Hail Insurance Information

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If you live in the Omaha metro region, then you were most likely startled on Tuesday evening as a powerful storm brought golf-ball sized hail that pounded trees, cars and homes. As the storm passed and the light of the next morning showed the damage, many people’s thoughts turned to what their next steps will be. The Mortgage Doctor recently spoke with Justin Miller of American National Insurance to discuss how you should handle the recent storm’s effects on property.

Assess the Damage

The first thing you should do after you suspect there may be wind or hail storm to your property is find out if there is any damage and, if you suspect there to be damage, then you will need to assess the extensiveness of the damage. The initial signs of roof damage could include a collection of sand or other debris at the bottom of your gutter or if there are shingles scattered on your yard or in your driveway. The next thing you can do is find out if your neighbors are bringing roof inspectors or insurance agents to assess the damage on their roofs. If they are, then it is a good idea to contact someone to inspect your property. Most insurance companies will let an adjuster come out to inspect your property for free to see if you will need to file a claim.

Call Your Agent, NOT the Company

When contacting your insurance company to get an assessment on the damage of your property, it is important to contact your individual agent and not the company. If you just call the company, then it is possible that this contact could show up as a claim before you know if you will need one. If you contact your agent, then they can find out if there is damage to the property and if you will need to file a claim.

Homeowners Insurance Deductible

It is very important that you know what your homeowners insurance deductible is. There are a few options. Your deductible could be a flat deductible or a percentage deductible. If it is a percentage deductible, then it is likely to change from year to year. You may have a different priced deductible for fire damage then you do for wind or hail damage. Before proceeding with any repairs, it is important to know what your deductible will be and then you continue onward.

Actual Cash Value for Roof Replacement

Insurance companies treat claims for roof replacement the same way that they would a car. If you have a car that is a 2004 model and you get in an accident, then the amount of money you will receive damages based on the current value of the vehicle, not the initial value. It is the same with your roof. If you have a roof with 30 year shingles and it is 15 years old, you may only get 50 percent of the value of the roof after you pay the deductible and tear off cost.

Get Everything Your Insurance Company Offers You

You may be missing discounts from your insurance company if you have not informed them on any recent renovations you have made to your home. One of the biggest discounts you can receive is if you have replaced your roof in the last five years. If so, make sure to notify your insurance company. By replacing your roof, you can receive one of the biggest discounts you possibly can for your homeowners insurance and yearly premium.

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If you are in an area that recently received heavy hail and would like to have an assessment of the damage to your property, then contact your insurance agent right away. It is beneficial to have an experience insurance agent on your side that could save you hundreds of dollars. If you have any questions regarding insurance or any mortgage questions, feel free to contact the Mortgage Doctor at (402) 301-4500. Thanks!