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The Water Cooler
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Homeowners insurance: get familiar with your policy now before something bad happens
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<blockquote data-quote="soonersfan" data-source="post: 3053062" data-attributes="member: 9063"><p>This information is incorrect. Flood insurance would not cover the limb through your roof or pipe breaking in your house. Flood insurance may be offered by your local agent but the policy is underwritten by FEMA. You can do some research and see what is covered and how a claim is triggered. The two items above should be covered by your home owner's policy. This information may have come from some sort of misleading infomercial.</p><p></p><p>The biggest thing to look at on your homeowner's policy is ACV v. RV. In OK, most claims are roof claims. We have so much hail and wind damage here that many insurance companies in OK moved from RV to ACV. I had State Farm on my investment properties for years but they will not even allow me to purchase RV on an investment property. I switched all my policies to Allstate and got the same coverages for basically the same money but with RV instead of ACV.</p><p></p><p>You should still compare all of your coverages and don't be afraid to ask your agent to give you multiple quotes based on multiple amounts of coverage. Purchasing more coverage than you can use, will do you no good because they will only pay out your actual loss. For example, if you have a 1,000 sq ft. house and the going rate to have it rebuilt is $100/ft., the insurance company is not going to pay you $250,000 for your house because you carried that much in coverage. They are only going to pay your for $100,000. So, carry the appropriate amount of coverage. If you are insuring high value personal items, it is a good idea to document those items so you can prove your loss in the event of a total loss.</p></blockquote><p></p>
[QUOTE="soonersfan, post: 3053062, member: 9063"] This information is incorrect. Flood insurance would not cover the limb through your roof or pipe breaking in your house. Flood insurance may be offered by your local agent but the policy is underwritten by FEMA. You can do some research and see what is covered and how a claim is triggered. The two items above should be covered by your home owner's policy. This information may have come from some sort of misleading infomercial. The biggest thing to look at on your homeowner's policy is ACV v. RV. In OK, most claims are roof claims. We have so much hail and wind damage here that many insurance companies in OK moved from RV to ACV. I had State Farm on my investment properties for years but they will not even allow me to purchase RV on an investment property. I switched all my policies to Allstate and got the same coverages for basically the same money but with RV instead of ACV. You should still compare all of your coverages and don't be afraid to ask your agent to give you multiple quotes based on multiple amounts of coverage. Purchasing more coverage than you can use, will do you no good because they will only pay out your actual loss. For example, if you have a 1,000 sq ft. house and the going rate to have it rebuilt is $100/ft., the insurance company is not going to pay you $250,000 for your house because you carried that much in coverage. They are only going to pay your for $100,000. So, carry the appropriate amount of coverage. If you are insuring high value personal items, it is a good idea to document those items so you can prove your loss in the event of a total loss. [/QUOTE]
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Homeowners insurance: get familiar with your policy now before something bad happens
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