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Homeowner Insurance Adjustments After Joplin Tornado

Homeowner Insurance Adjustments After Joplin Tornado

Homeowner Insurance Adjustments After Joplin Tornado
News from OzarksFirst.com:

SPRINGFIELD, Mo. — With tornado season approaching, it’s a good time to take a closer look at your home insurance policy. Many deductibles are no longer a set price, as some deductibles are now a percentage of your home’s worth. This could mean you might have to pay more out of pocket if you become a storm victim.

SPRINGFIELD, Mo. — Severe weather is no stranger to Missouri.

Last week’s winds reached speeds up to 62 miles per hour, damaging roofs on a lot of homes.

That’s mild compared to the Joplin tornado in may 2011. More than 8000 homes were flattened or blown away.

Since then, insurance companies have changed coverage costs for homeowners.

Among the changes are higher premiums and deductibles and limits to coverage on roof damage.

Many companies who used to offer “replacement value” coverage have put a restriction on older roofs to cover only “cash-value” replacement. In this case, the insurer pays only up to the depreciated value of the roof.

“You’re shifting risk to the insurance company . That’s what insurance is,” said Lance Haight, an insurance agent at State Farm. “Your risk insurance the deductible. The deductible is a personal level of where you want that to be, but making sure it’s appropriate to make sure your insurance costs are down, but being able to afford the o…………… continues on OzarksFirst.com

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