We are excited to introduce Dean Hansen, of Farmer's Insurance, in this month's newsletter. Dean has been a local insurance agent since 2008. He is sharing critical information on homeowner's insurance and what you need to to know about protection, specifically for your roof.
From the Desk of Dean Hansen:
Insurance and Your Roof
When it comes to your Texas Homeowners insurance, proper coverage for your home's roof is vital. While shopping for home insurance, many quotes that you receive will not disclose all of the coverage and exclusions; including weather-related damage claims to the roof. Low prices for homeowners polices are enticing. Policy documents can be long and confusing; hence the truth about your coverage may not be exposed until a Wind or Hail claim is reported and an adjuster explains how exclusions are limiting the claim settlement amount.
The key to having proper coverage is to have a relationship with an experienced Insurance Professional who is interested in your financial well-being. A proactive agent should make time annually (at minimum) to review and discuss your insurance needs with you. This will enable you to be smarter about your insurance, make educated adjustments and eliminate surprises.
Remember that the agreement that is in place when damage occurs is the agreement that your insurance company will honor at the time of a claim. There are no do-overs or backdating for changes to coverage after the damage occurs.
• Does your policy cover "Replacement" of the roof or just pay for the remaining life value? "Actual Cash Value" (ACV) will reduce the amount of your claim payment.
• Know your deductible. This is the amount that will be deducted from the claim total before the claim payment is paid. Homeowners policy deductibles for Wind and Hail are a percentage of the reconstruction cost of your home listed on your declarations page (minimum is 1%). For example if your home is insured for a reconstruction cost of $250,000, then your Wind and Hail deductible of 1% would be $2,500 and 2% would be $5,000, etc..
• Are the metal components of your roof covered? Many policies exclude cosmetic or "Marring" damage to the gutters, vents, pipe jacks and other metal roof components. Coverage to replace marred metal roof components can be added onto some policies for an additional premium.
• Within what time frame are you required to file a claim with the insurance company? How long do you have to complete the repairs once reported?
• Should you call your agent first or are you required to call the carrier directly?
For help with those questions and more information on home insurance and claims processes call the home insurance experts at 972-727-9705.
Hansen Insurance Agency, LLC
780 N Watters Rd Ste 140
Allen, TX 75013
Office Hours: 8:30-5:30 M-F and Saturday by appointment