Mistake #8: Not documenting the contents/inventory of your home or business.

When a devastating fire occurs at your home or business, one of the most important things to have on hand is a good inventory of your personal or business property. When a fire, tornado or theft happens, the insurance policyholder is required to list all of the property lost/stolen and approximate values.  When a large loss occurs, it is very hard to recall everything you had in your possession. One of the best ways to document and keep up with inventories is to purchase an inventory application, like the Nest Egg-Inventory App.

This particular inventory app includes features like:

• Barcode scanning
• Warranty and product expiry tracking and alerts
• Online Price Check – checks the current price of products

This application allows your claim to go as smoothly as possible and just costs a one-time charge of $3.99, which is pretty amazing for what it does. Consider downloading it or a similar app today. Having information about your belongings backed up and ready on multiple mobile devices can save you time, money, and stress in the event of a natural disaster or robbery.

Contact Us

  The Rosburg and Associates Insurance team is trusted throughout the community and is committed to providing you with the attention and high-quality experience you deserve. To speak directly with a team member, simply call or feel free to utilize any of the interactive tools offered throughout the site.

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Mistake #6: Not carrying a sufficient amount of Coverage A on your home policy to rebuild your house in the event of a total loss (fire/tornado)

Severe weather and natural disasters can brutally damage entire cities – and in Oklahoma, we’re no strangers to the destructive power of tornadoes and fires. Unfortunately, many people underestimate how costly it is to replace a home if it is lost in a fire or tornado. This week, we’re covering insurance mistake #6 – not carrying enough Coverage A on your home.

Homeowner’s Insurance Coverage A

Coverage A is the coverage amount available to rebuild your house in the case of a total loss. In the event of a house fire, the cost to rebuild can be significantly more than what might be anticipated, due to several factors. Many people believe they can use the existing slab and foundation after a fire, but that is typically not the case. A total fire loss can generate enough heat to damage or compromise the concrete and steel in the footings, slab, and stem walls.  Also, site restrictions in an existing neighborhood will likely drive up the construction cost and cause the home to take more time to reconstruct.

In addition, the rebuild cost and the market value many times do not correlate. For example, if you have a 4,000 square foot home that was custom-built in the early 1980s, the market value in Tulsa might be in the low 400s. The rebuild cost in the event of a total loss would likely be over $600,000.  Newly constructed homes tend to see more correlation between the market value and replacement cost.

Most home insurance policies do provide for additional or extended coverage beyond the Coverage A dwelling. The additional coverage is typically 25%, but it can be higher or lower depending on the company you use. If you don’t have enough coverage, you may end up paying out of pocket significantly more than your deductible. Don’t get caught in that scenario – your home is typically your largest asset and needs to be protected well. Learn more about the homeowner’s insurance we offer here.

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