[kkingston57]

Originally Posted by Blueblaze

Maybe you just can't read, so here is the solution, spelled out, yet again:

D-E-P-R-E-C-I-A-T-I-O-N.

So far, you've accused me of being a communist, being too poor to live here, and being a five-year-old. Interestingly, the censors haven't said word one about your personal attacks.

The one thing you HAVEN'T done is poke a single hole in my argument.

Seriously, when someone defends such obvious corruption so vigorously, you have to wonder at the source. And the fact that you get to break the rules with abandon makes me wonder if there's a sponsorship aspect here.

Should we call you "Roofer Jim"? Or maybe Kin Jim?

I was in the insurance adjusting biz in Florida for over 40 years. Worked for a company and as an indendent adjuster. There are a few insurance companies in Florida who have what I would describe as "shady" adjusting rules. These companies have a much higher % of litigated claims and when the insurance company loses a case they pay out 3-4X more than if they paid the claim.

In Florida there is very little corruption by insurance companies. They are highly regulated and if a good plaintiff attorney gets wind of "corruption" they can and will file suit against the insurance company and their probablitity of winning is high. For this reason and other reasons there is a high failure rate of insurance companies in Florida. Bet anyone can find more corrupt lawyers, public adjusters, roofers, general contractors than insurance companies. They have a lot more incentive to be corrupt than insurance companies.

Regarding depreciaition, Florida has had Replacement Cost Policies(RCV) for long before I was in the biz. They are the most popular policy out there and they are not going to go away. Policies that pay ACV(Depreciaton) can be bought but they are not very popular. Most people if they have a legitimate insurance claim would not be able to pay the full cost of repairs to their home. Depreciation might be a good idea on these ?able roof claims but hardly anyone wants to buy this type of policy.

[Blueblaze]

Originally Posted by kkingston57

I was in the insurance adjusting biz in Florida for over 40 years. Worked for a company and as an indendent adjuster. There are a few insurance companies in Florida who have what I would describe as "shady" adjusting rules. These companies have a much higher % of litigated claims and when the insurance company loses a case they pay out 3-4X more than if they paid the claim.

In Florida there is very little corruption by insurance companies. They are highly regulated and if a good plaintiff attorney gets wind of "corruption" they can and will file suit against the insurance company and their probablitity of winning is high. For this reason and other reasons there is a high failure rate of insurance companies in Florida. Bet anyone can find more corrupt lawyers, public adjusters, roofers, general contractors than insurance companies. They have a lot more incentive to be corrupt than insurance companies.

Regarding depreciaition, Florida has had Replacement Cost Policies(RCV) for long before I was in the biz. They are the most popular policy out there and they are not going to go away. Policies that pay ACV(Depreciaton) can be bought but they are not very popular. Most people if they have a legitimate insurance claim would not be able to pay the full cost of repairs to their home. Depreciation might be a good idea on these ?able roof claims but hardly anyone wants to buy this type of policy.

Name one company that offers a policy on the depreciated value of a roof. I couldn't find a single one.

If you can afford to replace your roof every ten years for a full-replacement policy, then you can damn sure afford to replace it when it needs it, and pay half the cost to insure it. DO THE MATH. Whats the point of paying $15,000 to buy a roof you don't need, just so you can pay $2000/year to insure it? In 7.5 years, that's a new roof!

The state just made it illegal for the insurance cartel to force you to buy a new roof you don't need. There will be two possible results.

1) The Insurance cartel can hike EVERYONE'S rate so they can buy everyone a new roof every time some fraudster tells them to. Which is exactly what they intend to do.

2) OR -- they could offer you a depreciated value policy on your roof.

Why not let the consumer decide what they want to buy? Yes, if the house burns down, I want full-replacement cost for everything. But that doesn't mean I expect a new roof every time a storm loosens a few shingles. They can depreciate the roof for weather damage and still sell you catastrophic coverage on the house.

You don't buy insurance against the cost of groceries. And it's just as stupid to buy expensive insurance to cover the cost of maintaining your home. In the long run, you wind up paying the same cost PLUS the insurance company's profit.

DO THE MATH!

[NoMoSno]

Originally Posted by Blueblaze

Name one company that offers a policy on the depreciated value of a roof. I couldn't find a single one.

If you can afford to replace your roof every ten years for a full-replacement policy, then you can damn sure afford to replace it when it needs it, and pay half the cost to insure it. DO THE MATH. Whats the point of paying $15,000 to buy a roof you don't need, just so you can pay $2000/year to insure it? In 7.5 years, that's a new roof!

The state just made it illegal for the insurance cartel to force you to buy a new roof you don't need. There will be two possible results.

1) The Insurance cartel can hike EVERYONE'S rate so they can buy everyone a new roof every time some fraudster tells them to. Which is exactly what they intend to do.

2) OR -- they could offer you a depreciated value policy on your roof.

Why not let the consumer decide what they want to buy? Yes, if the house burns down, I want full-replacement cost for everything. But that doesn't mean I expect a new roof every time a storm loosens a few shingles. They can depreciate the roof for weather damage and still sell you catastrophic coverage on the house.

You don't buy insurance against the cost of groceries. And it's just as stupid to buy expensive insurance to cover the cost of maintaining your home. In the long run, you wind up paying the same cost PLUS the insurance company's profit.

DO THE MATH!

Kin offers a depreciated roof value policy:
Roof Surfacing Payment Schedule | Kin Insurance

[Blueblaze]

Originally Posted by NoMoSno

Kin offers a depreciated roof value policy:
Roof Surfacing Payment Schedule | Kin Insurance

They refused me. In fact, when I told them I was looking because American "Integrity" had raised my rate 25% and then added a rider that EXCLUDED my 15-year-old, perfectly serviceable roof (with 5 years remaining on the 20-year guarantee), Kin wouldn't even talk to me.

I guess if they sold me a policy, they'd get kicked out the cartel for poaching marks.

[milling73]

Homeowner for 3 years here. Through Allstate (Cabrillo)
Year 1 - $908
Year 2 - $1550
Year 3 (just received) - $2568

NO. Dont go through Allstate.

[jebartle]

Originally Posted by RVJim

I love rants like this. Name calling “moron” “dumb” lots of capital letters (shouting). Keep ranting .. they have a product (insurance) that you want or need. They do business where they can make money. Insurance isn’t a charity so stop wailing about “the majors” not wanting to write insurance where they expect to lose money. Socialism is not part of the insurance business model. If you can’t afford to live in TV, just say that and move.

Or another option, stop Insuring your home, when was the last time MOST of us filed a claim, what a racket! Also, if you do a wind mitigation you will find insurer more receptive to reducing rate.

[GatorFan]

Originally Posted by milling73

Homeowner for 3 years here. Through Allstate (Cabrillo)
Year 1 - $908
Year 2 - $1550
Year 3 (just received) - $2568

NO. Dont go through Allstate.

Cabrillo (Safe Harbor) is an independent company that Allstate agents represent. They also have other independent property companies they represent.
No connection with Allstate.