How Private Flood Insurance Policies Compare to the NFIP

Property owners in the Oklahoma City, OK, area face a critical decision in flood insurance: opt for the National Flood Insurance Program (NFIP) or explore private flood insurance options. Understanding the distinctions between the two is crucial for making an informed choice that aligns with individual needs.

Coverage Flexibility and Customization

One notable advantage of private flood insurance is the flexibility it offers. While NFIP has standardized coverage limits, private insurers provide room for customization. Property owners can tailor policies to meet specific needs, ensuring comprehensive coverage for both structural and personal property.

Competitive Pricing and Discounts

Private flood insurance often comes with competitive pricing structures, and property owners may find cost savings compared to NFIP premiums. Additionally, private insurers may offer discounts. This potential for savings can be appealing to those seeking budget-friendly options.

Expanded Coverage Options

Private flood insurance policies may go beyond the coverage limits of NFIP. This can include coverage for additional living expenses during displacement, landscaping, and outdoor amenities. Property owners looking for a more comprehensive protection plan may find private insurers better suited to their specific requirements.

Faster Claims Processing

In the event of a flood-related claim, private insurers often boast quicker claims processing times compared to the NFIP, primarily due to geographical locations. This efficiency can be crucial for property owners seeking prompt resolution and rebuilding after a flood event.

Consideration of Individual Risk Profiles

Private insurers assess individual risk profiles more intricately, considering factors such as property location, flood history, and mitigation efforts. This personalized approach enables property owners to obtain coverage that accurately reflects their unique risk circumstances.

How Freeland Insurance Can Help You

At Freeland Insurance, we can help answer questions concerning flood insurance. We serve the Oklahoma City, OK, area. Call us today.   

A New Year is a Great Time for New Health Insurance Coverage

Suppose you’re looking at your health insurance coverage and wondering when and if you should change it; a new year can be the perfect time. At Freeland Insurance, we want to help everyone in the Oklahoma City, OK, area get the quality healthcare policies they need and deserve. You don’t want to avoid having a health policy because you could face serious difficulties in the event of a medical problem. Fortunately, we can help you get the coverage you need.

Many health plans renew at the first of the year, but there are generally options for renewal into January and beyond. Additionally, certain qualifying events make it easier for you to get coverage even if you’re not in a period of open enrollment. Determining the level of coverage you need and which company would be best for you can feel confusing, but our agents are here to sort through any questions or concerns you have.

Then, you can get the answers you need to make an informed decision and have more peace of mind. There’s no reason to settle for less when you can get so much more by working with us for your healthcare coverage needs. The new year is the right time to assess your current coverage and whether it’s meeting your needs. Even if you’ve had the same policy for a long time, that doesn’t necessarily mean it’s right for you.

Contact us at Freeland Insurance today if you’re in the Oklahoma City, OK, area and looking for health insurance updates or an entirely new policy. Whether you have coverage now or need to get started, we’re here to make things easier.

Four Questions to Ask Your Agent About Financial Services Insurance

If you’re in the financial services sector, you need to have the right insurance for proper protection, and Freeland Insurance is here to help. In the Oklahoma City, OK, area, there are a lot of companies and individuals providing services like investing and risk consulting. For many of those careers, you’ll need financial services insurance. Here are four of the biggest questions to ask your agent before you make your policy choice.

1. Does My Company or Business Require This Insurance?

Most businesses in the financial services industry will need this kind of protection. If you work for one, you may not have to get your own policy. It could be provided by your employer, instead. It’s best to clarify that with your company because you don’t want to leave yourself vulnerable to risk.

2. How Does This Protect Me?

This kind of policy protects you from any errors or omissions you make while working with clients in the financial sector. That way, you’re not personally liable if you make a mistake that affects the financial health of one of your clients. Your insurance policy will protect you.

3. Are There Different Coverage Options?

There are different coverage types and limits, and what they protect against will be at least partially based on your specific job title and the kind of company you work with. Because it’s very important to get the correct type of coverage, working with an agent is the best choice.

4. How Often Should I Update My Policy?

Most agents want you to update your insurance policies once per year or anytime you have a significant life event. If you’re in the Oklahoma City, OK area and need help with a financial services insurance policy, contact us at Freeland Insurance today.

Liability Insurance for Event Planners: Ensuring a Seamless Celebration

Planning and executing events in the Oklahoma City, OK area requires meticulous attention to detail, creativity, and a keen sense of organization. Umbrella insurance is crucial, providing additional protection to ensure a seamless celebration.

Understanding the Role of Umbrella Insurance

Umbrella insurance is liability coverage that exceeds the limits of traditional insurance policies. For event planners, it acts as a safety net, offering extra financial protection against unexpected events that could result in litigation.  

Coverage for Third-Party Injuries

Events often involve numerous attendees, vendors, and staff, increasing the potential for accidents. Umbrella insurance addresses:

  • Bodily Injury Claims: Provides coverage for medical expenses and legal costs if someone is injured during the event.
  • Property Damage Claims: Protects against damage to venues or third-party properties caused by the event.

Protecting Against Legal Liabilities

Event planners may face legal challenges stemming from various scenarios. Umbrella insurance addresses:

  • Libel or Slander Claims: Offers protection if event-related communications lead to defamation claims.
  • Advertising Liability Claims: Covers legal expenses related to advertising disputes or infringement allegations.

Enhancing Coverage for Comprehensive Protection

Umbrella insurance is designed to complement existing liability coverage. Event planners can customize their coverage to:

  • Increase Liability Limits: Extends coverage beyond the limits of primary insurance policies.
  • Fill Coverage Gaps: Addresses specific liability risks that standard policies may not fully cover.

Navigating Event-Specific Risks

Different events pose unique risks, and umbrella insurance can be tailored to address specific challenges:

  • Alcohol-Related Liabilities: Provides coverage for incidents involving alcohol consumption during events.
  • Vendor Disputes: Protects against legal challenges arising from disputes with event vendors.

Freeland Insurance Can Help You

At Freeland Insurance, we can help answer questions concerning umbrella insurance. We serve the Oklahoma City, OK area. Contact us today. 

The Worst Floods in American History

The United States is a land of natural wonders. Unfortunately, however, it is also a region that many dangerous weather events and natural disasters, including floods can impact. Since damage by floods often isn’t covered by standard home insurance plans, you may need to take out a flood insurance policy. Folks who live in or near Oklahoma City, OK should contact Freeland Insurance to learn more.

Let’s take a look at some of the worst floods in American history.

The Worst Floods to Strike America

Ultimately, human lives are far more valuable than property. The Johnstown Flood of 1889 didn’t cause as much property damage as some other floods, but it claimed the lives of more than 2,000 people, making it the deadliest flood in American history. Tragically, the same area was hit by flooding in 1977, and 84 people lost their lives.

More recently, the flooding caused by Hurricane Katrina in 2005 claimed 600 lives and generated more than $160 billion in damages. The Great Mississippi Flood of 1927 is believed to have killed at least 500 people and resulted in more than 17 billion dollars in damages when adjusted for inflation. The following year, the St. Francis Dam failed near Los Angeles, causing a flood in the typically dry city. Roughly 430 people died.
In 1937, the Ohio River flood claimed roughly 385 lives. Heavy rains caused this flood and ultimately left more than a million people homeless. More recently, the Black Hills Flood of 1972 was also caused by heavy rains and claimed the lives of 238 people. 

Standard homeowner’s insurance may not cover the damage caused by flooding. Fortunately, however, you may be able to take out a flood insurance policy. This will protect your financial well-being from floods like those listed above. Want to discuss policy options? If you live near Oklahoma City, OK, visit Freeland Insurance.

Make Sure Your Health Insurance Includes These Things

Everyone needs health insurance, whether you live on the coast or in Oklahoma City. No matter what, it’s essential to have coverage for regular checkups and the other medical interventions you need.

But which insurance policy should you pick? They can feel so convoluted that it’s hard to be sure you’re getting the right stuff. To help you with that, we at Freeland Insurance have compiled this quick checklist to ensure your policy includes the things that matter to you the most.

Determine Your Health Insurance Network

Health insurance policies typically have an included network, and any healthcare provided outside that network is more expensive. This will vary by policy, but if your policy does outline a network, make sure your existing doctor is covered. If possible, make sure your local health network is covered. That should include your local hospital, lab provider, and any specialists you expect to need.

Find Your Medication

Similarly, medication coverage is all over the place from one plan to the next. The good news is that this abundance of variety allows you to select what is right for you. If you don’t have any existing prescriptions or underlying health conditions, you can save money and opt for thinner medication coverage. But, if you have a current prescription or condition, look for plans with better coverage for the things you already know you need.

Benefit from Health Insurnce Extras

The rest of what you include in your policy depends on your personal preferences and situation. There is no perfect, one-size-fits-all list. That said, there are a few things you can consider to help you think about what you want out of your insurance. Those things include family coverage for a spouse and children, shared deductibles across your family, coverage for non-essential procedures, and coverage for lab work and tests.

If you go through all of these ideas, you can get a policy that really does work for you, and you can avoid overspending on health insurance by ditching coverage that doesn’t work for you. Still, you might have more questions and thoughts, and that’s okay. You can contact your Freeland Insurance representative serving Oklahoma City, OK. You can have your questions answered directly to ensure you have the right insurance coverage.

Two Types of Life Insurance

There are two main kinds of life insurance. Each has its pros and cons. Both are good insurance products that can help you leave something behind to your family members after you’re gone. This is especially important when people are financially dependent on you. If you don’t have life insurance or want more, call us at Freeland Insurance in Oklahoma City, OK.

Whole Life Insurance

This insurance is named Whole Life because it covers you for your whole life. There is no expiration date for this type of policy. It will continue once you get the policy and keep paying for it as agreed. When you stay current with the premiums, the insurance company can’t cancel the policy. Many people get peace of mind knowing they have a policy that will last for life, no matter how old they become. This type of life insurance also has another great benefit. Over time, it builds up a cash value. This is a perk that can also bring peace of mind. It’s an amount you can borrow against if you need to. Having this amount available in case of a financial emergency is helpful. 

Term Life Insurance

When you have a term life insurance policy, it comes with an expiration date. The policy is good for a specific number of years, and then it ends. However, this type of insurance comes with the benefit of being much more affordable. Many choose this policy because it fits their budget better than a whole life policy’s price. 

Get Your Life Insurance Policy

When you’re in the market for life insurance, we can help. Call us at Freeland Insurance in Oklahoma City, OK to learn more and get started. 

What Does Commercial Insurance Cover?

The agents at Freeland Insurance serving the Oklahoma City, OK area want all Oklahoma business owners to know about the importance of having a commercial insurance policy in place to protect the investment they have made in their businesses.

Oklahoma Commercial Insurance Requirements

All drivers in the state of Oklahoma need to have a minimum amount of auto liability insurance, including the drivers and vehicles that are owned by your company or used for business purposes. Also, in Oklahoma, businesses with one or more full or part-time employees must have worker’s compensation insurance. This type of insurance will assist your employees in paying for their medical bills and other associated costs with a work-related injury or illness.

Commercial Liability Insurance Coverage

Commercial liability insurance is very important since it is designed to protect your business in various ways. For example, if someone takes a spill at your business and is injured, this type of insurance will help pay their medical bills and maybe even their lost wages due to their injury. This type of insurance also comes in handy if you are ever sued for copyright infringement, slander, or libel.

Commercial Property Insurance

Commercial property insurance can assist you in replacing your inventory and even your building if it is damaged or destroyed by some unusual event. From acts of vandalism and natural disasters to fires and even thefts, commercial insurance will help you recover any lost inventory.

Contact Freeland Insurance

Contact the experienced agents at Freeland Insurance serving the Oklahoma City, OK area today to get your commercial insurance policy started and give your business the protection it deserves.

Three myths about financial services

Taking advantage of financial services is vital for optimizing your finances. At Freeland Insurance, we offer financial services to consumers in Oklahoma City, OK. 

There are a lot of myths out there that consumers need to be aware of about financial services. The following are three myths about financial services. 

Financial services only advise customers about investments.

While investment advising is an important part of what financial services providers do, this is not the only type of assistance you can get from a financial services company.

Financial service providers also help with other financial issues such as debt management, real estate negotiations, banking decisions, and much more. 

There are a lot of hidden fees when you hire financial services providers.

Some people assume that there are always a lot of unexpected fees that come up when they hire financial services providers. However, an excellent financial services company will advise you on all fees before you sign a contract or use their services to avoid surprises down the road.

It’s easy for you to take care of all your financial needs yourself. 

Making financial decisions yourself can be challenging and stressful. Making the wrong decision about investments, borrowing, or other issues could cost you down the road. 

You can be more confident that you’re making the right financial decisions when hiring a professional financial services provider. This will make building your savings easier and minimize your debt over time. 

If you want to learn more about ways to improve your finances, you can find financial services available in Oklahoma City, OK. Get in touch with us at Freeland Insurance to learn more about the services we provide. 

I have commercial insurance already. Do I really need umbrella insurance?

It’s safe to say that most business owners are concerned about protecting their assets. No one goes into business to lose what they’re working for and towards. As a result, business or commercial insurance is designed to provide protection for business owners who want to protect their assets. Like many insurance policies, business insurance is designed to meet a business’s unique needs and preferences. It can be customized, unlike a one-size fits all approach to insurance. Our Oklahoma City, OK team at Freeland Insurance is dedicated to helping business owners understand commercial/business insurance and get the necessary coverage. 

What are the Benefits of Commercial Insurance?

Commercial insurance protects business owners against property damage, employee/worker injuries, liability claims, and theft. Other forms of benefits and protection can be added to a commercial business policy as well. Without commercial insurance, most businesses would be ill-prepared to deal with the financial constraints of property damage, theft, and medical injuries. 

I have commercial insurance already. Do I need umbrella insurance?

What is the difference between Commercial Insurance and Umbrella Insurance? Umbrella insurance is a form of commercial insurance. However, commercial business insurance is the primary insurance policy for a business owner/business. In contrast, umbrella insurance is secondary insurance designed to cover anything that exceeds a standard or primary insurance policy. These costs can include anything from property damage to liability and theft. At times, umbrella insurance can act as a primary insurance policy if the primary policy doesn’t cover a particular area of business or issue. Umbrella insurance will usually cover things that are uncovered by the primary commercial business policy. However, it’s best to understand what’s covered and what’s not for commercial business and umbrella insurance. If you have questions regarding umbrella insurance, call us. We’d be happy to answer all of your questions.