Value vs. Replacement Cost for roof claim – More and
more Insurance companies are reducing coverage for your hail damage claim.
Instead of paying for a new replacement roof, many companies are paying a
depreciated settlement, or Actual Cash Value. This means that your 10 year old
roof may only be worth $2500 in actual value (used) but it may cost $8000 to
replace (new). You end up paying the difference. Don’t let this happen to you –
Johnston & Associates Insurance will make sure you’ll get a new replacement roof – with no depreciation!
2. Increased Deductible for Wind/Hail roof
claim – Another trend in homeowners insurance is a special increased
deductible for wind/hail damage to your roof. Instead of your standard
deductible applying, you get a 1% deductible. For example, if your home is
insured for $300,000, and your deductible is 1%, you pay $3000. Don’t let this
happen to you – Johnston & Associates will make sure you don’t get stuck
with this type of deductible!
3. Mold – Most insurers limit up to
$10,000 for damage caused by mold, fungus, or wet rot that is hidden from view
behind walls or ceilings. Many companies don’t cover this at all. We’ll make
sure you’re covered for this too, as our policies automatically include this.
4. Sewer Back Up – Sewer back up can cause
substantial damage to your home, and be a serious drain on your wallet. Most
policies do not automatically cover this automatically. We will be sure to add
this rider to your policy!
5. Trampoline Injuries – In 2012 there
were more than 83,000 trampoline injuries in the U.S. (US Consumer Product
Safety Commission). Many companies don’t cover these bouncy contraptions, and
others will charge extra.
6. Pool Injuries and deaths – Each year,
about 3,500 fatal non-boating drownings occur each year, usually in a
residential pool. If you have a pool, be sure it is properly fenced, with a
locked gate. Also, you want to consider purchasing a $1,000,000 liability
umbrella policy, which can further protect you from financial loss should
someone sue you for wrongful death or injury.
7. Jewelry & Fine Arts – If you own
special high value items such as jewelry or special collections, you will want
to make sure they are specially scheduled. Most homeowner policies will have
limits for these items, and be subject to deductibles. In addition, scheduling
an item makes it all risk, meaning that ANYTHING is covered: mysterious
disappearance, missing stone, damage, etc.
8. Stolen or Destroyed Cash- Most home
policies will provide coverage for up to $1000 for cash destroyed or stolen
from your premises. So keeping your dough in the bank is probably your best
9. Damage or Injury from Construction – If
you if you are remodeling your house, you may want to take out a Builder’s Risk
policy, which protects your home from damage or theft of building materials.
Make sure your contractor is insured, a lot of them are not – and if they cause
damage you are out of luck
10. Dog bites – Each year, there are about
4.5 million dog bites, with 885,000 people needing medical attention, according
to the Center for Disease Control. If your dog bites someone and the insurance
company has to pay on your behalf, they may ask that you get rid of the dog. Or
drop you altogether, making it very difficult to get a new policy.