Saturday, June 21, 2014

Hail, Tornadoes and Fires OH NO!!

                      Insurance Check Up Required!!

From the wild fires out West to the tornadoes that ravage areas like Nebraska to hail or flash flooding in Ohio or Minnesota,  insurance claims will be made to help rebuild.   Imagine the insurance claims in even a small town like Pilger, Nebraska, 400-500 residents, when half the town is leveled. 

Yet, how many of those individual, and perhaps you, know that the homeowners insurance, flood insurance or other insurance in place are adequate to put the house or business whole again.

Very few have thousands of dollars set aside to replace a home or a business.  Thus, we plan to have these once in a life occurrences covered by insurance.  Yet, what if the policies in place exclude a certain event or have a higher deductible than you can afford to meet?

A home, for example, rebuilt but with no roof as the funds ran out will have little use to that home owner.

Thus a detailed review of the present insurance program is valuable every few years.   The values come in knowing what your insurance covers and what it doesn't, how much you may be liable for and how will you meet that liability.  

Frequently, you must speak to a trusted insurance professional to really know where your shortfalls are and to set a plan to meet the shortfalls.  Remember a good insurance professional would do(as I always do) look out for your best interest.  You may need no more insurance but be aware to save a few more pennies.

Read below!!   Call me if you need to know to be directed to a trustworthy insurance professional!

4 Quick Ways To Make Sure You Have Enough Homeowners Insurance

Wildfires in the West and the start of Atlantic hurricane season are compelling reminders that you might not have enough homeowners insurance or you have too much and you’re paying for insurance you won’t use.
“Don’t blindly trust that your insurance company has you fully covered,” warns United Policyholders, a consumer advocacy group. “An insurance salesperson’s main objective is to sign you up as a paying customer. In most cases, they will gather basic info from you, run it through a computer program, calculate your policy limits and give you a fast price quote.”
Your goal: Buy the right amount of “Coverage A” so you can afford to rebuild after a loss.
Here are four ways to figure out how much “Coverage A” you need:
1. The Software Method
It takes about 30 minutes to buy and use a do-it-yourself online replacement cost estimator. E2 Value “Pronto” ($25), Accucoverage ($8) and HMFacts ($7) are three products you can use.
2. Get a professional insurance appraisal.
Hire a building contractor or a professional home replacement cost estimator to estimate your rebuilding cost. Ask your insurance agent if your insurance company offers this service. If not expect to pay a few hundred dollars.
3. Let your insurance agent do it based on full information about your home.
Tell a knowledgeable agent about your home’s details and features and be sure to tell him about any valuable possessions or collections. Confirm in writing that your replacement coverage is adequate.
Buy the largest extended replacement cost endorsement you can afford, this extra coverage pays more than 100 percent of the cost to rebuild.
4. The Rough Math Method
Divide your home’s dwelling insurance limit by your home’s square footage. That’s how much per-square-foot money you’ll get from your insurance company.
Now, contact a contractor to find out the per-square-foot cost of rebuilding a home like yours.
Multiply your home’s square footage by the local cost per-square-foot to rebuild locally. How does that compare to your Coverage A limit?
courtesy of Al Clark's Home Again Newsletter

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