Fire Insurance Coverage: Get The Right PolicyPosted February 22, 2016
A fire to your home can be very devastating, but what could be even worse is finding out the fire insurance policy you have paid for is not enough to cover what you lost in the fire. While you can be happy you and your family are safe, you should also have the peace of mind that your insurance policy will cover you if you should ever be in the position to have to file a claim. Taking the time to review your policy now could be the difference in rebuilding your life after a major fire disaster. Here are a few tips to help you know if your policy is the right one for you and your family:
- Review your current policy – make an appointment with your insurance broker and review your current policy. Make sure you are very clear about with your policy covers and doesn’t cover. If you are not clear on something, ask questions. You are your best advocate.
- Familiarize yourself with the value of your home and its contents – You need to know how much your home is worth and keep up with it every year. You should also keep track of your possessions kept in your home. If you know these things you’ll be able to provide this information to your agent quickly in the event of a loss. Knowing what your home and contents are worth will help you determine the amount of coverage you need on your home and help you reevaluate yearly.
- Opt for “replacement cost” over “actual cash value” – A replacement cost policy will replace your home while an actual cash value policy will account for the current value including depreciation. You can be left with a huge deficit and not have enough to cover the cost of replacing your home or covering the repairs.
- Ask about guaranteed replacement cost – this is a bit more expensive and requires you to cover your whole home, but it will pay for the total replacement of your home regardless of the plan limits.
- Account for expenses in light of a loss – make sure your policy covers your expenses in case of a fire. You may be in a hotel, or need to replace clothing or essentials. Ask your agent to be sure this is included in your policy.
Contact A Legal Representative
If you or someone you know has had a fire and are having problems with the insurance company processing you claim, our bad faith insurance attorneys want to help you fight for the reimbursement you deserve to get your home and life back. Call today to speak with an experienced Oklahoma fire attorney today. Feel free to schedule a free consultation online or call The Bennett Law Firms at 405.272.0303 to discuss your legal options. We will meet with you face to face and can handle cases anywhere in Oklahoma. We can even come to you!