Severe weather season is here again in Oklahoma and that means it’s time to take a look at your insurance policies to make sure you are adequately covered.
Remember, your cars, boats and other Grand Lake toys are not covered under a homeowners policy. So you need to be covered on a boat or auto policy for those things.
With that, here is a short ‘Storm Season To-Do List’ and questions to get answered about your home owners insurance.
Is your home insured for its current value or replacement value?
There can be a big difference in what your home is worth today versus what it would cost to rebuild it new. Typically the cost to rebuild an average home in NE Oklahoma is around $90-100 per square foot of heated living space. Garages, decks, and carports are typically less.
If your home is completely destroyed would you want to rebuild? If so make sure your coverage is adequate. Ask to have a replacement cost estimate done on your home. At Webb Insurance, we do those free for every client.
What’s your wind and hail deductible on your homeowners policy?
Many companies now have a minimum 1 or 2 percent wind/hail deductible even if your regular deductible is $1,000. If your home is insured for $225,000 and you have a 2% wind/hail deductible your deductible is $4500.
What kind of coverage do you have on your roof?
Wind and hail claims make up the majority of homeowners claims in Oklahoma. Is your roof covered at actual cash value (ACV) or is it replacement cost? The difference can be huge. If your home has a 30 year shingle on it and you have an ACV policy then your roof loses 1/30th of its value every year. For example a 15 year old roof is destroyed in a hail storm. The cost of a new roof is $10,000 and the homeowners policy has a $1,000 deductible.
Actual Cash Value settlement option pays $5,000-$1,000 deductible. You would receive a check for $4,000 to replace your roof.
Replacement cost option pays $10,000-$1,000 deductible. You would receive a check for $9,000 to replace your roof.
Know which settlement option your policy provides for roof damage.
Does your policy offer wind coverage for your boat dock?
This is a big one here at Grand Lake. Not all policies cover your dock. Make sure you know your coverage and are insured for damage to your personal dock caused by wind.
You can also do things to minimize damage when storms are approaching.
Keep your patio/lawn furniture in a wind resistant area or store them when a storm is coming. Tie down trampolines and play sets. Check your roof for loose shingles. Clear out garages or carports so you can pull your cars into the garage during storms. Unplug valuable electronics during storms. Surge protection devices are good but lightning can sometimes still get your electronics.
Spring is a great time to review your home insurance policies. Know what you have to make sure your property is protected.
It’s been pretty calm around Grand Lake and Grove so far this spring season, but the storms will come. Spending a little time reviewing your insurance coverages can save a lot of headaches down the road.
Webb Insurance offers comprehensive home and auto policies with over 18 top rated carriers for all of your Grand Lake area insurance needs. Let us take a look at your needs and find the right policy for the right price. We do the work for you.
With over 15 years of insurance experience here in the Grand Lake area, we have the local knowledge and expertise to make sure you are covered when the crazy weather comes our way.
Give us a call to set up an appointment for a free comprehensive insurance review today at 918-786-8787.