation costs, settlements, and judgments if you or someone in your household unintentionally cause someone else to experience significant injuries, property damage, financial loss, or other harm.
Home insurance policies typically cap liability protection between $250,000 and $500,000. If you want even more coverage than your home insurance offers, you can also purchase an umbrella insurance policy. This is an affordable way to significantly boost all of your personal liability coverage.
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Do Residents of Mustang, OK Need Flood Insurance?
Homeowners insurance covers a lot of hazards, but it does not cover flood damage. Considering FEMA's warning that just one inch of floodwater in your home can generate as much as $25,000 in property damage, this lack of coverage can leave some homeowners feeling vulnerable.
The good news is that fewer than 150 properties in Mustang have a significant risk of sustaining flood damage over the next 30 years. If your house is among the few properties at risk, you may want to think about supplementing your home coverage with flood insurance.
A local independent agent can help you review flood maps to determine your property's risk of flooding. Then, if you would like, your agent can help you secure affordable coverage through the National Flood Insurance Program (NFIP), a program administered by FEMA.
Is There a High Risk of Burglary in Mustang, OK?
The burglary rate in Oklahoma is almost double the national rate. However, in Mustang, the rate is much lower. This is not to say the risk does not exist. Residents of this city report around 40 burglaries a year.
- Number of burglaries per 1,000 residents in the US: 3.76
- Number of burglaries per 1,000 residents in Oklahoma: 6.81
- Number of burglaries per 1,000 residents in Mustang: 1.55
It is very stressful to be the victim of a property crime, but it may give you a bit of comfort to know that your home insurance can reimburse you for your lost property and any damage the burglar caused to your house.
If you discover your home has been burglarized, you should first ensure that you and your family are safe and then call the authorities. You will need a copy of the police report when you file your claim.
If you purchased your coverage through an independent agent, your agent can assist you throughout the claims process.
Where Can I Find Cheap Homeowners Insurance Near Me?
Nobody wants to spend more on their homeowners insurance than they have to, but that does not necessarily mean that buying the cheapest policy is the best way to save money.
If you skimp on your coverage to save a few dollars a month today, you may find yourself spending a lot more if you ever need to file a claim.
A high-deductible, limited-coverage policy may be the cheapest option, but it can leave you needing to come up with thousands of dollars if your home is seriously damaged in a catastrophic event like a tornado. A solid, more comprehensive policy would prove much more cost-effective in this case.
Independent agents can help you find a competitively priced policy you can trust to provide the coverage you need when you need it. That way, you can buy the policy that offers the best value for your hard-earned money.
What Are the Best Homeowners Insurance Companies in Mustang, Oklahoma?
The insurance companies that are the most highly rated are the ones that consistently prove themselves in terms of reliability, responsive customer service, rapid claims processing, and competitive rates.
Independent agents in Mustang have partnerships with some of the best homeowners insurance companies in Oklahoma, so they can help their clients find suitable yet affordable coverage.
How Can a Local Independent Agent in Mustang, OK Help?
Independent insurance agents make it easy to find the best and most affordable coverage for your Mustang home. These agents can answer your insurance-related questions and do the comparison shopping legwork for you. This saves you time and money when you are looking for the right policy.
If you are ready to get help finding the best and most affordable homeowners insurance policy, arrange an obligation-free consultation with an independent insurance agent in Mustang.
TrustedChoice.com Article | Reviewed by Jeffrey Green
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