Columbus, Ohio is a unique animal for insurance companies. With the unpredictable weather we have had in the recent years, insurance companies have made some changes to homeowner’s policies that a lot of homeowners may not be aware of. The following tips are good things to review on your policy to make sure you are covered properly in the event of a claim.
1. Check your deductible!
Many companies have been raising deductibles in the recent years without giving much warning to customers. The most common deductible I now see is $1000 for homeowner’s insurance.
The one big thing to be on the lookout for is a percentage deductible. If you see a percentage listed for your deductible, call your agent ASAP and discuss what that actually means.
A common trend I see now is for companies to put a 1% deductible on the policy. 1% seems like a pretty harmless number, but it can be devastating in certain situations.
For example, your home has a replacement cost of $400,000 with a 1% deductible. This means the deductible is 1% of the replacement cost of your home ($4000.) In the event of a claim, most insureds would not be too please to find this out. Make sure to check your policy and verify your deductible before it’s too late!
2. How is your roof covered?
Another common trend for insurance companies around Columbus is to change the coverage on your roof from replacement cost to actual cash value. Roof claims are some of the most common and costliest claims for an insurance company, with an average roof costing over $6000. Slate roofs which are very common in German Village and Victorian Village cost much more! If you don’t have replacement cost on your roof, expect to pretty disappointed if you have a claim on the roof.
3. Not all of your possessions are covered!
Think your Rolex and your wife’s $30,000 wedding ring is covered under your standard homeowner’s policy? Most likely, it is not. Most policies do include several thousand dollars worth of coverage for jewelry but for high-dollar items such as these, you will have to add what is called “scheduled property coverage.” Most companies will ask for a bill of sale or appraisal to add these to the policy.
4. Is your basement covered?
If you have a finished basement, you need water-backup coverage. This coverage does not come standard on most policies and has to be added as an additional coverage. This coverage will cover you in the event that the sewer or sump-pump backs up into your basement. Save yourself the headache and have your agent add this coverage!
Hopefully these tips for insuring your home in Columbus, Ohio will save you from disappointment and disaster in the future. If you would like to contact Anthony at Catanzaro Insurance to discuss your homeowner’s policy in more detail, he can be reached at 614-489-8383 and firstname.lastname@example.org.