LITTLE ROCK, Ark. — As homeowners all across Central Arkansas recover from the tornado on March 31, it has been a busy time for insurance agents.
They have also been taking this time to remind all of us to stay up to date on our insurance policies so we are ready for disaster.
They said it's better to be overprepared when it comes to insurance, so that way you're not left surprised when your policy doesn't cover everything.
Insurance agents also explained how inflation could play a role in how much money you get back for your home.
"It's by far the worst storm I've ever seen personally and the worst storm ever for our agency as well," President of McGhee Insurance, Darin Hoover said.
Hoover said they've filed more than a hundred claims since the tornado hit.
"The first week was really bad. And we didn't have power for three days. So a lot of people were working from home. I worked up here and took claims in person," he explained.
Now, things have begun slowing down a bit at the office.
"We think all of the claims have been filed now. And we think everyone's in a pretty good spot," he said.
He also explained that we can all do better with our insurance in general by reviewing our policies at least once a year, to stay as prepared as possible.
"You never think that disasters are going to strike. But it has definitely struck," he added.
Hoover recommends that people get a replacement cost policy to get the most coverage.
"Replacement cost policy cost more, it can increase every year in price because the value of the home increases in price. But it will pay to replace your home," he said.
Inflation can also impact the cost to repair or rebuild.
It's something that John Turner sees every day on the job with his construction company.
"If people are looking at a replacement cost of their home, it's significantly more than it was for just four or five years ago," Turner said.
He also explained how that has happened because labor and construction materials keep going up in cost.
"I think we've seen costs go up probably 10 to 15% over the last three or four years," Turner added.
Turner explained a lot of homeowners have policies that cover the cost of the home's condition before the storm, and sometimes they expect to get more money than what they actually receive.
"That may not be what the homeowner is expecting. If that home hasn't been updated in 15 or 20 years, there's a significant difference between those homes and a new home," he said.
Your insurance provider should be your first call, but if you still need assistance beyond that, there is still FEMA help available.
For more information on how to receive help from FEMA, please click here.