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crazy_in_tangles | Ever heard of a ineligible Replacement Cost policy on a home, just due to age? |
I was living in my first home, built in 1922, and of course I had Allstate's homeowners insurance. Now that I've moved to another house, I'm renting my previous home and I get a letter from Allstate saying they're dropping my "Landlord package coverage" on the old house because "the age of my rental property makes it ineligible for the Replacement Cost policy."
Nothing I can do there if they choose not to cover it, but isn't there multiple companies out there who would like my business, even though I now rent out my older home, instead of it being my primary residence?
This is kind of upsetting because now I need to find another company for that property, or maybe I'll switch from Allstate all together!!
Any advice/suggestions/options???
Thanks |
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Wendy S
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This type of thing happens a lot with older homes. Typically the plumbing and electrical are old, and there are often problems because of this. Add to that the fact that you are renting it out, and renters typically don't maintain the property as well as owners and you have a claim waiting to happen.
The first thing I'd do is call your agent to see if there is any way to keep the policy. Perhaps if you've done roof, electrical and plumbing updates they will reconsider. If not they may have another dwelling program available that your house would qualify for, or be able to refer you to someone who would be able to write a policy for you.
Just a heads up for you - if you have not done any updates in your roof, plumbing and electrical you may be required to do that in order to get a policy from ANY company.
Keep in mind that this decision came from corporate underwriting - not from your agent. He or she would love to be able to keep your policy, so if there is a way they will find it.
Good luck! |
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mbrcatz
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Yes. Older houses cost WAY more to replace - plaster walls instead of drywall, crown molding, hardwood floors all over - details you don't get in most houses today.
The fact of the matter is, your rental property is MUCH MUCH more likely to sustain a loss once you move tenants into it. And they don't want to absorb that loss.
Yes, there are multiple companies who would write your poroperty - but they won't do a rental house by itself - you'll also have to move your primary house.
Rental properties are the dregs of the property insurance world. High claims, low premiums (relative to claims), and much more hassle than owner occupied properties.
Shop it out. Although you'll be tempted to shop it out to a direct writer - like Farmers or State Farm, it's going to be a more effecient use of your time to go to an independent agent, who represents multiple companies and can get you 4-5 quotes.
Some things to keep in mind: It's likely that the rental property is underinsured, if you haven't reviewed the valuations recently. So a new company might insist on greater coverage limits. Also, many carriers nowadays won't write ANY house over 75 years old, regardless of who's living there. Lastly, they're ALL going to require that the major systems - roof, plumbing, electrical, and heating, have been fully updated within the last 25 years. Of course, nowadays, ALL carriers are using credit scoring to determine eligibility and rating tiers - so hopefully you've got great credit (over 700) or you're going to be in for an unpleasant surprise.
In other words, Allstate might STILL be the best deal for you, but you'll have to shop around to find out. |
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sophieb
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All I know is that Allstate has always been a premiere company, high cost and picky, to their advantage, and people having their policy have in the past been proud.
However your home could/should be listed under "historical places" and even be fixed up with government funds and preserved. And if your county/community has the program it can be so listed as a "historical place" first then insured as a "historical place". I suspect the cost of the insurance (premiums) would be higher though (there are special companies who insure antiques). You could expound on that by moving the house to a location where people could visit it and put antiques in it and make it a business if you like. Or if it's on commercial property now you can make a business out of it (I don't know if you will earn more income from it as a rental or an antique though). When you upgrade the home make sure that everything is up to the present Codes. Save anything old on it and refurbish that. |
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Rusty Shackelford
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Insurance companies don't like to insure old homes, they present an increased risk of loss. I would drop Allstate, but who you go with depends on what state you live in. Contact your states Department of Insurance and ask for some names of companies that will insure older homes. |
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ernesto_tig
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This treatment is not unusual with older homes; The construction techniques have changes so much in the past 100 years that replacement is not an option, you're looking at historical reconstruction.
Also with older houses, it's not unusual to have code/material issues: if a house sustains more than 20% damage, then the entire house must be brought up to modern code: electrical, framing, fire blocking, asbestos removal; you're asking your insurance company to clean up 100 years worth of building issues.
You could request your Allstate agent to add "Modified Replacement Cost": endorsement . This modifies the loss settlement to repair or replace home with “commonly used and available materials” ie plywood floors instead of hardwood, drywall replaces plaster. This way, your company is not on the hook for historical reconstruction.
While you're at it, make sure you have endorsements for code required upgrades and hazardous material removal. I had a fire at a duplex rental property and they had to remove asbestos siding and build fire blocking between the two units.
For your reading pleasure: http://www.insuranceyak.com/replacement-cost-and-the-older-house/
I'm not a big fan of Allstate, I'd use the opportunity to switch. Good luck |
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john112233
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There are other companies try them. |
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shiprepairwoman
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It happens, sometimes you can't get insurance at any price. My brother had a old house and couldn't find a policy so his mortgage company placed him in one that only covered his mortgage. His house burned and it paid off the mortgage but left the family with nothing but a vacant lot that cost more to remove the rubble than the land was worth. |
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Insuranceman
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Typically, insurance rates will vary from State to State and can even vary by ZIPCODE! It also will depend on the type of car/truck, coverages, limits of liability, and driving record. SOme companies run credit scorees and MOST run a motor vehicel report and CLUE (Comprehensive Loss Underwriting Exchange) report to see about undisclosed accident involvement.
The best thing to do is call a LOCAL independent agent, after you turn 18. Don't go across town, or to some other city - look for someone CLOSE. Just look in the phone book for the PIA or Big I (Trusted Choice) logos and you will find a professional licensed agent that will be able to help you solve your insurance problems, and give you rate comparisons of several different companies. Be sure to ask them if they have someone that specializes in tenant dwellings.
An independent insurance agent will normally have a dozen different companies and if he cannot help you, he should be networked with other local agents that can.
Age WILL have a factor on the coverages available - but, you should be able to get coverage on the dwelling. A lot of times, it depends on upgrades and overall condition.
Most of the replies on this site will either say "go to this on-line carrier or that on-line carrier or that 1-800 number" but I'm sure that when you do, you will find some impersonal computer user with a script to work from and you won't be able to talk with the same person every time you have a problem! Others on this site will just type a bunch of junk, just to hear their keyboard clicking and to see their name in print!
Good luck, and I hope this helps! |
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Mezmarelda
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Allstate did the same thing to my parents as well. You must keep in mind that insurance companies are in the business of taking money in......not paying it out. |
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