Question About Allstate

[agentinsouth]

I Was told that all new Allstate HO3's are ACV for the roof, is this correct? If so, I don't think mortgagees will knowing accept the policy? Am I correct?

 

[1idjak]

I heard that too, I have a thread a little below this one asking about their policy. I hope somebody in the know replies

 

[bps]

I believe Hartford is ACV on the roof as well.

 

[Texasproducer]

From what I understand their new House & Home policy is acv for roofs. But most Allstate agents that I run into don't bother explaining this to customers.

See this link:
Roof Insurance: ACV vs Replacement Cost | Bankrate.com

 

[TeePee]

Not in NC. Anyway yet.

 

[1idjak]

I wonder if this is the beginning of a new trend

 

[agentinsouth]

I wonder if this is the beginning of a new trend

I am personally for the trend! Being in a hurricane prone state, everyone prays for a storm when they need a new roof. It hits our loss ratio and carriers pull out or pull back on where they cover.

 

[1idjak]

In the past, and even some current acv contracts limit depreciation to 50%. That's not too bad in most cases. It could still sting a bit on wood roofs.

 

[insurance1822]

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.

 

[VolAgent]

I am personally for the trend! Being in a hurricane prone state, everyone prays for a storm when they need a new roof. It hits our loss ratio and carriers pull out or pull back on where they cover.

Yes...

I often find myself wishing for a storm that causes death, seriously disrupts the lives of thousands as well billions of dollars in damage, simply so I can get a new roof.