At our agency, we recently worked on a quote for a homeowner who ultimately decided not to purchase from us. The reason? They didn’t like what we had to tell them. But in insurance, the truth isn’t always what people want to hear—it’s what they need to hear.
Roof Coverage: The Hidden Risk
The first red flag we noticed in their current policy was that their shingles were subject to a roof payment schedule. This meant that if they ever needed to file a roof claim, their payout would be depreciated by over 50%, on top of their deductible.
We explained that their current insurance company actually offers an endorsement for full replacement cost, which would have protected them from this costly depreciation. However, they quickly told us that they used to have that endorsement—but after a rate increase last year, they called their agent to lower their premium. Their agent removed the endorsement, without explaining that it directly affected their roof coverage. The client mistakenly believed it only inflated the home’s insured value and didn’t realize the hidden cost of this change.
Underinsured by Over $100K
Unfortunately, that wasn’t the only issue. After reviewing their policy further, we discovered that their home was underinsured by over $100,000.
Their response? They didn’t believe it would cost that much to rebuild, so they were comfortable leaving it as is.
But here’s the reality: People almost always underestimate the cost to rebuild their home.
Most homeowners arguing these numbers have never built or rebuilt a home. Even as an insurance professional, I wouldn’t make an educated guess—I rely on Reconstruction Cost Estimators. These are tools purchased by insurance companies from independent organizations specializing in construction and labor data. These estimators ensure that homes are properly insured to value based on current material and labor costs.
The Real Takeaway
So what’s the lesson here?
If you call your agent and ask them to lower your rate, make sure you understand what coverages are being removed.
Many agents focus more on keeping your business (and their commission) than ensuring you have proper protection.
The cheapest policy isn’t always the best policy—it’s about making sure you’re covered when it matters most.
Get a Coverage Checkup
Your home is one of your biggest investments. Are you confident it’s properly insured?
If you’re unsure, let’s talk. We can review your policy and help make sure you’re protected, not just paying premiums. Contact us today for a coverage review!
Category: Insurance
Home Security Tips for Homeowners in Oklahoma
Are you a homeowner in Oklahoma City, OK? If so, it’s essential to make sure that your home is as secure as possible. Here are a few home security tips to help you keep your family, residence, and belongings safe.
Home Security Tips
Install a Security System
A security system is one of the best ways to protect your home from intruders. Not only will a security system deter burglars, but it will also provide you with peace of mind, knowing that your home is safe.
There are a variety of security systems available on the market, so be sure to choose one that best meets your needs and budget. Some security systems include motion detectors, video surveillance, and smart home technology.
Keep Your Doors and Windows Locked
It’s important to keep your doors and windows locked at all times, even when you’re at home. This will help to deter burglars from breaking into your home.
Be sure to use quality locks on your doors and windows, and change the locks if you lose your keys. Also, consider using smart locks that can be opened with a smartphone or other electronic device.
Start a Neighborhood Watch Program
A neighborhood watch program is a great way to keep your neighborhood safe. If you’re not sure how to start a neighborhood watch program, your local police department can help.
Taking part in a neighborhood watch program can help you get to know your neighbors better, and it can also help reduce crime in your neighborhood. An insurance agent with S & S Insurance Services Inc. can help you determine the best ways to protect your home.
Install Security Lighting
Security lighting is another excellent way to deter burglars from breaking into your home. Security lighting can also help you see what’s going on outside your home, whether you’re home. Be sure to install security lighting around your home and turn the lights on at night.
Schedule A Consultation Today
If you’re a homeowner in Oklahoma City, OK, you should also review your homeowner’s insurance policy. Contact S & S Insurance Services Inc. to learn more about how to protect your home, self, and belongings.
How to Change Your Oklahoma Health Insurance After You Get Married
Congratulations! You’ve made a big step in your life by choosing a life partner. Now, it’s time to get all the things done that you made this step for. One of those things is taking care of the "in sickness and in health" component, and that involves changing your health care plan.
At S & S Insurance Services Inc., we want all new couples in Oklahoma City, OK to have an easy time changing their health insurance after they get married. It’s easier than you think!
Sixty Days Later
Getting married is considered a qualifying life event in Oklahoma, which means that you have a special circumstance that will allow you to get health care when you need it. You won’t have to wait for open enrollment periods.
After you get married, you have 60 days to change your health care plan. If you forget, you won’t be able to get health insurance until the open enrollment period begins.
During that 60 days after your wedding, you have options for health care coverage.
Health Care Options After Your Wedding
There are a number of ways you can change your health care after your wedding. You or your spouse can add each other to your employee health care plan, get a new plan for the both of you, or get individual health care plans.
If you or your spouse is being added to a work plan, talk to your human resources department or benefits organizer as soon as possible. Your company may or may not cover some of your spouse’s or dependent’s health care coverages. You’ll at least want to get a quote. More companies today are not extending work coverage at discounts to spouses.
There are a number of health care options after your wedding.
Get a Quote
When you have just gotten married, life seems exciting and new. And it should! Don’t let health care choices bog you down. At S & S Insurance Services Inc., we help newlyweds in Oklahoma City, OK know their options, and have this matter settled quickly. Call us to discuss your choices today.
The Unique Benefits of a Commercial Insurance Policy
If you’re opening up a new company, you need to make sure that you have great insurance to protect yourself. Thankfully, we at S & S Insurance Services Inc. can provide Oklahoma City, OK, area businesses with the many benefits of high-quality commercial insurance. Here’s what you need to know about how a standard commercial insurance policy can benefit your company.
The Unique Benefits of Commercial Insurance
If you’re still on the fence about commercial insurance, it is essential to understand just how this type of policy will help you. We’re not exaggerating when we say that this option is critical for your operation. It not only protects you but helps to enhance your business operation. Commercial insurance:
- Improves Your Contracts – Whenever you try to make contracts in the business world (such as taking out loans), you need commercial insurance to prove that you are a legitimate company.
- Minimize Business Failure Risks – If your company suffers from any serious operational risks, high-quality commercial insurance minimizes how much this may impact you.
- Enhances Your Professionalism – Most serious customers or partners will refuse to work with a business that does not have commercial insurance because this lack makes them appear unprofessional.
Beyond this benefit, an excellent commercial insurance policy helps to protect your employees, minimizes the potential financial impact of structural damage, and helps to cover you during a lawsuit. That type of comprehensive protection is just not available from any other source.
We Have Policies for Every Business
If you want to open a new commercial insurance policy that makes sense for your needs, please contact us today at S & S Insurance Services Inc. to learn more. We serve the Oklahoma City, OK, area and provide comprehensive help that makes sense for your needs as a company.
What Does Workers Compensation Insurance Cover?
As a business owner, you have a lot to worry about, requiring you to buy various insurance policies to protect your investment. Any business with employees, despite its size, needs worker’s compensation insurance which ensures you protect your workers and yourself. If you are yet to familiarize yourself with worker’s compensation insurance, S & S Insurance Services Inc. of Oklahoma City, OK explains below what it covers.
Medical Expenses
Workers Compensation Insurance helps cover your worker’s medical bills if they suffer a work-related illness or injury. This can include a visit to the emergency room, necessary surgery, medication, and any follow-up doctor appointments. For instance, if one of your plumbers gets exposed to harmful substances, this policy covers a visit to the hospital.
Missed Wages
Your employee may need time off to recover after suffering a work-related injury or sickness. Workers Compensation insurance helps replace that lost income. Therefore, if your electrician slips and falls and cannot come to work, this policy covers some of his lost wages.
Ongoing Care
There are some work-related injuries or sicknesses that can be so serious that your employee will need continued care like physical therapy or doctor visits. This policy can help cover the cost of ongoing care.
Funeral Cost
In an unfortunate event, an employee may lose their life from a work-related accident. In such circumstances, this policy can help cover the funeral expenses of that employee and provide death benefits for the beneficiaries of your employee.
Illness
At times, your employees can get exposed to dangerous chemicals that can cause sickness. If one of your workers gets ill due to such circumstances, this policy can help cover the cost of that treatment or ongoing care.
In general, business owners in Oklahoma City, OK should consider purchasing worker’s compensation insurance. Reach out to S & S Insurance Services Inc where we are ready to help you protect your investment from a financial loss.
Who can benefit from umbrella insurance
Insurance generally speaking can be confusing for many people. Umbrella insurance is the most confusing of all. In most types of insurance, the names are indicative of what the insurance is covering. Umbrella insurance has nothing to do with its name, no umbrellas are insured. At S & S Insurance Services Inc. in Oklahoma City, OK are core value is to treat others as if they were our family. Our gents create lifelong real relationships.
The name umbrella insurance while confusing does describe the type of protection that it provides. Think about adversity as rain and you as your assets. The umbrella insurance keeps your assets from getting attached and lost to the things that have gone wrong.
Umbrella insurance is liability insurance. It is not a policy you buy unless you have another policy already that has liability protection. It is additional liability above and beyond the amount on the primary policy. If you have several policies with liability, it works with all of them.
When you are involved in an auto accident where you are at fault the injuries and the damage could go beyond the liability coverage provided by your auto policy. If you don’t have umbrella coverage, you could end up having to pay the difference out of your own pocket. And if you get sued, the judgment and legal expenses would also be on you. That could be devastating to your finances. If you own a home, you also have liability risks.
Having excess liability coverage can benefit anyone who has any assets, you don’t have to be rich or have a lot of assets in order to want to protect them.
Contact S & S Insurance Services Inc. in Oklahoma City, OK when you are ready to discuss how umbrella insurance can benefit you.
How to Choose Health Insurance in Oklahoma
When it comes to protecting yourself and your loved ones from costly medical bills that can lead to financial ruin, the best option is to have health insurance. While those fortunate to have insurance through their employers or a spouse’s plan, many are left to fend for themselves. Opting to go without health insurance can result in unpaid medical bills that lead to significant financial distress. Furthermore, as of January 1, 2014, health insurance is now a requirement, and failure to carry any can result in a monetary fine from the federal government.
When it comes to purchasing health insurance, residents of Oklahoma have several convenient options. Individual coverage can be purchased via the Oklahoma federal exchange at www.healthcare.gov or an independent agency, broker, or insurance company. If needed, policies can be written to cover additional family members or just yourself. Working with an independent insurance agent like S & S Insurance Services Inc. in Oklahoma City, OK, means that you’ll receive dedicated service from one of our industry-trained insurance professionals that can walk you through your various options and help you select the right policy for your needs. With so many health insurance options to choose from, selecting one can feel overwhelming and scary. Still, fortunately, the friendly and competent team at S & S Insurance Services Inc. is ready to assist.
With the changes brought to health insurance by the Affordable Care Act of 2010, citizens have more options in their choice of coverage and have more flexibility in what doctors are covered in the network. Choosing a health insurance policy does not have to be challenging, so give the team at S & S Insurance Services Inc. in Oklahoma City, OK a call today to learn more about your options and put yourself on the fast track for medical peace of mind.
Three mistakes to avoid when it comes to workers comp insurance
One type of insurance coverage that many business owners in Oklahoma City, OK need is workers comp insurance. We are proud to provide you with a workers comp insurance solution at S & S Insurance Services Inc.
The following are three mistakes to avoid when it comes to workers comp insurance.
Failing to monitor and track payroll well enough
Payroll is an important financial consideration for gauging and tracking your worker’s comp insurance needs. Therefore, you need to make sure that you’re carefully monitoring and tracking payroll.
Track the number of full-time, part-time, hourly, and temporary workers you have at your company. All of these considerations impact your worker’s comp insurance needs.
Being unaware of requirements in place in your area
Perhaps one of the most important things to do before selecting your policy is to learn about any applicable workers comp requirements you need to meet.
You may be legally required to carry workers comp coverage if you have employees at your company. However, the specific requirements regarding workers comp insurance vary by state. It’s important to understand your state and municipality requirements when you’re looking for a policy.
Not making updates to improve workplace safety.
There may be some important updates you can make to your company facilities to minimize the chances that injuries will occur. Making such updates can qualify you for workers comp insurance at a reduced price while also keeping your staff members safer.
Are you on the market for the right worker’s comp insurance policy for your company in Oklahoma City, OK? We can help you find the right solution at S & S Insurance Services Inc. Get in touch with us today to explore our policy options.
