Archive for home insurance cost

Some Oklahoma homeowners don’t have a personal home insurance agent and some homeowners aren’t always comfortable asking their current agent about some of the tougher, more sensitive issues.

In an attempt to “give back” a small amount of the huge support that Oklahoman’s have shown me the last 30 years, I am starting “Ask An Oklahoma Home Insurance Agent”.  This will be a free service offered to all Oklahoma homeowners and I will not try to sell you a new home insurance policy.   I will answer your home insurance questions, to the best of my ability, on issues like…

1.  Home insurance coverages

2.  Claims processes

3.  Rating Factors

4.  Availability of Coverage

5.  Prior home insurance claims issues

6.  Discounts/ways to save money on home insurance

7.  Property inspections

8.  Rebuilding issues and

9.  Underwriting Guidelines

There are 2 ways to ask your question:  Email me at von@okstatewide.com or call me at 405-285-2929.  If you call, tell whoever answers that you have a home insurance question for Von.

 

 

Ordering Mexican Food at Outback

Statewide specializes in homeowners insurance and auto insurance to the Oklahoma City area.  Specializing enables us to be more effecient, more effective and just “better than most” at what we do.  I think most consumers are tired of companies and sales people trying to sell them more products and services than you want just because they may have your attention (or your email address).  Buying health insurance from the agent that sold you car insurance is usually like ordering mexican food at Outback!  http://www.okstatewide.com  

Preventing Water Damage

Water damage claims are one of the most common losses that Oklahoma homeowners face.  Safeco Insurance has written some good tips on ways to prevent and/or minimize your water damage loss. http://www.safeco.com/homeowners-insurance/do-more/water-detection-gadgets-and-devices#hoses

Know Your Roof Coverage – Oklahoma

Oklahomans and their insurance companies continue to battle very heavy wind and hail damage over the last 5 years.  As rates have increased, consumers, many of which have been very loyal to their insurance companies, have decided it’s time to “shop around”.

Consumers can save money by taking the time to ask more questions about the coverage being offered on their roof surface in light of the fact that the vast majority of claims filed in Oklahoma are for wind or hail damage to roof surfaces.

Simply put, there are two ways that a roof surface claim can be paid by your insurance company.  One is known as “Replacement” and the other is known as “Actual Cash Value” (ACV).  Under Replacement, it is possible to recover the full cost of replacing your roof, less whatever deductible that you have.  Under ACV, the insurance company takes a deduction from your settlement in addition to your deductible.  This deduction is called “depreciation”.  The amount of depreciation taken is based upon how old your roof is compared to the average life of your roof.  For example, if the average life of your roof is 20 years and your roof is now 10 years old, the deduction for depreciation is 10/20, or 1/2 (50%).  Therefore, if the cost to replace the roof is $15,000, you will have a $7500 deduction (50% of $15,000) for depreciation in addition to the deduction you have for your deductible.  So, at the end of the day, you end up receiving $6000 or so on your $15,000 claim and the family vacation is on hold.  Suddenly that great home insurance deal you got two years ago isn’t looking so great.  When shopping for Oklahoma home insurance, here are some of the questions you should ask the agent………

1. Are you proposing Replacement or ACV coverage on my roof surface?
2. Is the approval of this coverage subject to an inspection?
3. Does the company change the coverage from Replacement to ACV after my roof reaches a certain age?
4. Do wind and hail claims have a separate deductible than other claims?

Von Nix, CPCU

Von, and his wife Cheryl own Statewide Insurance Agency in Edmond, Oklahoma.  Statewide is an independent insurance agency specializing in home, auto, mobile home and other personal insurance products.  They can be contacted by going to their web site, www.okstatewide.com.