OK Weather Leads To Changes In Some Insurance Policies - News9.com - Oklahoma City, OK - News, Weather, Video and Sports |

NEWS

OK Weather Leads To Changes In Some Insurance Policies

Posted: Updated:
If you've had your roof replaced recently, you're in good company here in Oklahoma. It’s costing insurance companies a lot of money that they're trying to take back from policy holders. If you've had your roof replaced recently, you're in good company here in Oklahoma. It’s costing insurance companies a lot of money that they're trying to take back from policy holders.
OKLAHOMA CITY -

Oklahoma weather has led to changes in insurance policies, and those changes are costing some homeowners thousands of dollars. However, many policy owners are not aware until making a claim on their roof.

If you've had your roof replaced recently, you're in good company here in Oklahoma. It’s costing insurance companies a lot of money that they're trying to take back from policy holders.

“Because of the amount of losses related to hail damage and storm damage, insurance companies are trying to reduce their losses by taking away coverages,” consumer advocate attorney Kent McGuire said.

McGuire has seen it in his clients’ policies. The language is not always clear, but the lack of coverage is only discovered after it's too late. Replacement cost is no longer always the standard.

“What you’re seeing now is many companies are going away from that and offering what’s called ‘actual cash value’ on the roofs,” he said.

Deductibles are also skyrocketing.

“Insurance companies are trying to recoup their losses by raising the deductibles,” Thad Jennings said.

It means your roof depreciates with each year, and you get about 50 percent of the current cost of a roof. Some policies put an end to coverage after so many years. The average life span of a roof in Oklahoma is seven to eight years. Cosmetic damage endorsements are also making their way into policies.

“Basically what that’s going to say is if you have hail damage to your roof or storm damage, and it’s cosmetic, it means it doesn’t affect the function of the roof,” McGuire said.                

The bottom line for consumers is to make sure you have full replacement cost.

“I’ve got customers that we’re doing work for and their deductibles are forty and fifty thousand dollars,” Jennings said. “When you have a deductible that high, what are you going to do?”

All roofers have to be registered with the state, but a large number of them are not. To check the status of a company, make sure they are registered with the Construction Industries Board of Oklahoma.

Special Features

iPhone App

Get breaking news, weather, sports & video directly on your iPhone.

Politics

Breaking political news & the latest headlines from the state capitol & D.C.

Radars

See where weather is happening using our live interactive radars.

Technology

Spend your money wisely with reviews of new tech gadgets & the latest news in technology.

TV Schedule

Need to know what's on TV? Check out our television schedule.

Live Radar

WARN Interactive
Powered by Frankly
News 9
7401 N. Kelley Ave.
Oklahoma City, OK 73111
News9.com is proud to provide Oklahomans with timely and relevant news and information, sharing the stories, pictures and loves of Oklahomans across our great state.
All content © Copyright 2000 - 2017 KWTV. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.