Anyone know what my insurance guy is saying

[charliebrown]

"No worries, thank you! We do not do a flat deductible of $1000 so the 1/2&% is the lowest we could get that"

I'm trying to switch homeowners to bundle with auto. I sent him my current declarations page. And this is what he said

 

[patrickbateman]

Insurance salespeople are failed human beings. Dude can't even write.

 

[BobbyFK]

I would call and ask him for clarification on what he meant

 

[charliebrown]

Ok. Figured it out. Deductable is .05 percent of insured value

 

[djefferis]

Yes - so say house insured for 300k / your deductible is $1500.

It’s very common these days - especially on wind/hail.

Most insurance now has “special” deductibles for these as a windstorm/hailstorm is likely going to effect a large number of homes in your neighborhood - not just yours. So higher deductible - less claims/exposure.

I’d also specifically ask about replacement cost on a roof (especially if it’s older than 8-10 years old) and hail coverage if your in a part of the country where that’s a concern. Used to do ALOT of roofs and many insurance companies are getting away with murder not covering stuff.

Say your roof is 10 years old and a windstorm comes through - damaging it bad enough to need a new one. A 2k square foot ranch house probably cost around 12k for a new roof properly done - if it’s an actual cash value your going to be looking at a check from your insurance of 4500 MAX - they will say the roof is depreciated by 50% - and then take the deductible off your half (12k less 6k depreciation less 1500 deductible).

I’ve never worked for a carrier who did this crap - and refused to because it’s a joke - but many are now pushing it to save cash. Worse - many agents simply don’t know any better to explain it.

Unless you paid for the last roof on your house - you likely have no idea WHEN it was installed (it just comes with the house when you buy it). Again - if you bought a house 10 years ago - it’s easy to say it’s more than 10 years old…but what if you bought it 3 or 4 years ago and the realtor said it was a “newer” roof ? You have no proof typically and insurance will damn near always say it’s older than 10 years.

If you have replacement cost for roofing - doesn’t matter (this is different than RCV on contents - but works the same way). As long as roof is replaced - you are paid 100% of cost of new (less your deductible).

There’s some other little tricks they like to pull - but this is a biggie. I’d always suggest making sure they pay 100 replacement cost on roofs - cover “cosmetic” hail and that they have at least 25k in water backup coverage in case a sump pump fails or drains backup.

 

[patrickbateman]

Lots of failed athletes sell insurance. Total shit job. I hate insurance companies. Healthcare insurance companies are legalized organized crime syndicates.

 

[Tanko]

Ok. Figured it out. Deductable is .05 percent of insured value

0.5% is good. Most are at 1% and a few are at 2%.

 

[djefferis]

0.5% is good. Most are at 1% and a few are at 2%.

It is - depends on where you live.

Think 2%’s bad - I’ve seen alot of 5-10% earthquake deductibles in Bay Area for example - and your talking homes insured for a few million. Do the math on what a claim would cost that person - 100-200k DEDUCTIBLE !

 

[charliebrown]

Yes - so say house insured for 300k / your deductible is $1500.

It’s very common these days - especially on wind/hail.

Most insurance now has “special” deductibles for these as a windstorm/hailstorm is likely going to effect a large number of homes in your neighborhood - not just yours. So higher deductible - less claims/exposure.

I’d also specifically ask about replacement cost on a roof (especially if it’s older than 8-10 years old) and hail coverage if your in a part of the country where that’s a concern. Used to do ALOT of roofs and many insurance companies are getting away with murder not covering stuff.

Say your roof is 10 years old and a windstorm comes through - damaging it bad enough to need a new one. A 2k square foot ranch house probably cost around 12k for a new roof properly done - if it’s an actual cash value your going to be looking at a check from your insurance of 4500 MAX - they will say the roof is depreciated by 50% - and then take the deductible off your half (12k less 6k depreciation less 1500 deductible).

I’ve never worked for a carrier who did this crap - and refused to because it’s a joke - but many are now pushing it to save cash. Worse - many agents simply don’t know any better to explain it.

Unless you paid for the last roof on your house - you likely have no idea WHEN it was installed (it just comes with the house when you buy it). Again - if you bought a house 10 years ago - it’s easy to say it’s more than 10 years old…but what if you bought it 3 or 4 years ago and the realtor said it was a “newer” roof ? You have no proof typically and insurance will damn near always say it’s older than 10 years.

If you have replacement cost for roofing - doesn’t matter (this is different than RCV on contents - but works the same way). As long as roof is replaced - you are paid 100% of cost of new (less your deductible).

There’s some other little tricks they like to pull - but this is a biggie. I’d always suggest making sure they pay 100 replacement cost on roofs - cover “cosmetic” hail and that they have at least 25k in water backup coverage in case a sump pump fails or drains backup.

Just replaced my roof dj

 

[jjgold]

Charlie, why did you replace your roof?

 

[charliebrown]

Got scammed by roof companies on hail

 

[djefferis]

Got scammed by roof companies on hail

Common scam.

Got tired of dealing with the jokers going door to door telling people they happened to be driving by (or on neighbors roof) -and noticed hail damage.

If you could see “hail damage” from the ground or using a drone - it would be so much simpler - but you can’t.

Best ones were the guys who who do the free “inspection” and take a screwdriver/putty knife or hammer and really tear shit up. Learned their names and vehicles quickly (and they knew mine). It would be hilarious - I’d get a call from a subdivision they started working and go out - they would be 8-10 houses down the street by the time I got there and would immediately peel out - only to pop up at the next subdivision down the road minutes later.

Solar panels were another great “upsell” they used. Told people they could basically get a tax rebate that covered the cost of the panels and cut their electricity bill by 90%. The number of places I’ve looked at house shopping with solar panels is laughable now - almost all owned by someone 65+ previously who took advantage of this “great deal”.

Amazes me how you see houses that have stood for 100+ years and still have original roofs - but people believe their McMansion built in the 2000s needs a new damn roof every 5 years. The profit margin on throwing a roof on a place using migrant labor is amazing.

 

[str]

40 year shingles are available from quality companies. Don’t take some knockoff that whoever is trying to push.
The prices offered are usually high . The hail thing is usually a scam to get the insurance company to pay for it. Insurance companies do not have to agree and can deny payment so check it out.
Ask for an install only price. Say a hard no to the door to door people and if your roof is close to 20 years old, ask several experts but be real careful. Everyone wants to sell you a roof.
I have been in the building business for 20 years and this roof crap is for the most part a scam.
Like I said, you supply the shingles and just pay for the labor. A shingle company does not just sell to installers. Do your homework and you should be fine. Material and labor. Two different things.
Hope that helps.

 

[djefferis]

Pretty much - there are plenty of reputable roofers out there - but the tricky part is the storm chasers will show up at the door and say “partner” with us to them.

Partnership is storm chaser gives local company a brown bag of cash and reputable roofer allows storm chaser to use their name for 6 months. Homeowner gets solicited and looks up storm chaser company - finds tons of good reviews so feels they are legit and hires them.

8 months later - shingles scattered across homeowner lawn in first mild breeze of spring and they are mad - calling the roofer who promised a “lifetime warranty” - roofer says sorry - not me call stormchaser co - and of course they are long gone.

Like I’ve said - seen so many different scams it’s amazing how some of these guys continue to operate. The $$ spent on bribes is insane - storm chasers will pay off anyone - local co’s, insurance adjusters and ladder inspect companies (people who go up on roofs and inspect on behalf of some insurance companies). Once had a guy openly bragging to me about which people he “owned” and how much he made off each of them.

 

[Tanko]

Our roof is getting older. Not ready for replacement but we're seriously looking at a metal roof.
Anyone have one or considered them?

 

[str]

Check the metal pricing. They can be high. These days, a 40 year roof will last you as long as you live there. A lot of people are unaware they now make them. It is a selling point if you have one and decide to sell. Expense wise, they are cheap as compared to the life.

 

[Tanko]

Check the metal pricing. They can be high. These days, a 40 year roof will last you as long as you live there. A lot of people are unaware they now make them. It is a selling point if you have one and decide to sell. Expense wise, they are cheap as compared to the life.

So they make a 40 year SHINGLE roof? Wow. Probably be cheaper than going metal.

 

[JDS]

Check the metal pricing. They can be high. These days, a 40 year roof will last you as long as you live there. A lot of people are unaware they now make them. It is a selling point if you have one and decide to sell. Expense wise, they are cheap as compared to the life.

Are you referring to those aluminum roofs ? If you are, I kinda like how they look and definitely they seem durable.

 

[str]

Are you referring to those aluminum roofs ? If you are, I kinda like how they look and definitely they seem durable.

Yes. And not knocking them at all. They can look real nice. Those medal prices fluctuate especially a couple years ago. Have not used one in a while so check the prices. They do try and blame anything on a price increases. Lol. Probably tariffs next . Haha.

 

[str]

So they make a 40 year SHINGLE roof? Wow. Probably be cheaper than going metal.

Should be cheaper than medal. rarely though, about the same price. That 40 year shingle is very well worth it for the little added cost. Don't let them gouge you though. They are nort that much more expensive.

Start with Home Depot or Lowes to get a price., then shop it with an installer.
Any other questions once you commit, just ask me.
Happy to help out.
GL.