Insurance checklist: Have you asked your agent these questions?

A damaged roof

March marks the beginning of the spring season in the United States, and Oklahoma is no stranger to the crazy weather patterns brought on by the changing seasons.

As you get ready to prep your home and begin your spring to-do checklist, add “contact your insurance agent” to the top of your list. Keep reading for our inside scoop on the questions you should ask your insurance agent to ensure your home has the best coverage available in case of severe weather or sudden loss.

Step 1: Review your policy

Start by taking a deeper look at your insurance policy, and prepare a list of questions to ask your agent ahead of giving them a call. You might want to know how much coverage is quoted on your house, how much coverage you have on your personal property, and how much your deductible is.

If you haven’t read our recent blog on the new Oklahoma state law as of November 2022, homeowners must pay the deductible on their policy. Some roofing companies have historically offered to “pay” deductible costs to gain business, but with the new law, it is officially against Oklahoma state law to offer assistance in paying a deductible. Make sure you know how much you would be expected to pay if you experienced a sudden loss of your roof or property.

Step 2: Get specific

Do you have code upgrades, also known as law and ordinance? If you don’t, you should consider adding it to your policy. This coverage will allow you to satisfy specific codes or ordinances mandated by your city, county, or state. Any repairs you need to make to satisfy these codes will be out of pocket if you don’t have this coverage.

For example, residents in the city of Edmond, Oklahoma, must have proper solid surface decking. In addition to any deductible costs, this can add several thousand dollars to your bill to get your roof up to city codes. Though there might be an additional cost to add this coverage to your policy, it could save you substantial costs when it comes time to replace your roof.

Step 3: ACV or RCV 

Probably one of the most important aspects of your insurance policy is understanding how your insurance company evaluates the replacement cost of your roof. There are one of two ways this could be listed on your policy. ACV—or actual cash value—means your insurance provider will depreciate the value of your roof over time.

So if your roof is several years old, your replacement cost to get a roof of equal or more value will likely cost you a substantial amount out of pocket. We always recommend that your policy is RCV—or replacement cost value—which means your insurance provider will cover the replacement cost of your roof without depreciating the value from wear and tear.

It’s also a great time to document and have your roof inspected before severe storms roll in. Call Land Enterprises Roofing to schedule a free inspection to get your home ready for the storms ahead.


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