Question About Allstate

[greenprod]

Kind of a jerk comment Vol... Do you not believe that some people hope for exactly what he says? Times are tough and a lot of homeowners don't have 15k

 

[VolAgent]

Kind of a jerk comment Vol... Do you not believe that some people hope for exactly what he says? Times are tough and a lot of homeowners don't have 15k

If you frequently find yourself associating with people who wish ill upon others, you may want to find new company to keep.

 

[greenprod]

If you frequently find yourself associating with people who wish ill upon others, you may want to find new company to keep.

Who was wishing ill on anyone? Just acknowledging that there are defibately people out there that are like his example. If insurance really is about restoring someone after a loss why not pay ACV? Are we making them whole, or making them better?

 

[indienoise]

Do these carriers you speak of create rates for the state as a whole and not have distinct territories within the state that have varying rates? If so, please tell me who, Id avoid doing business with them (unless, of course the insured was in a high loss area, might benefit them then)

 

[ZappMan]

From the Chart I was given, By a ALLBLUEBLOGGER, it's based on the age of the roof & type of roof. But, yes, they are depreciating, from what I have seen.

 

[Dave864]

Kind of a jerk comment Vol... Do you not believe that some people hope for exactly what he says? Times are tough and a lot of homeowners don't have 15k

Isn't maintenance just part of being a homeowner? I tell clients that their home insurance is not there to just replace your roof when it gets old. If you have an old roof, go out and buy a new one. If you can't afford it, then you shouldn't be owning in the first place.

Now needing a new roof after a covered loss is a different story, but you should never be counting on the loss to cover home owner maintenance.

 

[Matrix]

Does anyone have a copy of the Allstate House and Home roof depreciation schedule they would be willing to attach to the forum? I am in Texas, and I see Allstate setting aggressive pricing on the home product, but I don't think most Allstate agents are going out of their way to inform the customer of the limitations of the policy on roof settlement after 10 years.

 

[jgschleier4]

On their base policy they will pay wind/hail roof losses on an ACV schedule which is based on the age/composition of the roof. I believe it floors at 20% which happens around 25 years for composition. At 10 years you're looking at 60%ish.

If the roof is <10 years old (maybe it's 15..) they qualify for the roof surfaces enhanced endorsement (or something like that..) which removes the ACV clause until the roof hits that age (again it's either 10 or 15 years..) and maybe 20 for metal roofs. That's currently based off what the agent inputs, however they will check it at inspection & call out roofs that don't look to meet the age requirement.

This is mostly correct. One thing to note is that Allstate's new roof coverage for House & Home policies are Not ACV. It is either full replacement cost depending on roof age and composition or strictly a payment schedule based on roof age and composition. 20% is the floor and it will be roughly 55% at roof age 15.

 

[Matrix]

In the time since I originally posted my question, I was able to locate more details from a Texas Allstate agent on the roof payment schedule. See attached two files.

 

[ModernInsurance]

Confirmed (DE Allstate agent here). A roof less than 16 years old is eligible for "extended surfaces protection" (read: replacement cost) and beginning year 16 they are on a depreciation schedule.