Insurance Tips for Homeowners for the Summertime

Summer is the time for kicking back, soaking up the sun, and having fun with your friends. However, summer can also give rise to some less-desirable effects on your insurance policies. To avoid being stung by an unexpected insurance issue that could leave you out of pocket, take a few moments to familiarize yourself with the top five ways in which the arrival of summer can have an impact on your insurance policies.

Heat Waves During the summer, temperatures rise. Not only will you feel hotter, but your home and your vehicle will also be affected by the heat. One consequence of summer heat is that household air conditioners are forced to work overtime in order to keep the inhabitants cool. This increased use will put a strain on the air conditioner, increasing the likelihood that it will break down. To avoid being faced with a repair bill that you simply cannot afford, you should make sure that your air conditioner is covered by an insurance policy. It would also be a smart move to carry out some routine maintenance on your air conditioner to decrease the likelihood of the unit breaking down and necessitating an insurance claim. Choosing to take preventative action rather than waiting for a breakdown and then claiming on an insurance policy could help to keep your insurance premiums low.

Thunderstorms The other weather condition to watch out for in summer is thunderstorms. Summer storms can lead to flash flooding, which can wreak devastation on homes and other properties. Most home insurance policies do not cover flooding, so you may need to take out a separate flood insurance policy to cover you against this summer weather hazard.

Summer Travel Summer is traditionally the time of year that people take a vacation in another part of the country or even overseas. If you are traveling abroad, you need to organize travel insurance before you leave. Even if you are traveling within your own country, you should check which hospitals you can use in the area where you will be traveling. Many health insurance policies require you to use particular hospitals, so make sure you know which ones are allowed on your policy before you travel.

Road Conditions The hot summer weather can worsen the state of the roads. The road surface can crack in the heat, leading to potholes, which can cause serious damage to a vehicle that drives over them at high speed. Although most insurance policies cover pothole damage, you might find that your premiums rise as a result of your claim. The best way to limit the damage caused by potholes is to reduce your speed when driving.

Summer Activities Summer brings many exciting opportunities for having fun in the sun. From swimming to skydiving, summer is the time to try a new activity, but before you dive in, check that you have the necessary insurance coverage in case something goes wrong. Standard travel insurance policies do not cover all activities, so you may need to take out extra sports insurance or upgrade to a more comprehensive travel insurance policy.

For more information about insuring your home and family this summer, call 800-375-8356. You can get a free Oklahoma City home insurance quote for any extra insurance you need to keep you safe this summer.

Emergency Fund? How About Insurance Policy?

Financial advisors often stress the importance of creating an emergency fund. In this economy, filled with job stress, global uncertainty and fallen business profits often still struggling to reach pre-2008 levels, the wisdom of setting aside six months’ worth of expenses into an emergency savings account is not lost on the average individual. What may be lost on the average person, however, is the actual ability to save that much money when trying to support a family and pay off debts.
An emergency savings account is not the only type of emergency fund that one should consider. Another more affordable way to create an emergency fund is to invest in insurance policies that protect the value of your assets in the event they are lost, stolen, or damaged during an insurable incident.

The Value of Insurance

Imagine how expensive it would be to rebuild your home after a hurricane, tornado or fire. Even with a full emergency savings account it’s doubtful you could afford to pay this expense out-of-pocket. However, for a very small annual premium you can purchase a home insurance policy that does just that. This home insurance policy can even be designed to protect the value of your contents and may pay for loss of use if you are displaced by the insurable incident.
And what about your car? If you were to total your car or if it were to be stolen, could you afford to buy a new one? An auto insurance policy can work as an emergency fund reimbursing you for the value of your car when totaled during a covered peril, paying for a rental car, paying for certain repairs, and even covering your liabilities.
Your family faces an emergency event should you pass away. After your death, how would they replace your income, your contribution to the family, pay for your funeral and reach the future financial goals you set?

 A life insurance policy creates a much-needed emergency fund for your income loss and funeral expenses.

A disability insurance policy creates an emergency fund for income replacement should you become disabled in an event that is not related to work. You can choose short- and long-term disability policies and create a more flexible, accessible benefit than social security provides.
Your Oklahoma City Insurance is a vital component in any emergency plan. Give us a call at Alexander & Strunk and find out all the ways that affordable insurance policies can be designed to provide the protection you need at the time that you need it.