Did You Know?


Insurance Facts | Tulsa Insurance AgentIn Oklahoma,  uninsured motorists coverage does NOT cover damage to your vehicle if it is damaged by an at-fault uninsured motorist.  Uninsured motorists will only cover your bodily injury damages (i.e.  medical, lost wages etc).  If you want your vehicle repaired if it is damaged by an uninsured motorist then you should buy collision coverage.

In general, if you… borrow a vehicle and are involved in an accident the insurance on the vehicle you borrowed is the primary policy to pay for the damages.  Likewise if you loan your vehicle to another person (usually not a good idea) and assuming they are not an excluded driver on your policy then your policy would be the primary policy to pay for the damages.  The drivers insurance would be secondary if the primary policy limits  are exhausted.

Homeowners insurance does not cover damage caused by earthquake.  Earthquake is an optional coverage that you can request be added to you policy for an additional premium with most (but not all) insurance companies.  However, the earthquake option usually has a very high deductible.

Homeowners insurance does not cover damage caused by flood waters.  You can apply for  flood coverage through a separate stand alone policy.  The premium can vary greatly based on how likely your home is to flood (the flood zone).

Homeowners insurance policies have special limits of liability for certain types of personal property (i.e. Jewelry, firearms, furs, personal property used in business, etc).  For example if your personal property limit is $100,000 and you had a ring stolen that was worth $15,000 you might think that the loss would be fully covered.  However, most homeowners policies limit coverage for jewelry to $1,000 or $2,500.  So in the example you might be paid as little as $1,000.  You can purchase additional coverage (known as scheduling) for most of the types of personal property that are limited.

In general, if weather (wind, weight of ice, etc) causes your healthy tree to fall on your neighbors house or car you are not responsible for the damage.  Likewise if your neighbors tree causes damage to your home or car due to weather you would need to file a claim on your policy to cover your damages.  The damages to your vehicle would come under comprehensive (assuming you carry that coverage).

2 Responses to “Did You Know?”

  1. Nash Rich Says:

    I think it’s good to know that homeowners insurance, doesn’t cover everything. For me, because of the area I live in, I would have to get the earthquake insurance option, but I wouldn’t need flooding. I think this is good stuff to study up on, because insurance can be confusing, so it’s good to understand how yours works.

  2. Saigra Carta Says:

    I really liked your article .Great

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Charles G. Harris Insurance Agency | 4724 S. Union Ave - Tulsa, OK 74107