We put together a list of 5 insurance policy items to check and have on your policy! If you have 15 to 30 minutes to review your policy please do so. If you have difficulty finding them ask your agent or contact a local public adjuster for a review! WE HIGHLY RECOMMEND THIS, because these items could provide you upward to $500 to $100,000 pending an insurance claim. In 2017, 1 endorsement netted a client $33,000 (Had Law & Ordinance Clause) and the lack of knowing their policy also lost a client $27,000 (Had an ACV Policy). So it is critical to consider.
These items are specifically to ensure proper protection for your homes exterior products from common Midwest weather patterns! This week alone in Illinois over 30 towns were hit with hail and Crown Point, Indiana received pea-size hail. As, this Indian summer continues it’s critical to be properly protected & insured.
1. Law & Ordinance endorsement
This is extremely valuable if you live in an older subdivision! Many homes throughout northwest Indiana and the south suburbs of Illinois were built-in 1960’s to 70’s, which means many building practices are outdated. A lot of municipalities and building departments abide by 2009/13 residential building codes. It’s not rocket science to understand that 60’s version of framing is not equivalent for today’s standards. If you don’t have this endorsement, YOU WILL BE RESPONSIBLE FOR THE COST. A reputable contractor will not reinstall a product back to its original condition, because they could face fines from the village or worst lawsuits.
2. RCV Policy (Replacement Cost)
Pay the extra $$$ on your monthly premium. The difference of $15 to $45 dollars a month for your premium to receive the full amount of recovery IS WORTH IT. The average roof in 2018 dollars was $11,000, which equates to 733 payments of $15 (48 years of premium). So what is a RCV policy 1st? A replacement cost value policy is a policy in which the insurance pays you the real-time cost and factors no depreciation into your cost. Whereas an ACV policy includes depreciation, for instance if your roof is 10 years old, the insurance companies will deduct 10 years from the value of the replacement cost = less $$$.
3. Wind & Hail Endorsement
This is exactly what it says. Specifically covers wind & hail damage. Without this endorsement it’ll be VERY difficult to make a claim, because you’re not paying for the ability to claim wind & hail. We advise checking every year, because in storm heavy areas it’s known that clients have “mysteriously” had this endorsement left off.
4. Color matching Clause
EXTREMELY important for premium siding products and older homes. Every insurance provider is different in how they “describe” color matching peril. Example: if your home is 30 years old and only 1 side is damaged, it’ll be very difficult to find a color match for the 3 opposing sides. One company: Nationwide does have a color match clause and will indemnify for matching siding, which is fantastic for the homeowner. Be aware not all companies have this, but can assist in making your home aesthetically better looking without out-of-pocket expenses
5. A reputable insurance company
Do your research and align yourself with an organization with credible history of paying when their at fault. Ideas such as reading consumer reports, ask your neighbors about their experiences, and thoroughly research the internet. A company is only as good as their services!
We featured a recent blog pertaining to companies, in which we’ve worked with and have had good experiences on behalf of our clients! Check it out!
We hope this adds value to your life and possibly your wallet!