Kansas weather can change by the minute, especially during storm season. We can go from a beautiful afternoon to scrambling to get our cars under cover as severe weather rolls in.
Hail is overwhelmingly the most frequent claim we see in Great Bend and across the state of Kansas.
Inevitably you will have to file a hail claim on your home and there are a few things you should know before you file the claim.
Is the settlement option on your home replacement cost value (RCV), or actual cash value (ACV)? Some people choose ACV because it is less expensive, and sometimes it is your only option due to the age of the roof. Typically, roofs that are older than 15 years will have an ACV settlement option. ACV is even more likely If your roof is over 25 years old.
If you have a replacement cost loss settlement, the insurance carrier will cover the cost of repairing or replacing the roof, less the deductible. If you have actual cash value loss settlement, the insurance carrier will pay the cost to replace the roof, less depreciation and deductible. Bottom line, with ACV you will pay much more out of pocket vs an RCV settlement option.
The next thing you need to know is your deductible. With the massive amount of storm losses in Kansas, insurance carriers have different deductible structures to offset their claims exposure. Some carriers have what is called a flat deductible. This means no matter what the claim is, the deductible is the same - for example $1,000. Other carriers have a separate deductible for wind and hail claims or base the deductible off the dwelling coverage. An example would be $1000 all peril and $2500 wind/hail deductible.
Finally, there are percentage deductibles for wind hail - and here is an example.
Coverage A: Dwelling amount $300,000
Wind/Hail Deductible $2%
$300,000 x 2% = $6,000 (your deductible)
If you don’t know, or your agent didn’t explain, your settlement or deductible structure - you could be in for a big surprise when you file a claim.
This surprise happens more often than you think. People come to us from other agents and have no idea what they are getting into when it comes time to file a claim. Often, the prior agent made the policy “cheaper” and the insured ends up paying for that cheaper policy in the end due to horrible settlement options and an unknown deductible structure.
We want to provide you with the best coverage, settlement options and deductible to fit your needs. We also love to educate our clients, so they know exactly what they are getting. At Panzer Insurance we are insurance professionals not just salespeople.