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Monday, 31 March 2014 00:00

5 Tips You Need To Know About Your Homeowners Insurance Featured

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The homeowners insurance policy is complex, boring and often stored away unread. Most homeowners believe once they pay their premium their home and contents are protected against any damage. Unfortunately, policies have exclusions, restrictions and sub limits that can leave you without the needed coverage. We have compiled a list of the least known areas of your homeowners policy.


1. Replacement Cost

Replacement cost value or RCV refers to the valuation method used to determine your damages. RCV determines the cost to replace the damaged item with something of the same like, kind and quality under the current prices. Actual Cost Value determines the approximate life span for the damaged item and then depreciates the item before paying the damages. This can be a substantial amount when your roof is damaged by a storm. If your roof is 15 years old and the insurance carrier determines the life span should be 30 years, the carrier will take 50% of the shingle cost off of the total. In some cases, the carrier could actually pay out for your thousands in damages.


2. Insects and Pets

Termite, insect and pet damages are all excluded coverages. If your dog chews up your new front door, you are out of luck. Same goes with a termite infestation to your home.


3. Earth movement and Floods

The standard homeowner’s policy excludes coverage for flooding, earthquakes, mudslides, settling, sinkholes and flooding. In Oklahoma you can add relatively inexpensive earthquake coverage to your policy. Flood insurance is available through the National Flood Insurance Program.


4. Stolen Contents

Most carriers cover your contents anywhere in the world. So while you were vacationing in Russia, your video camera was stolen, you are covered. Just remember you are still responsible for the deductible.


5. Sub limits

Your policy will have sub limits listed for various items. Guns, Art, Furs, and Jewelry often have lower limits assigned. Your gun collection may be valued at 15,000 when it was stolen, but due to the 2,000 sublimit, you are well underinsured. It is important to read your limits to ensure proper coverage. If you are underinsured contact your agent to add more coverage.


We have over 20 years of insurance adjusting experience at Home Claim Solutions. Let us know if you have any questions and we always provide a free consultation.


Donnie Morgan President

Home Claim Solutions LLC


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