Why Homeowners Need Recoop Disaster Insurance

When Mother Nature decides to rain on your parade, are you covered? If you’re like a lot of homeowners, you have gaps in your home insurance coverage that may leave you feeling stranded when disaster strikes. The recovery process can be stressful and uncertain in the immediate aftermath of a natural disaster, when homeowners are at their most vulnerable. Recoop Disaster Insurance is uniquely positioned to supplement your home insurance coverage after a state and/or federally declared disaster, providing fast access to funds without waiting on your homeowners insurance claim to process. With Recoop, homeowners can receive a lightning fast payout in days.

Does Home Insurance Cover Natural Disasters?

Most home insurance policies cover damage from some natural disasters, as well as severe weather like hail and lightning. However, earthquakes are almost always excluded from standard policies, and some policies require add-ons for specific perils. Even if an event is covered, home insurance claims for natural disasters typically take weeks or even months to process and require a high deductible before coverage begins. 

An adjuster is typically required to assess and document damage to your home, which takes time to coordinate and isn’t always based on what’s best for your schedule. And if you disagree with their assessment, contesting their findings is a whole other process. As the rate of natural disasters rises across the U.S., homeowners face a reality where home insurance often isn’t enough, or at least isn’t fast enough.

Breaking Down The Top 5 Gaps In Your Home Insurance Coverage

Gaps in your home insurance coverage make it more difficult to recover after a disaster, especially if you’re displaced or forced to evacuate your home in the days leading up to or following an event. What you need most in those moments is fast cash and assurance that you’ll get through the days to come. Without supplemental coverage like Recoop Disaster Insurance, here’s how home insurance tends to fall short:

Gap #1: Most Homes Are Underinsured By As Much As 20% Of Their Value

Gap #1: Most Homes Are Underinsured By As Much As 20% Of Their Value

Most policies are based on your home’s market value rather than its replacement value. Replacement value is a more accurate reflection of what it takes to rebuild your home after damage, taking into account rising material and labor costs as well as increased demand for supplies. Even policies with guaranteed replacement coverage may be limited by how your home was originally valued, potentially leaving you underinsured as rebuilding costs surge after a natural disaster. Without supplemental home insurance for natural disasters, you could be left covering up to 20% of the cost to rebuild your home out of pocket.

Gap #2: Insurance Deductibles Are Out Of Control

Gap #2: Insurance Deductibles Are Out Of Control

Home insurance deductibles are especially high for wind-related damage from tornadoes and hurricanes in high-risk areas. These disaster deductibles can be anywhere from 5-30% of your home’s value. For a $300,000 home, that could mean as much as $90,000 you’re responsible for before your policy kicks in. That’s a major coverage gap in your home insurance for natural disasters, leaving you hanging when disaster hits.

Gap #3: Parts Of Your Home Depreciate Over Time (Hint: Your Roof)

Gap #3: Parts Of Your Home Depreciate Over Time (Hint: Your Roof)

Just like the value of a new car diminishes as soon as you drive off the lot, insurers factor in depreciation for parts of your home that naturally wear down over time. Your home’s roof is especially impacted by depreciation. Let’s say you have a 15-year-old roof with a 20-year lifespan. Even if a new roof costs $10,000 to replace today, your insurance company may only pay a fraction of that amount based on the actual cash value of your roof. In this example, a 15-year-old roof may only retain about 25% of its replacement value, meaning you’ll be stuck paying the remaining cost out of pocket even after your home insurance claim payment comes through.

Gap #4: Typical Home Insurance May Not Cover Common Disasters

Gap #4: Typical Home Insurance May Not Cover Common Disasters

Natural disasters like a storm surge (caused by hurricanes) and earthquakes aren’t usually included in a standard homeowners or renters insurance policy. If you live in a high-risk area for non-covered perils, you’d have to buy a costly single-peril policy for coverage, most likely with a ridiculously high deductible. Recoop Disaster Insurance provides multi-peril protection against natural disasters including hurricanes and earthquakes with no deductibles.

Gap #5: You Get Stuck Waiting Even When You’re Covered

Gap #5: You Get Stuck Waiting Even When You’re Covered

Not all gaps in home insurance coverage are financial. Sometimes it’s a matter of timing. With traditional homeowners or renters insurance, it could be 30 days or more before your claim is paid. When you file a natural disaster insurance claim with Recoop, you’re paid the pre-determined amount you chose during enrollment in just two days.

Traditional Home Insurance Claims Vs. Recoop’s Natural Disaster Insurance Claims

Traditional home insurance claims have delays: waiting for an inspector or adjuster, securing funds to cover your deductible, navigating underwriting requirements… you get the gist. Recoop Disaster Insurance offers a simplified claims process without inspections or deductibles, just the dollars you’re owed.

With Recoop, outside entities like inspectors and adjusters don’t determine your payout amount after a disaster. Instead, you decide your desired disaster recovery payout amount when you enroll. You can get up to $25,000 within days after filing a claim for an eligible disaster. Knowing exactly what to expect from the claims process and how much financial support you may receive provides much-needed predictability during uncertain times. We’re here to help you receive your insurance claim payment without all the hoops so you can recover faster after a disaster.

How Long Does A Home Insurance Claim Take To Process?

Home insurance claims usually take weeks or even months to pay out. Initial inspections take time. Adjustments take time. Underwriting takes time. This process adds up, requiring time you don’t have to wait when the unexpected happens. Recoop’s natural disaster insurance claims are typically processed and paid out within 48 hours after approval.

Supplemental Home Insurance For Natural Disaster Relief & Hassle-Free Payouts

Got gaps? Not for long. Recoop Disaster Insurance is rewriting the narrative for what coverage can look like when natural disasters occur. For as low as $11/month, you can earn a $5,000 cash benefit when your claim is approved, with options for coverage up to $25,000. These benefits could be yours:

Multi-peril coverage
No inspections
No deductibles
Fast payouts
No restrictions on how you spend

Receive Insurance Claim Payments Faster With Recoop Disaster Insurance

You can’t put a price on peace of mind. But you can expedite relief when you supplement your home insurance with disaster insurance. Learn how we help you to close the gaps in your home insurance coverage and get a quote today.