I wanted to address a question we’ve gotten a lot of calls on today. Tree damage due to our most recent ice storm. Below are three of our top carriers policies on how they handle tree damage. You will see most policies handle this the same, only the amount of coverage may vary but most are $500.00 for the coverage.

The main trigger for most policies is the tree must fall onto your property and damage it, such as falling onto your house. Just falling in the yard doesn’t generally trigger coverage.

Another common theme with all companies is that anytime property coverage is used, it is generally going to be subject to your deductible. So before you make a claim you would want to make sure it will be worth it.

Safeco tree coverage for debris removal. Coverage trigger is it has to damage covered property.

Debris Removal. We will pay the reasonable expense you incur in the removal of debris of covered property provided coverage is afforded for the peril causing the loss. Debris removal expense is included in the limit of liability applying to the damaged property. When the amount payable for the actual damage to the property plus the expense for debris removal exceeds the limit of liability for the damaged property, an additional 5% of that limit of liability will be available to cover debris removal expense.

We will also pay the reasonable expenses you incur, upto$500, for the removal of trees from the residence premises, provided the trees damage Building Property We Cover. The $500 limit is the most we will pay in any one loss regardless of the number of fallen trees.

Safeco New Quality Plus HO coverage increases Debris removal to 1000 from 500. No more than 500 of limit will be paid for the removal of any one tree.

Travelers tree coverage. Coverage trigger is it either damages a structure or blocks driveway/ramp.

Tree Removal. We will pay your reasonable expense, up to $1,000, for the removal of one or more trees fallen on the “residence premises” as a result of a Peril Insured Against, provided the tree(s):

1. Damage(s) a covered structure; or
2. Do(es) not damage a covered structure, but:
   • Block(s) a driveway on the “residence premises” which prevent(s) a “motor vehicle”, that is registered for use on public roads or property, from entering or leaving the “residence premises”; or
   • Block(s) a ramp or other fixture designed to assist a handicapped person to enter or leave the dwelling building.

The $1,000 limit is the most we will pay in any one loss regardless of the number of fallen trees. No more than $500.00 of this limit will be paid for the removal of any one tree.

ASI tree coverage. Coverage trigger is it either damages a structure or blocks driveway/ramp.

We will also pay your reasonable expense, up to $1,000, for the removal from the “residence premises” of:

1. Your tree(s) felled by the peril of Windstorm or Hail or Weight of Ice, Snow or Sleet; or
2. A neighbor’s tree(s) felled by a Peril Insured Against under Coverage C; provided the tree(s):
   • Damage(s) a covered structure; or
   • Does not damage a covered structure, but:
     1. Blocks a driveway on the “residence premises” which prevents a “motor vehicle”, that is registered for use on public roads or property, from entering or leaving the “residence premises”; or
     2. Blocks a ramp or other fixture designed to assist a handicapped person to enter or leave the dwelling building.

The $1,000 limit is the most we will pay in any one loss regardless of the number of fallen trees. We will pay no more than $500 of this limit for the removal of any one tree.

 

Russ Lowry, President
Oklahoma Insurance Group, Inc.

 

We have been getting some coverage questions relating to not having power in your house, then if you can go live in a hotel and be reimbursed under your home insurance.

Here is how most all homeowners policies cover loss of use of your property due to loss of power.

They exclude off site power loss, meaning if your power loss is due to ice on lines down the road they do not extend coverage for that. This unfortunately is what happens to most people.

If the failure results in accidental direct physical loss, from a Peril Insured against on the “residence premises” we will pay the loss caused by that peril. So if power loss happens on your property you can have coverage.

Here is an example we’ve had in the agency. We had a client that had a tree fall into a power line on their property, this lead to the power receptacle being pulled out of the house and loss of power. This was covered as it was direct to the house, on the property not down the street.

Hope this helps answer some questions for you or your friends that may be impacted by our recent weather.

 

Russ Lowry, President
Oklahoma Insurance Group, Inc.

 

Business insurance requirements are similar to your average state car insurance requirements. Basic liability is required by many landlords (though not all) in a lease agreement, protecting them in the event that they face lawsuits from customers who are injured on their property, among other legal claims. But it’s up to the individual business owners to decide how much insurance they want to buy to cover their inventory and equipment in case of an accident.

Big box stores such as Target, Starbucks and Apple use their deep pockets to buy policies that cover the entire chain for losses stretching into the millions of dollars, according to Janet Ruiz, director of strategic communication at the Insurance Information Institute.

But for smaller businesses, the amount of coverage can vary widely in terms of deductibles and dollar limits, depending on the type of business, the value of the inventory and the depth of an owner’s pockets. Since landlords don’t require businesses to insure their inventory and equipment against loss, some local owners will forego covering it to save money, then in the case of an accident they are left to cover all of the losses and repair costs on their own.

The Good News, for businesses that purchase property coverage, it usually includes losses from civil disturbances. For those who are insured, packages that include liability and property coverage can be very affordable especially when you compare the total loss of inventory and/or equipment.

It’s based on your risk, for example restaurants, whose kitchens pose fire risks, may have to pay for insurance covering their equipment at a higher rate than an office with little exposure. A small office can get coverage for as little as 500.00 a year for liability and property coverage.

Some leases place the repair of glass on the tenants but many insurance companies offer plate glass coverage as a rider on their policies.  It helps to read your lease carefully to understand what you are responsible for and what you need coverage on.

Until this weekend, the two most costly civil disturbances in the nation’s history occurred in Watts in 1965 and Los Angeles in 1992.

The 1992 unrest was the most costly in U.S. history, causing an estimated $1.4 billion in property damage in today’s dollars, according to the data analytics provider Verisk Analytics and the Insurance Information Institute. The Watts unrest resulted in $357 million in damage, similarly accounting for inflation.

The cost of this week’s unrest has yet to be tallied — but in many cases, businesses will have coverage and be able to survive the damage.

If you haven’t review your lease and policy, if you have any questions please call our office at 405-701-5368 or email us, Mendi is our office manager and will help make sure you are taken care of.

 

Russ Lowry, President
Oklahoma Insurance Group, Inc.