Help! Insurance in Oklahoma!?

[Micah Hensley]

Hey everyone! I'm shopping around for insurance for our first Single Family we are about to close on. I have a couple of questions that I hope your collective mind can help out with! We are BRRRR'ing this one!

1. Is it common to have the insurance be one thing before rehab (at the time of purchase) and then different once rehabbed?

2. What are the particular items, limits, deductibles, etc you look for when shopping around and like to see? If it helps this house is in Oklahoma.

3. What seems to be a decent rate you've seen on a single story 1300 sq ft. ranch? (No fireplaces, 2 bdrm, 1 bath, no garage.)

thanks in advance for your help!!!

[Cassi Justiz]

@Kevin Hoag, As far as the specifics, I like full replacement cost and at least 500k liability per house. I also do no personal property coverage and a 5k deductible. Make sure your policy covers the full range of weather incidents that occur here, you definitely don't want a surprise on that front. 

For the OKC metro area, I ballpark $1/sq ft for my annual policy premium. It's usually quite a bit lower, but that's where I budget when I'm calculating rough cashflow numbers. It really is going to be specific to the house, your policy amounts, zip code, your insurance "score", etc. 

If you need an insurance agent, I 100% recommend JTP Insurance out of Edmond. As far as I know, they can cover the full state. Their company is independent, so they are able to sell a range of different companies. I switched all of my home policies a little over a year ago and was able to save about 30% and get better coverage through one of his providers.