First Time Up Against Allstate for Personal Lines

[PotentialFarmer]

Going up against a large case. Wealthy family, 8MM dollar home (valuation not recon) several cars, the whole nine yards . . . . With Allstate now and paying a little under 2k per month. I'm wondering how people in SoCal have done vs. Allstate, I was thinking to give a try for Chubb or AIG (Chartis). Travelers "maybe" but will have to see if they'll take this huge a risk on personal side.

 

[avaloninsurance]

Are you able to get a copy of their Allstate policy? I would try to poke holes in their coverage and expose gaps. Allstate is not meant to cover large risks like that. Their coverage is inferior to Chubb or Fireman's Fund or AIG. Premium may be close or hard to beat but even if you get close you can sell value. I don't believe Allstate allows them to customize each coverage. Find out what the client wants for contents and other structures. You can maybe reduce this on your quote based on what they need to get a more competitive premium. Good luck!!

 

[PAinsuranceAgent]

I agree that Chubb or Fireman's has more coverages on their policy like kidnapping etc.. but I wrote someone an Allstate homeowners and it was a third of the price of Chubb and same dwelling coverage.

 

[kman]

Classic! Less price because Allstate's contract isn't nearly the contract of Chubb's. Your obligation is to clearly inform your customer of the difference's in the contracts and let them decide whether the perceived cost savings are really worth the risk.

 

[hpfrench]

Big difference, All Risk/All Perils vs. Named Risk/Named Perils. In the states I write in, AllState is NP. Coverage levels will be different as well. Loss of Use (ALE) will be much higher on the Chubb, Fireman's. Also check out Chartis if you have access. Those 3 are the high-value writers of choice in my opinion. Caveat, they often won't look at a property unless $1mil in Recon or $10k a year in premium.

 

[Bertolinoins]

Travelers should quote it for you. They write several $5m + homes for me in Tahoe. Their platinum HO5 is designed to compete with chubb, pcg and fireman's fund but their pricing is much more competitive in my area.

Allied also has a high value home owners program if you are appointed.

 

[Jerbond]

I would also bring up the fact the ALLSTATE has pretty much left Califonria in the HO market. They took a beating in losses. So they are increasing the premiums every year in hopes that clients will drop the coverage. If you ask me, why hold onto a product that doesn't really have your back? CHUBB is really hungry for the Ca. market. Ask your underwriter for some discounts if applicable. The other route you can try. Yeah Pep Boys tires are cheap and pretty descent for the money, but would you install them on a Ferrari? You could, just hope to God they don't blow when you need them to perform... Cheap premium usually equals less coverage. Food for thought.

 

[Aram Fingal]

I'm so going to use that the next time I have one of these big houses. It's amazing how people who own that kind of property can pinch pennies when it comes to protecting them, even after you explain the difference.

Yeah Pep Boys tires are cheap and pretty descent for the money, but would you install them on a Ferrari? You could, just hope to God they don't blow when you need them to perform...

 

[flsupraguy]

I'm pretty sure that if the RC on the homoe is 8 mill then it is not insured directly through Allstate. Probably Chubb or another carrier they broker.