MyLifeProtected

What is Recoop?

Recoop is the first and only multi-peril disaster insurance product that pays a lump-sum cash benefit (up to $25,000) after a natural disaster. Most homeowners insurance policies leave gaps in coverage, which is why we created Recoop — to pick up where insurance stops, so you can bounce back faster after a disaster.

What types of disasters are covered under Recoop?

Recoop covers these major natural disasters: hurricanes (includes storm surge), wildfires, tornadoes, earthquakes, gas explosions2, winter storms3 and dust storms. Recoop does not cover landslides, tsunamis, fresh-water flooding, or hail regardless of cause.

Is flooding covered by Recoop?

Fresh-water flooding is not covered regardless of cause. However, salt-water flooding caused by hurricanes (aka storm surge) is covered.

Does Recoop cover damage from straight-line winds or wind shears?

Damage from straight-line winds and wind-shears are not covered if your home is outside the known path of a covered peril.

Is hail damage covered by Recoop?

Hail damage is not covered, regardless of cause.

But honestly, why do I need Recoop?

Natural disasters are inevitable. If you need proof, just ask one of the residents of the 80% of U.S. counties who’ve experienced a weather-related disaster in the last 5 years(Fema.gov). The risk is real and living in denial is costly, so we created Recoop to cover the gaps and pick up where your insurance stops.

Tell me more about these gaps in my home insurance.

The gaps are usually hiding in plain sight. Certain disasters, like earthquakes and storm surge, aren’t usually included in standard homeowners policies, so without Recoop, you could be on the hook for those. Other common gaps include things like depreciation of your roof’s value, high deductibles for disasters (like hurricanes) which can be anywhere between 5 – 30% of your home’s value, and variances in your home’s replacement value versus its market value. Plus, with typical home insurance you could be stuck waiting up to 30 days before you get paid after submitting a claim.

How can I find out if I have gaps?

Slip into something comfortable, grab a coffee (or wine), and read your homeowners insurance policy for a full understanding of coverage. You can look for terms like “limits of coverage”, “eligibility”, and “exclusions” to understand what is and isn’t covered.

What if I have guaranteed replacement or replacement cost coverage?

While you might think you’re fully covered with guaranteed replacement, a lot of these policies are capped at 125% of your home’s insured value. And with things like depreciation and actual cash value working against you, you could still end up with some costly exposures. That’s where Recoop cash can help.

Who is eligible for a Recoop policy?

Homeowners and renters with an existing homeowners or renters insurance policy.

Where is Recoop available?

Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington D.C., West Virginia, Wisconsin and Wyoming. If you don’t see your state listed, we’re working on it and policies will be available soon.

What if I have a Total Inscurred Loss endorsement?

In a handful of states, we are required to calculate the incurred loss (aka itemized losses) and pay you the lesser of either this amount or your disaster benefit. Along with physical damage to your home, we can add things like deductibles, lost wages loss of health insurance, replacement of personal property, temporary living expenses, and travels expenses, which should meet or bring you close to your Recoop benefit. An adjuster will work with you at claim time to collect all the necessary information.¹

What if I rent?

As long as you have an active renters insurance policy and live in a state where we’re available, you are eligible for Recoop. You must meet the same qualifications following a disaster to receive your Recoop benefit, and damage must be to the unit rented by you, not just the property outside your unit (i.e. building common areas). Damage to your personal property (just not collectibles) counts towards your $1,000 damage threshold. You will receive a renters endorsement with your policy.

Can I get coverage for my mobile or manufactured home?

Sorry, but our policies do not include mobile or manufactured homes as a residence because they’re typically classified as personal property, not real estate.

What type of damage is required before I can submit a claim?

The home or apartment listed on your policy must have direct physical loss or damage that exceeds Recoop’s $1,000 damage threshold. For renters, this includes damage to personal property as well.

Are there any restrictions?

Just a few (see below). The good news: We don’t put any restrictions on what you do with your recovery cash. Zero. Zilch. Nada. Your cash, your call. We trust you know what’s best for you.

What constitutes a disaster declaration?

Your Governor or the President can declare a state of federal disaster after a catastrophic weather event. There are certain criteria, like per capita damage and resource capacity, that will determine the declaration.

How long does it take the government to declare a disaster?

The size and severity of a disaster will dictate how long it takes for the state or federal government to declare a disaster. In most cases, a state disaster is declared within 24 hours to a few days. A federal disaster is often declared a few days later, but you’re covered whether a state or federal disaster is declared. It does not need to be both.

What happens if a natural disaster is declared in my area but my home isn't affected?

If your home isn’t damage or the damage does not surpass the $1,000 damage threshold, then we won’t be able to approve your claim.

What if my state does not declare a disaster?

If a disaster is not declared by the state or federal government, we won’t be able to approve your claim.

Are there restrictions on how I use my Recoop cash?

Your money, your rules. We don’t put any restrictions on what you can and can’t do with your Recoop cash. Our goal is to get you your payment lightning fast. We trust that you know what’s best for you in your moment of need.

How many disaster benefits can I receive?

You’re eligible for two (2) disaster benefits within your annual policy period, but they must be for separate disaster events and different perils.

Do I have to pay a deductible before my coverage kicks in?

Nope.

Do I have to provide receipts for purchases made with my recovery cash?

Nope. You don’t have to provide receipts for things you buy with your Recoop cash.

How soon will I be paid after I submit my claim?

Our goal is to pay your claim fast. In most cases, that means you’ll receive a direct deposit in your account within 24 – 48 hours after your claim is approved. In some cases, we might need a little bit more time. But rest assured, we’ll work hard to get your recovery cash to you ASAP!

How can I prepare for a natural disaster?

Disasters are becoming more common and more costly, and one of the quickest ways to recover is to make sure you’re prepared in the first place. So, first things first, enroll for a Recoop policy (if you haven’t already). Once you have that covered, try checking out Ready.gov, Fema.gov or the Red Cross Disaster Preparedness website. These resources can help you with things like knowing the risk for your area, making an emergency plan, and building an emergency go kit.

How will I get my policy?

A copy of your policy and any endorsements will be emailed to you and will also be available in our policy holder portal after you enroll.

How is my rate determined?

Your rate takes several factors into consideration, including your location, the level of risk in your region and the coverage amount you choose. Rates are subject to change from time to time.

When is my coverage effective?

Your coverage begins 14 days after the policy effective date. While other companies may require a longer waiting period, we went with 14 days after reviewing lots of weather data.

Let’s say there’s a hurricane coming in 3 days. Can I enroll in Recoop before it makes landfall and still be covered?

Sorry, coverage begins 14 days after the policy effective date. So why wait? Protect yourself and enroll today!

Why do I need to provide pictures of my home?

We use before and after pictures of your home to help pay your claim. This helps us determine disaster related damage, establish proof of loss and determine if property damage exceeds the threshold of $1,000 to trigger your policy to pay. It also helps speed up the claims process meaning you get your cash quicker.