Protecting Your Property in Storm Season | DarrasLaw Podcast
Frank Darras appears on Health, Wealth and Happiness to discuss how to protect against the devastation caused by storms, earthquakes, tornadoes and hurricanes.
In Moore, Oklahoma, E5 storm had winds traveling more than 200 mph. 24 people died including nine kids. The storm course ran 17 miles and lasted 50 minutes.
Even when homeowners and renters protect against these storms, insurance companies often use shady tactics to deter, deny and delay claims.
Quote from the Show:
“Your insurance agent, your insurance broker, is supposed to be meeting with you once a year to evaluate what you have, what you need and what more protection you should have.”
What you’ll learn:
- Why do so many communities in tornado alley lack sufficient shelters?
- How renters insurance is crucial for those in tornado country
- Why homeowners need to closely examine their insurance policy
- It is crucial to take inventory of your possessions for insurance coverage, from your bedroom to your garage. Use your video camera!
- Insurance doesn’t cover full replacement cost; it considers depreciation or “wear and tear.” That is why it is crucial to have a current, full inventory of what you own. The little things you miss can add up and leave you shortchanged.
- You can get replacement cost coverage by having an appraisal and adding separate items as “floaters.” This is perfect for heirlooms and collector cars.
- An insurer like Nationwide Insurance can cancel your policy during the middle of hurricane season even when you’re paying your policy on time, every time.
- Your insurance agent or broker should be sitting down and evaluating your insurance situation at least once a year. They collect commission for this reason: Make them do it!
- Another reason for homeowners insurance: Even if your house is destroyed by a storm you will still owe a mortgage payment!
Need More Information?
Patient Advocate Foundation, Insurance Commissioners by State