Insurance
Storm Season is Coming—Is Your Insurance Ready?
Severe weather can strike at any time, leaving homeowners scrambling to deal with damage and insurance claims. Unfortunately, many policies contain hidden gaps that can cost you thousands. Before the next storm rolls in, take these steps to make sure your coverage truly has you protected.
Deductible Shock:
Don’t Let a Storm Drain Your Wallet
Many homeowners assume their storm damage deductible is a fixed amount—only to discover too late that it’s actually a percentage of their home’s insured value.
For instance, if your home is insured for $400,000 and your wind/hail deductible is 2%, you’ll need to pay $8,000 out of pocket before insurance steps in. That’s a major financial hit!
Even worse, insurance companies often increase deductibles at renewal without homeowners realizing it. A shift from 1% to 2% doubles your responsibility. Reviewing your policy annually can prevent an expensive surprise.
Building Code Gaps:
The Hidden Cost of Storm Repairs
Imagine a major hailstorm damages your roof. When contractors come to repair it, local building codes now require impact-resistant shingles. Without code upgrade coverage, your insurance will only pay to replace your old materials—not for the necessary upgrades.
Code upgrade coverage (also called ordinance or law coverage) is a low-cost addition to your policy that ensures your repairs meet today’s safety standards without extra costs to you. Don’t wait until you’re facing an unexpected repair bill—check if you have this coverage now!
Depreciation vs. Full Value:
What Will Your Insurance Pay?
If your roof is 15 years old and needs to be replaced after a storm, your insurance payout will depend on whether your policy includes replacement cost coverage or actual cash value (ACV) coverage:
- Replacement Cost Coverage: Pays for a brand-new roof based on today’s prices.
- ACV Coverage: Pays only what your roof was worth before the storm, factoring in depreciation.
For example, if your roof originally cost $12,000 but is now valued at $5,000 due to age, an ACV policy will only give you $5,000—leaving you to cover the remaining costs. Opting for replacement cost coverage ensures you can fully restore your home without unexpected expenses.
Annual Insurance Check-Up:
Your Best Defense Against Storms
The best way to stay protected?
Review your policy every year and ask your insurance agent these key questions:
✅ What is my current wind and hail deductible?
✅ Do I have coverage for mandatory code upgrades?
✅ Will my policy pay for full replacement costs or just actual cash value?
✅ Are my coverage limits keeping up with rising construction costs?
Be Storm-Ready—Take Action Today
✅ Confirm your deductible is affordable.
✅ Add code upgrade coverage if you don’t already have it.
✅ Ensure you have replacement cost coverage, not ACV.
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- 940-222-1034
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