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What are Oklahoma insurance requirements?

On Behalf of | Jul 31, 2023 | Insurance

Oklahoma residents know how important it is to have good insurance coverage. A quality insurance plan at an affordable cost is what most residents seek.

No matter what type of insurance you have, there are usually minimum coverage requirements, and it is important that you know them before you select a policy.

Car and health insurance

Car, health and property insurance are the 3 main types of insurance most people have. When it comes to car insurance, Oklahoma requires $25,000 of bodily injury and property damage protection and $50,000 of coverage per accident.

As you probably know, most Oklahoma residents are now required by federal law to have some type of health insurance policy. You may have an insurance policy through your employer, but if you do not, you can get your own insurance plan through the Affordable Care Act.

There are minimum coverage requirements with health insurance, as well. Your specific minimum requirements are going to depend on the type of plan you select, but they must adhere to both federal and Oklahoma state law.

Property insurance

Oklahoma law does not require you to have property insurance, but you may be required to have it as part of your financing when purchasing a home. A property insurance policy is also a good idea in a state like Oklahoma, where tornadoes are relatively common.

Some basic property insurance coverage includes dwelling coverage, which covers damage to your home and attached structures or additional coverage for structures not attached to your home. You can also choose to obtain coverage for personal possessions or living expenses if you are displaced from your home.

Why should I know these requirements?

Knowing the insurance requirements and details of any policies you have is important in case you file an insurance claim that is denied.

There are various reasons why insurance claims may be denied. Sometimes it is a simple reason. You may have submitted incomplete or inaccurate information or forgotten to submit a document.

An insurance representative will typically contact you and tell you what information or documents you must still provide for them to evaluate your claim.

Insurance claims can also be denied because the claim has errors. These errors can be simple data errors that must be investigated and corrected.

Disputing a denied insurance claim

However, sometimes claims are denied because there is a dispute over fault or liability. If you were in a car accident, the insurance company may believe you were to blame, or your health insurance claim could be denied because the insurance company believes your health issue was avoidable.

Property insurance claims could be denied because you do not have enough evidence to back up your claim. Evidence for a property insurance claim is usually documents or receipts showing you own the home and sustained certain damage.

An insurance dispute can quickly become confusing and complex. There are professionals who can help you understand how to dispute a denied claim and what you must show to have your claim approved.