Allstate House and Home in AZ

[GMANPRO]

So Allstate just rolled out with a new homeowners product. Based on the age of your roof they will only cover a percentage of what it costs to replace it. This ONLY applies to a total loss due to wind or hail. They also will go no lower than $1000 deductible on these losses.

This product has no place in AZ since almost all of the roof claims are from wind or hail.

Just thought you guys might be interested in knowing what you are going up against.

 

[NCAgent]

So Allstate just rolled out with a new homeowners product. Based on the age of your roof they will only cover a percentage of what it costs to replace it. This ONLY applies to a total loss due to wind or hail. They also will go no lower than $1000 deductible on these losses.

This product has no place in AZ since almost all of the roof claims are from wind or hail.

Just thought you guys might be interested in knowing what you are going up against.

That isn't super unusual. Only cover a percentage of what is costs? Isn't that what a 1-5% deductible is for, or do you mean they will only pay 20-80%?

Sounds like a new wind and hail-specific deductible since it is ONLY for wind and hail loss. Shall I show you the NCIUA, a facility that is there PURELY for wind and hail coverages for some people?

Maybe I am misunderstanding? I see 1k to 5% deductibles for HO and W/H only perils all the time.

The fact that Allstate was getting MURDERED on HO losses this last year (showed up in the news for dropping monoline property clients) would indicate to me they are trying to find ways to reduce losses.

 

[GMANPRO]

For example a 25 year old roof they would only cover about 55% of what it costs to replace the roof. This is a common roof age in AZ.

I'm not really so angry about the product, just the fact that it doesn't say anywhere in the client package you give out that the roof is not full RC. The agent that I know said "just don't draw attention to it if you can avoid it". If we have another storm here I almost feel that the customers were victimized and lied to.

 

[Sales71]

Its like ACV policy..hope it explain that to the buyer when they get the dec page otherwise there might be E & O claim on the agent later where a claim happens.
</IMG>

 

[TeePee]

The way I see a roof in my mind LOL is kinda like a car tire. You only have so many years before the roof wears out, like you only have so many miles on a car tire.

 

[GMANPRO]

Here in AZ. Roofs pretty much last forever unless we have a storm. That is why its an issue.

 

[bobson]

My guess is Allstate won't be the only company making these changes.

 

[JAM1]

Some carriers will do ACV on older roofs. I thought Allstate does not do Home insurance anymore? you should find s broker and ask them to shop it for you.

 

[NCAgent]

I thought Allstate does not do Home insurance anymore?

Are you referring to AZ specifically or Allstate in general? They are totally still doing property insurance, they just are tired of their monoline properties and loss ratios, like they think they're different than any other company. Big presence, big gains, big losses. Big deal.

 

[GMANPRO]

I know they stopped doing HO in certain states.