Georgia has the 5th highest rates in the country.
The insurance industry is in a bad way at the moment. For most of your life and mine, they raised rates when they didn’t make as much money as they wanted to make or predicted. Now they are actually losing money. It is a different animal at the moment.
you're right, I have read they are even using drones to fly over homes and canceling high risk customers, as well as asking them to install a device on your car or using phone apps to monitor your driving habits. As you would probably already know, they would offer a discount if you would use them. They said they couldn't use it against you. I thought it was BS to start with, a double-edged.....told wifey no.
Some of those apps can’t and won’t be used against you. But I have seen a few companies that tell you it will. They have to let you know if it is going to be used against you. I understand you hesitance to dive into that. I am just curious what things will look like when it cycles back around again. Will there be any giveback. Homes have a good chance to change for the better over the next ten years. 30 year new shingle is 100 mph wind resistant and hail resistant. The more roofs this becomes common on with metal roofs, it should have a nice effect on the shared rate. In theory.
Yep......at some point, it would have to cycle back around. Just guessing here, but there will be some insurance companies going out of business before it does.
I am in the industry but I hate defending it. Because it isn’t a pure industry at all. Just what I do for a living so it is what it is. You just do the best you can for your client right now and hope changes are on the horizon.
It's like any other business, but the bottom line is.... if you are not competitive, you won't be operating long. For now, I will just blame Uncle Joe, it makes me feel a little better.
My response to you above was not political at all, but since we're in the Chat, I'll say that it's hard to blame Uncle Joe for Florida's insurance problems and leave it at that.
So, a $15,000 roof you would have a $300 deductible (2%)?
No, 2% of insured value. I haven't seen a policy that lists separate insured value. Your policy should show one insured value which is the total coverage. In Florida we now have deductibles for Hurricane, Sinkhole and Roof coverage.
May be wrong, but I believe the "insurable value" is the depreciated value of your roof. They depreciate it over a 25- or 30-year period....or at least mine does. I believe what they are insuring is the depreciated value.
Have not seen that in Florida. We have replacement cost otherwise you don't really have coverage.
Pretty sure all insurance companies use the depreciation method for roofs. Some call it "ACV", or actual cash value. Guessing your "insurable value" means the same thing. Again, Zinger would probably know for sure since he is in the industry.
Think he’s saying if your home is insured for $500,000, deductible is $10,000
maybe, but would hate to think I just spent $10,000 on a brand-new roof...it gets blown off the first year and I would have to pay for the entire amount again. There would be no coverage on it.
So, you’re telling me if you had a $500, 000 home, just paid for a new roof yesterday, paid 10K for it and it was blown off the next day…..your ahat out luck, you have to pay full cost to replace it??
Also a lot of shady roofing folks and homeowners screwed the insurance companies for a long time.
Florida is no fault and their home coverage is just hilariously complicated. House is insured for 500000. 2 percent deductible would be 10000. So if your roof is 15000. There isn’t much left over to cover it. What Celtic is saying I believe. Wind and hail deductibles in ga have gone up for everyone nearly.
Was thinking the same, in that example you/we just gave…..it probably gives them incentive to go beyond 10K on a roof.
I have a couple of good roofers I trust. They are worth their weight in gold. I don’t even ask for lunch. Dinner. Anything. Just told him to keep helping my clients. I have referred one of them 25 roofs over three years. Lord knows how many repairs. It is like anything. Long time roofers in business are generally legit. The ones knocking on your doors. You don’t want them most times.
Yep, the devil is in the details (policy)…..crazy. Probably different from state to state, the higher risk ones that is.
Especially after hurricanes. Also those uninsured people offering a cheap price to cut down trees, etc. We got them all in Florida.
I guess ours is not that bad considering, 2 new ones and a 2015 our daughter drives.
Agree, I remember when Allstate would have gone under without a billion dollar bailout from Sears. That was Hurricane Andrew in 1992. Allstate violated what I learned at UGA Insurance 101 class. You don't insure too many houses in the same area.
We have been pricing every year and we’ve changed twice in the last three years and that has helped. Builders insurance has gone up much more than residential. It is now a substantial part of our budgets and we have security requirements implemented by the insurance companies that can add over $500,000 to the construction budget.
