Policy Review and Analysis
Avoiding Policy Mistakes Begins Before a Loss
Nothing is more devastating to a consumer than finding our AFTER a loss, that your insurance coverage, exclusions or provisions have left you exposed and financially impacted. Unfortunately, this happens all to often to across the country. Many consumers are sold policies that meet their premium desires, and while their premium needs have been met those discount premiums come at a tremendous cost, that cost is reduced coverage.
Don’t be a victim of poor policy coverage. Impact Claim Services, LLC provides policy review and analysis services that are catered to you and your specific needs. We will review your policies, investigate your property, its contents, and other important factors and provide you with solid suggestions on how to protect yourself, your family and your assets.
Here are a few of the key mistake made by insured’s in selecting a policy.
Underinsured Often times policy coverage’s may not completely restore and insured in the event of a total loss. It is critical fro consumers to maintain a understanding of their property values and requirements for replacement. No only will this ensure that your property and its contents are restored to their pre loss condition, but will help avoid any penalties for violation of coinsurance requirements set forth in the policy.
No Replacement Cost Coverage Replacement cost coverage is in place to cover the additional expenses of replacing property after the deduction of depreciation. When property is lost, the amount of settlement calculated is based on the “actual cash value” of the property. Deductions for a and condition are deducted from the true replacement cost of the item or property. Replacement cost coverage covers the additional expenses of replacing those items with new items of like kind and quality.
No Law & Ordinance Enforcement Coverage This coverage endorsement covers the additional expenses that may be incurred to comply with any changes in construction requirements set forth by a building code or municipality. When your property was built it was compliant with the building codes, but codes frequently change, and without this endorsement you will be responsible for any costs to bring a restoration project into compliance with the building codes.
“Obsolete Materials” Exclusion. A new an emerging policy exclusion we have been seeing is a exclusion for obsolete materials. In the event you suffer a partial loss, lets say to a roof for example. If a few shingles are damaged, then your insurance carrier would owe for a repair of the damage. But what happens when the shingles haven’t been made for 10 years and are no longer in circulation? Well in that situation the whole roof would have to be replaced. Well with the “Obsolete Materials” exclusion an insurance company would be able to avoid replacing the entire roof and leave you will a mix a match roof system.
There are many forms of obsolete materials ranging from roofs, siding, brick, and even contents. Paintings you’ve bought that are no longer made, your children’s toys, etc… While this exclusion is just starting to show up more and more, it will affect many unsuspecting people.