By Loretta McNally, Heeran's Home Team, RE/MAX PLATINUM Realty
Today, we want to thank Adrian
Enzastiga, with American Family, for joining us to discuss ways to determine if you have enough, or too much, insurance. Adrian works with the Robert Whitesel Agency, Inc., an American Family
Insurance company.
Adrian has also served the Omaha community by being a family teacher at Boys Town for 10 years and worked with
foster children and much more.
He reported that you have to review your home owner's policies in three
ways.
1 Look at the building or house. There is a maximum total amount that will be
paid for your dwelling coverage—replacement cost or actual cash value. A certain percentage of this amount (10%)
covers unattached buildings such as garages.
An American Family policy actually covers 120% of replacement
value.
2.
Take a look at your personal property. You want to check the total personal property
covered. Specific coverage for certain
items such as computer equipment or unscheduled jewelry is listed in the
policy.
3.
Review the
amount of time and dollar amount that will be covered for insured to live
elsewhere while the home is being built which is called Loss of Use.
4.
Review the coverage you have if someone is injured on
your property.
Adrian also explained that purchase vs. replacement cost is calculated via a computer program
based upon current costs to rebuild a home (if a total loss), so this is
the way it is done if you have a home in Omaha, Nebraska or another state. If the purchase price is significantly less than
the replacement cost, an actual cash value policy can be purchased as the cost
to rebuild the home is much higher to insure.
It is also very important
for Omaha homeowners to review their deductible vs. monthly premium. Adrian addresses with homeowners what saves
the owners the most money. Adrian
explained that truly this is up to the customer. However, the customer should know that if
they go with a higher deductible (ex. $2500), they will be responsible for the
difference when there is damage. For
instance, if there is a hail storm – we do have those in Omaha – and there is
damage to your roof upwards to $6000, you will be responsible for that first
$2500. You must weigh this deductible figure against the monthly savings received.
Whatever the deductible is, you will want to set this money aside you
are ready.
Adrian recommended
reviewing your policy every 2 years with your agent. Replacement cost calculations often increase
with inflation, and they additionally can change with the rate of
inflation. Also, any upgrades or
additions to the home need to be considered.
The bottom line is to make sure
you have the best coverage possible for you and your family can afford.
Adrian further
recommended calling your agent first whether you are or not going to file a
claim. Your agent will answer your
questions to help you make that decision.
The agent can help the customer understand how a particular claim might
affect their insurance going forward.
Lastly, if you do need to file a claim and have repairs made,
your insurance agent can give you
suggestions on how to look for well qualified and licensed Omaha area contractors.
Adrian was delightful to be with us today. He is looking forward to helping families
review their current insurance or set up a new policy if you are a first time
homebuyer. Just give Adrian a call today
at 402-330-0119.
By: Heeran Workman, MBA, Realtor - REMAX PLATINUM Omaha NE
