Benefits of Growing up in the Insurance World

1. Growing up in the Insurance  World    Everyone has their own set of subcultures that they have           grown up with, true experts on any random aspect in life,           perhaps passed down from their parents and their parent’s         parents. A generational profession seems simply innate for       children engulfed in the subculture. Even without pursuing         the field, children have a working knowledge of their           parent’s profession, more so if the business is their own.                                                                    I was fortunate enough to have parents who have pursued an           incredible profession in public adjusting. My Stepmother,       Alice, began Brown O’Haver of Oklahoma in 2006. Her parents           before her started Brown O’Haver in 1988 in Mesa, AZ.                                Page 1

2. Naturally, even if I choose not to pursue this profession, my           knowledge on the insurance process is exponentially greater         than those not in the field. For this reason, I may never             understand uncertainty during an insurance claim like many     people experience. Here are a couple things that have       surprised me in my conversations with people outside of the         insurance field.                                                                      No, You Do Not Have To Rebuild:  One idea among people who are outside of the insurance           industry that is consistent is the idea that you must rebuild           your home if you suffer from a large loss. You do not have to               rebuild after an insurance claim. You don’t have to rebuild         after a roof claim. You do not have to rebuild period. Many             people believe (and some insurance companies promote)         that the only option you have after an insurance claim is to             rebuild. One of the benefits of rebuilding is that you can           recover your depreciation if you have a replacement cost         policy. The downside of not using your insurance proceeds           for your repairs is that you can’t be paid for damages to the             same building material more than once unless you actually         complete the repairs before it is damaged in another loss.         With this knowledge in mind, you can spend your insurance           proceeds on whatever you please. The job of ​independent insurance claims adjusters​, both public and company, is to       prove the damages and get you the money, NOT tell you how           to spend it. Once you receive your initial estimate, for both             structure and contents, you can do whatever you please. You         can pay off your mortgage and make a down payment on           another home. You can level the house and start from         scratch. You can sell the property as is and rebuild or buy           somewhere else. You can gamble it all at the casino. It does                                                                                                                                                                                                                                                                                           Page 2

3. not matter. The point is, you have options. Your insurance             owes your for a covered loss regardless of how you choose to             spend the money.                        Utilize Your ALE:  Many additional living expenses covers. Others believe that saving       money and spending sparingly after a loss is the appropriate       decision, and in some cases it is. However, ALE is designed to             last the extent of the claim if you are covered properly,. Use               it! Keep in mind that ALE is cost incurred, which means you               must spend it and show proof that you have spent it before           being compensated. Keeping your receipts and invoices is       imperative. Furthermore, ALE covers much more than just       meals and rent. You can actually be compensated for           mileage if where you are temporarily staying is further away           from anything regular such as work, doctor’s appointments,         and church.    Also, if you have to maintain more than one yard because of             being displaced from a loss, you can be reimbursed for hiring           a company to maintain one of the lawns. If you have a strict           HOA and your yard needs to be kept up, ALE covers that. You             can use whomever you want to take care of your yard,         whether that be an actual landscaping company, or the           15-year-old kid next door. As long as you can show proof that           you have spent it, you are covered. Lastly, something that             people rarely take advantage of is the situation in which you         must stay with a relative or friend for an extended period             after a loss. Like many families, they may not charge you a           dime for your stay, but IT IS VITAL THEY DO! They have a               right to be compensated for your stay, even if they are a           friend or family member.    people   do   not   realize the extent of what their                                                                                                                                                                                                                                                                                                   Page 3

4.   These are just a couple of things that I have learned from             growing up in the business. We can’t all be experts in every           field and for that reason; it makes sense to talk to an expert             in the insurance world when you suffer a loss to your         property. If you are looking for ​insurance claim help in arizona​, Brown O’Haver has the expertise.                                                                              Page 4