Before The Next Storm Hits

We have now entered prime storm season and with the temps we have already seen, there is a high likelihood there will be some hail or wind events in our area again this summer. Now would be a great time to review your current homeowner’s coverage to make sure you are not stuck with a large bill or a house with mismatched materials.

Here are a few things to check for:

• What is your deductible? Make sure you know what your deductible is and if it applies to all types of damage the same. Ensure that you would be comfortable paying that amount in the event your house is damaged. Typical deductible amounts range from $500 all the way up to a percentage of the homes insured value. Premiums are the inverse of the deductible so make sure you weigh the cost savings vs. the amount you will have to pay for a loss.

• Replacement Cost Value (RCV) or Actual Cash Value (ACV)? If you have an RCV policy and your home sustains damage, the insurance company will pay the current pricing (minus deductible) for all items and labor needed to repair your home to its prior condition. If you have an ACV policy, the insurance company will deduct the depreciated value based on the age of the materials on your home. This means that you will need to pay the difference, which can be a large amount if your roofing or siding is older.

• Are there any exclusions in your coverage? Some insurance companies have offered lower premiums by adding in such things as cosmetic damage exclusions. This could allow an insurance company to deny a damage claim if they determine it is only cosmetic and will not affect the long-term function of the material. You could be left with a home that looks bad and will drop in value due to the physical damage. At Anthem Exteriors we can help make the case that all damage will eventually lead to a future failure of your exterior material in question.

• Do you have matching coverage? For many insurance companies this is now offered as an endorsement to your policy. It will cost you a little extra in premiums but if you suffer damage to your home this helps ensure that any repairs done will match the existing materials. This is especially important since the products and colors available often change and become unavailable. Without this you could be stuck with a home that has different products on different areas of the home that do not match well.

Do not hesitate to contact Matt Kresel at Anthem Exteriors with any questions regarding the exterior of your home. As the owner and operator, I will be personally involved in all aspects of your project.