Tag: Southwest

Being informed is one of your biggest lines of defense when it comes to preparedness. Recently, I explained how to avoid being underinsured, and an integral part of that is reviewing your homeowners policies with your agent to know exactly what is and what is not in your coverage. Having a conversation about the intricacies of insurance can be daunting, and you might not know where to begin. I want to give you a starting place to guide you in understanding your policies with these 10 questions to ask your insurance agent.

Basics

1. Do I have replacement cost or actual cash value coverage?

Many homeowners do not know if they have replacement cost (the cost of replacing property with like, kind and quality without depreciation) or actual cash value (replacement cost minus depreciation).

2. Is my dwelling coverage limit enough to fully rebuild my home at today’s construction costs?

Construction costs change over time, so it’s essential to consider this when determining your coverage limit. In the last few years, we have seen a significant increase in construction costs due to inflation.

3. Do I have extended or guaranteed replacement cost coverage?

Extended replacement cost coverage provides an additional percentage on top of your building limit. Guaranteed replacement cost is the cost of replacing your home with the same kind and quality at the time of loss. These coverages are more often offered as separate coverages.

Other Structures & Personal Property

4. Is my detached garage, fence, or shed fully covered under ‘other structures’?

Ask your agent this question if you have any additional buildings on your property to insure. Typically, a homeowners policy provides an amount equal to 10% of your dwelling coverage.

5. Does my policy cover my belongings at replacement cost, and is the coverage limit sufficient for everything I own?

Creating or updating a home inventory is a simple way to estimate the cost of replacing your belongings. List each item along with its value and serial number. Also, documentation with pictures or video is very helpful at the time of the loss.

Loss of Use

6. If I can’t live in my home during repairs, what will my policy pay for temporary housing? A typical homeowner’s policy provides coverage equal to 20% of your dwelling coverage for loss of use/temporary housing.

Disaster Protection

7. Am I covered for tornadoes, wildfires, hail, and windstorms without special deductibles or exclusions?

It is now fairly standard to have a separate wind/hail deductible. Each peril might come with different deductibles or exclusions. Be sure to check with your agent.

8. Does my policy cover sewer backup or flood damage?

A standard homeowners policy excludes coverage for flood. Understanding this will help you determine if you require a separate flood policy. Sewer backup may be covered if purchased on the policy and is caused by a blockage in the sewer system. If a sewer backup is caused by weather, it could be considered flood damage.

Liability

9. Is my personal liability coverage limit high enough to protect my assets if someone is injured on my property?

Your liability coverage covers legal and financial obligations in case someone is hurt on (or off) your property and often applies if you cause damage to someone else’s property.

Staying Current

10. How often should we review and update my coverage?

It’s a good idea to review your insurance policy at least once a year, but your agent can help determine if more frequent reviews are needed based on your specific situation. Understanding exactly what your policy covers puts you one step ahead of life’s unexpected events. If you have questions about insurance or need assistance, contact the Oklahoma Insurance Department (OID) at 800-522-0071 or visit oid.ok.gov.

The Oklahoma Treasurer’s office reports tax revenues rebounded in June after a seasonal May dip, with the latest monthly collections totaling $1.48 billion, a 15.1% increase over May and a 3.3% gain compared to June 2024. The growth closes out Fiscal Year 2025 on a strong note, signaling a resilient economic base as Oklahoma enters the new fiscal year.

Total collections over the past 12 months reached $16.92 billion, a 0.2% increase over the previous 12-month period, indicating solid year-end momentum despite ongoing national and global uncertainty.

“Oklahoma’s revenue rebounded this month, showing total increases across both yearly and monthly comparisons—a strong sign of economic resilience and fiscal momentum as we close out fiscal year 2025 and look ahead to 2026,” said State Treasurer Todd Russ, “As we prepare to celebrate Independence Day, it’s encouraging to see so many signs that Oklahomans are working hard, spending responsibly, and helping build a stable foundation for the year ahead.”

Key Takeaways from the June 2025 Tax Revenue Report:

• Income tax collections surged by 44.6% month-over-month, totaling $593.9 million, as filing activity normalized after the post-season lull.
• Sales and use taxes grew 1.6% from May, totaling $582.6 million, indicating steady consumer spending despite national headwinds.
• Motor vehicle tax revenue rose 4.5%, reaching $81.3 million, reflecting stable demand in the auto sector.
• Oklahoma’s Business Conditions Index rose to 50.6, signaling steady economic expansion.

Ties to National Trends:

Nationally, state revenues have shown mixed results as the U.S. economy continues to adjust to high interest rates and cautious consumer behavior. However, Oklahoma remains comparatively strong, with a diversified economy and balanced fiscal framework.

• The U.S. unemployment rate fell to 4.1% in June, while Oklahoma’s remains lower at 3.1%, reflecting sustained local job strength.
• Inflation remains moderate, with a 2.4% Consumer Price Index, preserving household purchasing power.
• Manufacturing exports from Oklahoma grew 6.4% in Q1, underscoring growth in tradable sectors that support rural and industrial communities.
• While some revenue categories show volatility, the overall fiscal picture remains stable, aided by conservative budgeting and resilient sectors such as energy, logistics, and agriculture.

“These numbers show that Oklahoma’s economy is not only weathering national pressures but closing the year with signs of stability and adaptability,” said Treasurer Russ. “We’re seeing consistent strength in core areas like employment, household spending, and exports—an encouraging sign as we begin a new fiscal year.”

The complete June 2025 Tax Revenue Report is available at treasurer.ok.gov, including breakdowns by tax category, sector, and month.