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.
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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.The post How an Inventory App Can Help Your Insurance Claim appeared first on Rosburg & Associates.
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Mistake #7: Not replacing your roof with impact-resistant shingles after a hail claim.
Hail damage is the top homeowner’s insurance claim we have here in Oklahoma – approximately 60% of all of the claims over the last 15 years can be attributed to hailstorms. If you’re one of the many Oklahomans who have dealt with hail damage to your home, keep reading to learn about how impact-resistant shingles can save you money.
Oklahoma is one of the most hail-prone areas in the United States. The average life span of a roof in Oklahoma is about 9 years – not because they are worn out, but due to hail and wind damage. It would make sense, then, if you are replacing your roof after a hailstorm, to consider shingles that will withstand 90% of the hail events that occur here in Oklahoma. Not all impact-resistant shingles are created equal, however. The Insurance Institute for Business and Home Safety has tested various impact-resistant shingles in a real-world scenario and categorized their performances. The test results can be found at https://ibhs.org/hail/shingle-performance-ratings/.
The area you should pay particular attention to is the dents/ridges rating.
This is where most of the storm-related roof damage occurs. If the shingle does not perform well in that category, it would likely fail and be damaged by golf ball-size hail.
Many insurance companies give large discounts if a homeowner uses impact-resistant shingles. The savings can be very significant and pay for the cost of upgrading in about 3 years or so, if the roofing contractor is giving an honest material upgrade cost for the shingle.
However, many roofers have chosen to significantly increase the bid beyond the additional material cost when a homeowner requests a bid for impact-resistant shingles. For example, the average additional material cost paid for a Class 4 impact-resistant shingle is approximately $25 more per square than a regular architectural shingle. But, some roofers will charge $50 or more per square, which may discourage you from making the upgrade. So why would roofers do that? The answer is pretty simple. They believe that installing shingles that will hold up to most hailstorms will hurt their business. If everyone utilized well-designed and effective impact-resistant shingles, it would likely double the lifespan of roofs here in Oklahoma and reduce demand and future claims.
Here are just a few of the many benefits of upgrading to an Impact-Resistant Roof:
- May reduce premiums on your homeowner’s insurance policy
- May reduce the frequency of roof system replacement, especially in high-risk hail areas (saving deductibles and the hassle associated with roof replacement)
- Gives your home a distinguishable advantage in a competitive real estate market (increases the resale marketability of your home)
- Can help stabilize future insurance costs, which have increased substantially over the past few years
- May decrease risk of water damage (water less likely to penetrate)
- Environmentally friendly, with a reduction in the frequency of tear-offs and reduced landfill waste
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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.
The post Recovering From Roof Damage? Be Sure to Do This appeared first on Rosburg & Associates.
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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.
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.
The post Home Insurance Coverage A: Are You Carrying Enough? appeared first on Rosburg & Associates.
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