As winter is approaching it’s a great time to evaluate your home insurance. I have a few questions for you.
Let’s address these questions individually. As they were presented if you answered something like yes, I’m’ not sure, and “scratches head” Full Replacement, maybe? We need to chat. These questions are all important in our neck of the woods. But they only hit the first level of the best way to analyze the answers. Don’t worry! This is why I’m your agent…. Or need to be your agent. I know what you really need to know about this, and I’m happy to share with anyone willing to read.
I’ll be honest, this is pretty basic coverage for most home insurance policies. You have a water line suddenly bust and flood your kitchen, a typical homeowners policy will pay for the water damage. But, let’s dissect the actual question and a few key words I just used.
What does your policy pay towards having a plumber come out and repair the damaged line(s)? You might answer that as it’s part of the cost. BUTTTTTT, it might shock you to know that a big portion of “good” policies don’t pay for the plumbing repair in this situation. Some carriers offer extra coverage to add onto your policy, and others simply don’t. How would you like to have to pay a plumber out of pocket $800 to make a quick repair?
Now here is the next kicker, 1 simple word I used “suddenly”. Did you know a lot of policies don’t cover busted or frozen water lines, because it’s considered lack of maintenance? Some won’t cover damage if it was a leak that started out slow and happened over a long period of time. Again, its maintenance. But how are you supposed to maintain something that is inside the walls of your home?? This is why it’s important to ask your current agent these questions. Find out BEFORE the damage happens and you’re left with little or NO coverage.
I know some of you are thinking “I don’t even know what an ice dam is”. Well we do, and I’ll explain. Without getting too technical, ice dams form on the very edge of your roof after a good snowstorm. They form when the snow/ice begins to melt off your roof. Then at night the air is below freezing again so all the water running off the edge of your roof, re-freezes and forms a solid block of ice. Now the next day the thinner layers of ice/snow on the upper sections of the roof start melting again but since you have a solid chunk of ice at the bottom…. The water will collect and start backing up under your shingles. This causes water leaks in your attic and down your exterior walls in some cases. So, I’ll ask again, do you have coverage for this? A big portion of policies do have coverage for this, but there is still a large group of carriers that don’t include, or even offer it as additional coverage. Time to ask your agent again, huh?
This is an excellent question. Who cares how you answer the other two questions if your policy will only pay for 50% of the damage! So do you have replacement cost (100% payout minus your deductible), OR do you have Actual Cash Value (100% payout minus deductible minus depreciation)? Check out this link for a detailed breakdown of the coverage options available in the market.
All 3 questions are critical to your satisfaction during a claim. They can make the claim process simple or frustrating, and, save you thousands or cost you thousands. Do you really know the answer to them? Or did you answer something like “I think so” or “I’m pretty sure it does”?
Don’t leave your home to chance or your wallet at the mercy of one bad claim. Call me, text me, find me on Facebook…. Email me. Either way let me help you figure out if you are properly prepared and getting the best bang for your buck.
Farmers has a solution to each of these situations, does your carrier? Contact me today, let’s talk and find out why I’ll be the last insurance agent you need. - Cody