» Allstate= Actual Cash Value????

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  Post subject: Allstate= Actual Cash Value????
PostPosted: Sun Sep 18, 2011 5:39 pm 
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I just heard from a reliable source that Allstate is going to change all of its policies to Actual Cash Value for roofing and exterior damage.

Have any of you heard anything about this yet???


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  Post subject: Re: Allstate= Actual Cash Value????
PostPosted: Sun Sep 18, 2011 6:07 pm 
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I have not heard anything about that.,.,.,yet. I do know that some deductibles are going to double in Texas though.,Yee Haw!!!!

I don't see them pulling RCV.If they did alot of policies would be lost to insurers who offer the RCV.

Sorta ironic if they did pull the REC DEP.,Their name started out as a tire brand and now they will be "Rollin" right over the customer even more.

I monitor multiple insurance industry sites and this is the first I have heard of it.

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  Post subject: Re: Allstate= Actual Cash Value????
PostPosted: Sun Sep 18, 2011 7:41 pm 
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It's has been my experience with Allstate that what they call Replacement Cost Value only amounts to Actual Cash Value at best. Allstate is one of the top two crappiest insurance companies to have your home insured by. Their good hands are usually wrapped around their policy holders throats.

They should really get out of the insurance business and sell something like cheap Chinese junk. Then they can compete with the Wal-Mart's of the world.

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  Post subject: Re: Allstate= Actual Cash Value????
PostPosted: Sun Sep 18, 2011 9:14 pm 
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I suspect you're going to see at least some of the insurance companies attempt to slip wording into their policies that limits their liabilities on roofs. Whether that would be ACV, exclusion for certain types of damages, etc., I bet it will happen. Look for it with companies like Allstate, Liberty Mutual and AmFam. And they'll get by with it until some law firm starts a class action law suit to smack them down and put them in place. In the meantime, they'll bank 100's of millions screwing their customers.


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  Post subject: Re: Allstate= Actual Cash Value????
PostPosted: Tue Sep 20, 2011 8:26 pm 
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ALLTEX Roofing wrote:
I just heard from a reliable source that Allstate is going to change all of its policies to Actual Cash Value for roofing and exterior damage.

Have any of you heard anything about this yet???


Don't believe that could ever happen, unless SF bought Allstate without telling anyone and is now offering a discount on RCV policies to any previous Allstate insureds. :|

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  Post subject: Re: Allstate= Actual Cash Value????
PostPosted: Tue Sep 20, 2011 8:28 pm 
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dstew66 wrote:
It's has been my experience with Allstate that what they call Replacement Cost Value only amounts to Actual Cash Value at best. Allstate is one of the top two crappiest insurance companies to have your home insured by. Their good hands are usually wrapped around their policy holders throats.

They should really get out of the insurance business and sell something like cheap Chinese junk. Then they can compete with the Wal-Mart's of the world.


I'd usually get a good laugh out of Allstate insured's when I'd cup my hands then open them ("ooop's). They knew exactly what I meant.

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  Post subject: Re: Allstate= Actual Cash Value????
PostPosted: Tue Sep 20, 2011 8:30 pm 
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Authentic_Dad wrote:
I suspect you're going to see at least some of the insurance companies attempt to slip wording into their policies that limits their liabilities on roofs. Whether that would be ACV, exclusion for certain types of damages, etc., I bet it will happen. Look for it with companies like Allstate, Liberty Mutual and AmFam. And they'll get by with it until some law firm starts a class action law suit to smack them down and put them in place. In the meantime, they'll bank 100's of millions screwing their customers.


Like, "oh, we don't pay for flashings, vents and other roofing parts..."

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  Post subject: Re: Allstate= Actual Cash Value????
PostPosted: Wed Sep 21, 2011 1:24 am 
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Tuesday, September 13, 2011 1:25 PM ET
Allstate planning 'dramatic' rate hikes within homeowners segment

Allstate Corp. will combat mounting catastrophe losses with significant price hikes in its homeowners insurance segment, Chairman, President and CEO Thomas Wilson II said at a conference hosted by Barclays on Sept. 13.

Hurricanes, earthquakes, tornadoes and other natural disasters have cut into the company's profitability over the last three years and left its homeowners division with combined ratios exceeding 100%. Rather than hoping for calmer years going forward, Wilson said Allstate is adapting its business based on expectations that catastrophe losses will remain at these elevated levels.

"We're assuming that expenses and losses will stay where they're at," Wilson said. "The first thing you've got to do is raise prices."

Allstate increased its homeowners rates by 8.4% in 2009 and 7.0% in 2010. It raised them another 3.4% during the first half of this year. However, the company plans on a few more years of "pretty dramatic price increases" before it is comfortable with the segment's disaster risk. At the same time, Wilson said the division has steadily reduced its exposure by cutting a significant number of policies in force.

Allstate will also reduce claims costs by redesigning its roof coverage products to age-rate the roofs it covers. The new approach will lower payouts for damage to older roofs.
The fixed annuities segment has also dragged on Allstate's performance, Wilson said. The single-digit returns have been "subpar" while the broader economy struggles, but the company has no plans to radically alter the portfolio until interest rates start to improve.

"We're intentionally keeping returns low because we don't want to invest long term," he said. "When rates go up, we'll be able to reposition that business with different investments."

Wilson also provided a brief update on Allstate's pending acquisition of Esurance, saying it is rethinking the company's marketing strategy. No major steps can be taken until the deal is closed, but Wilson said the insurer is considering bringing in a new advertising agency to lead the promotional push.


Here is the link for anyone that wants proof. http://www.snl.com/InteractiveX/article ... 841&KPLT=4


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  Post subject: Re: Allstate= Actual Cash Value????
PostPosted: Wed Sep 21, 2011 2:47 am 
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This ought to be a big help for the storm chasers trying to get folks a new roof for free and paying the deductibles for them. :badgrin:

"Allstate will also reduce claims costs by redesigning its roof coverage products to age-rate the roofs it covers. The new approach will lower payouts for damage to older roofs."

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  Post subject: Re: Allstate= Actual Cash Value????
PostPosted: Sat Sep 24, 2011 2:42 pm 
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What a joke your assuming Allstate actually pays its insured when theres a loss!My experience is you have to fight them on every claim,sq footage shorted,pricing low, wrong material listed could go on all day!

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  Post subject: Re: Allstate= Actual Cash Value????
PostPosted: Mon Sep 26, 2011 4:16 am 
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Robert F wrote:
What a joke your assuming Allstate actually pays its insured when theres a loss!My experience is you have to fight them on every claim,sq footage shorted,pricing low, wrong material listed could go on all day!


Robert,
Thats exactly why i quit adjusting for Allstate. There was a time when I could not force myself to get out of bed in the morning knowing I was going to have to go out and screw more people over. Their rules forced me to consistantly underpay policy holders. Allstate has gotten a little better over the past few years but, I don't have a clue how Farmers adjusters live with themselves.

Staff adjusters don't make that much money Roofers should get together and hire a bunch of these staff adjusters and show them how to really right an estimate.

I started Alltex to help customers from getting screwed over by their insurance company. On average we are increasing setlement amounts by 40%. How can any adjuster honestly miss 40% of the damage. Now think about how that will effect an ACV settlement.


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