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This is the quality time podcast episode number 20, and on this episode we are talking about your insurance policy, very fun things to talk about. You need to know, what’s in your policy and what you’re paying for what you getting and ultimately what to expect. If you ever need your insurance policy, this is quality, roofing, metal, roofing company and your insurance policy, no more it’s all in there and what it is. So the most people most people, especially if you have a loan on your houseit’s, a lot of people. You guys have homeowners, insurance and good thing about that is obviously it’s insurance for your home you’re covered. If anything bad happens for the most part, so there’s there’s some things that may not be in there. Tulsa Roofing So here we are in Oklahoma and earthquakes are actually becoming more more common, but a lot of people don’t have earthquake coverage on their insurance. But if you go to California, I’m sure a lot of people have earthquake coverage on their insurance just want to thanks. They just get it here. We don’t necessarily do that very often, but you need to know: what’s your which policy is what you’re getting in there? What all is involved? What all is included, what’s not included, so you really need to look into that before you ever need it. So a lot of people are going to do this. I know it. I personally don’t sit there and just stare my homeowner’s insurance and figure it all out memorize. It, but it’s definitely a good idea to look at it and know what you’re getting what you’re paying for two. You really need to look at your policy Insurance renews every year when you have homeowners insurance, it renews every single year. So if you bought your home, so you have a home on, you bought your home on April 3rd 2017.
Your insurance policy is going to renew on April 3rd 2018. So when that renewsa lot of things might change, you just need to make sure that you might not necessarily have the same coverage. They might up your coverage, they might lower your coverage, they my up your deductible, did. You have any claims before so there’s a lot of things that you need to be looking at, come renewal time on your homeowners insurance, so make sure that your policy isn’t necessarily making any any kind of changes actually had a lady here recently. You know she bought her house for 5 years ago and her deductible she swore up and down at the time she bought. Her house was about ,500 and then when we come out to look at a roof and we had an adjuster there and they say Hey, you need a roof and they go to write her a check and they said here’s your check less your deductible. She found a hundred dollar bill was ,500, so it had gone up ,000 on her. So maybe she was aware of that at the time. Maybe she wasn’t, but you know she she blatantly new the a beginning, Tulsa Roofing but it was not that and then, Tulsa Roofing in the end here we are actually using the insurance and there’s a ,500 deductible. So that’s that’s a big thing to look at. You know where they making any kind of changes whenever they renew that, so make sure that, most of time, when you have a mortgage, you actually paying extra every single month as part of your payment to pay your insurance for you every single year. B
ut if you have insurance and you’re not making mortgage payments that are actually, they called an escrow if you’re, not as growing for your taxes in your insurance, then make sure that you’re paying those premiums every year, because the last thing you want to do is be Caught you know a storm hit and I’m behind on my insurance, I’m not paid, so you definitely want to make sure that you’re you’re getting that taken care of every single month and. So those are just some things to consider. You know when you have your your insurance. Really need to you need to know: what’s there, it’s not a very fun thing to sit there and look at your insurance policy and dissect it and figure everything out, not fun at all. I can think of a thousand other things. Tulsa Roofing I’D rather do than stare at my insurance paperwork for even 10 minutes, but that’s something that you need to do so that you know what you have in case. You ever need it so something to to really look at. As far as my knowledge base goes in the roofing industry is, what’s the what type of coverage do you have on your roof? Roof can be expensive, they just can’t, but that’s just part of it. I mean it’s not cheap to get a roof.,
It’s just not so what you need to look at Oregon roof coverage on your insurance is due. You have what we call our CD or an ATV Falls. So RCV would be the replacement cost value of your. If so, what would it actually take to replace everything with brand new material? Get it all done it all taken care of, get it up to par. The ACV is the actual cash value of your ear. This is actually what’s your current roof on. Your house is worth so is your 15 years old, then they’re going to be paying you for a 15 year they’re not going to continue to get brand new, shingles and brand new everything there. I mean you’re going to have to get that stuff, but they’re not going to give you the money to do that so they’re, giving you the actual cash value ever if they’re going to depreciate your roof for, however old it is what kind of condition it’s in And then that’s that’s what you’re getting that’s, not a really good! Policy., It’s just not you really need to. If anything, even if you got to got to pay a little bit extra to get, you need to look at a replacement cost value policy for your insurance cuz. Like I said just expensive and a lot of people don’t know this until they actually have to get a roof, and I hope you never have to get a new one. But if,
in the event that you do and then that’s when you’re finding out I’m not fully covered on this thing, I’m coming out of pocket a ton of money just so that I can keep my house from falling apart. Then that’s really good thing and a lot of people don’t have that money just laying around that they can just throw it over new roof and get it taken care of. So the last thing you want to do is hear you are you? Tulsa Roofing Don’T have the money to fix it, the insurance isn’t giving you near enough money to fix it and then you’re just in there. I think it. Well, I’m going to get the money I’m going to get the money another storm happens and then another one and another one on your house eventually start falling apart, because you didn’t have the money to replace it, Tulsa Roofing because you didn’t just a little bit more on your insurance Policy to get a better policy when it came to you were some people, don’t have an option. So unfortunately I mean some people are going to have to have me know what we call an ACV policy. It happens so that I may just be prepared. So you just need to know what you have so that you’re prepared, if anything happens, because you could be out of pocket a ton of money before you know, and it was all because hey I just wanted to keep her insurance so make sure you know what Is in there once in your policy, and you know you just you need to be aware before you ever need it. Tulsa Roofing I hope you never need it just like a gun. If you have it, I hope you never need it, but you know in the event that you do need to know what Jeff it’s a lot better and find out a surprise later so and then, whenever you’re handling things with your insurance company, if you’re making a Claim or anything like that, you know just kind of be prepared that it might take a little while so some insurance companies are quicker than others, but it’s pretty common that they just kind of kind of drag little bit. Take your time get there. When I get there – and you know it can be a matter of weeks from start to finish on a claim,
it could be a month – they can be too much to just kind of depends on. The company depends on the workload so especially if you’re in an area that has heavy heavy damage unless they brought in a bunch of extra adjusters and people to help out with all the claims are going to be happening. It can take a little bit of time to get everything done, sofor for that part of the process and in dealing with him and kind of how long it’s going to take. I wouldn’t expect hey. I make them clean the day and I’m going to check tomorrow. Definitely not going to happen that way. If it does tell me about it, cuz I haven’t seen it and then, ultimately, you know the biggest thing on on insurance policies is going to be just know what you’re getting before you get so shop around for insurance. If you need to especially those people that a lot of times you know people get homeowner’s insurance only by their house and then they just never think about it yet, and then they just keep paying the same company. That’S our company for our night and they just never think about it. Tulsa Roofing But if that to you then see what you have make sure you know you have things covered that you want covered before you sign and then, when it comes renewal time keep looking at those policies, keep looking to see if anything’s changed and then probably even consider Shopping, your insurance, so that will happen. I mean it’s almost like they take advantage of you being a loyal customer and just making your payment every month and you’re, not even thinking about it, but you do have an option, so you can definitely shop your insurance change. Your so just because you have one doesn’t mean you can’t go with another one, so I would definitely consider that come renewal time or really just about any time. If you take the time to look at your policy and you discover that something’s not cover the you, you thought was her, you want to be covered, then shop. It call your insurance guy see if you can figure out a way to to get you that extra piece it that you want or or see. If you can go somewhere else, just know your insurance policy before you actually ever going to end