Reassessing Insurance Policies After Severe Weather Events

A Grand Island insurance provider is urging homeowners to reassess their insurance policies following recent severe weather events. Bob Hirschman, a cattleman near St. Libory, experienced significant losses when a tornado struck on May 17, resulting in the loss of approximately 43 cattle. This incident highlights the critical need for adequate insurance coverage.

Hirschman admitted his insurance was insufficient due to escalating cattle prices in recent years. "Yes, we had insurance, but we didn’t have enough on them," he noted, underscoring the importance of updating insurance policies to reflect current asset values for effective risk management.

Diane Boyd, a seasoned State Farm agent in Grand Island, emphasized the importance of regular policy reviews. "It’s always good to get your insurance company to go over your policy," Boyd advised, highlighting the necessity of being aware of policy details and potential changes in coverage options.

Boyd further explained that policy updates could impact claim payments, affecting whether they are settled through full amounts or actual cash values, depending on the insurance carrier's specific underwriting adjustments. Hirschman expressed intent for annual policy reviews to ensure adequate coverage, stressing the unpredictable nature of severe weather events in any region.