Home Insurance in Bartlesville, OK
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Home Insurance in Bartlesville, OK, for Peace of Mind
Bartlesville, population nearly 38,000. has a rich history despite its relatively small populace. For example, Price Tower. Frank Lloyd Wright's only fully realized skyscraper, stands proudly downtown. People make their home in Bartlesville for various reasons such as the suburban feel, schools and selection of homes. Of course, residents should have home insurance to protect their investments. VIU by HUB can help you compare rates easily to explore the best options for your property.
Demographics and Home Values
Bartlesville has a median property value of $126,400 and a median household income of $54,768. The homeownership rate is 68.2%.
Owning a home is one of the biggest financial decisions people make. Mortgages tend to last for 15 to 30 years, and lenders typically require insurance. It can help in situations such as tornadoes, fire and property crime. Bartlesville residents have a one in 36 chance of becoming a victim of a property crime.
Cost of Home Insurance in Bartlesville, OK
Home insurance costs can vary widely and depend on factors such as the location and value of the home, the age of the home, your credit score, your marital status, the types of coverage you select and your deductible. On average, homeowners in Bartlesville can expect to pay about $3,865 per year. above the national average of $2,417. The vast difference in rates mostly relates to the higher risk tornadoes pose. Residents in some other Oklahoma cities are at even higher risk, and the average rates there are higher.
However, as a homeowner in Bartlesville, you have multiple ways to reduce insurance costs or get more robust coverage.
Understanding Home Insurance in Bartlesville, OK
Home insurance policies act as financial safeguards in case certain types of property damage or loss occur. Most policies offer protection against fire and smoke, explosions, lightning strikes, theft and malicious mischief.
Bartlesville is in what is known as "Tornado Alley." It is a high-risk area for tornadoes, and insurance in Oklahoma as a whole is relatively high. Homeowners insurance in the state typically covers tornado damage, including damage from the wind, rain and hail linked to tornadoes.
However, there are a few things to take note of. One is that you probably need separate flood insurance even for flooding that occurs during a tornado. Standard policies don't cover the damage these types of floods cause.
Another important thing to be aware of is that your policy might exclude damage from wind and hail despite other policies covering it. You should be able to get wind-only coverage to fill that gap, though.
Even if your insurance typically covers wind and hail damage, you may also have to pay a different windstorm deductible. It applies separately from your standard deductible. In Bartlesville, you may also be at higher risk than normal from wildfires, floods and storms.
Analyzing Your Needs for Home Insurance in Bartlesville
People who live in different areas of Bartlesville (or even on the same street) can pay vastly different rates depending on their risk tolerance, the history of claims on the property, their personal history of claims and many other factors.
It is also important to note the 80/20 rule. It means you should insure your home for at least 80% of its replacement value to pay less money out of pocket should you need to file a claim for replacement or repairs. Turn to VIU by HUB to simplify the process of comparing quotes from multiple companies for home insurance in Bartlesville, OK.
This information is intended for general informational purposes only and is not intended to constitute legal advice.