Home Insurance in Tulsa, OK Includes the Costs for Rebuilding

by | Apr 25, 2017 | Insurance

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When buying insurance for your home, you want to make sure that you buy enough protection to cover the structure and personal belongings. You also need to ensure that you take out enough protection to cover the costs of your living expenses if your property is damaged and you need to find temporary lodging. Liability protection should be included too.

Factoring in the Cost to Rebuild

When it comes to the structure itself, you need enough home insurance in Tulsa, OK to cover rebuilding at the existing cost. When buying insurance, you do not want to add the cost of the land. You also do not want to base rebuilding on your house’s purchase price.

Some financial institutions require that mortgagors buy Tulsa home insurance to cover the mortgage amount. If the limit on your insurance is then based on the mortgage, you also want to make sure that you cover the rebuilding cost. Once you pay off your mortgage, do not cancel your insurance policy. The protection represents an important safeguard in keeping you financially safe.

How to Figure Your Insurance Needs

In order to project how much home insurance you will require, take a quick estimate by multiplying the square footage of your house by the local building costs per square foot. In order to find out these costs, contact an insurance agent or real estate broker.

When factoring in rebuilding costs for home insurance, you need to attain such data as the area construction expenses, the square footage of your house, the type of exterior construction, and the architectural style of the house. You will also need the number of bathrooms, roof type, and a list of the other structures on your property.

Other features that need to be added include fireplaces, special built-ins such as bookcases, and the exterior trim. It is also important to make note of any custom-built improvements that have recently been installed.

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