r/Insurance • u/ultrashinemo • 16h ago

Home Insurance State Farm to Allstate

After moving my auto last year to progressive, I'm now considering Allstate for the after a 60% premium increase from State Farm due to me dropping their way overpriced auto.

Any advantage of talking to a slick salesperson over just doing an online quote? Last one I talked to fed me full of crap, then when I asked him to call back after Labor Day before my State Farm policy expired he never called.

Also a replacement value question. If the home has a replacement value according to Allstate's policy of say 320k, if you have a total loss and don't want to rebuild, do they pay the 320k or some other amount? I'm in a situation where if I had a total loss I would downsize, so not sure I want to pay the extra premium for percentage over replacement value that may be required to rebuild.

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u/barbe_du_cou 16h ago

Getting an online quote means understanding the limitations of the quoting system based on the information you are asked to provide.  It might go up once they underwrite your application.  An agent or broker might be able to get you a more accurate quote.

Also a replacement value question. If the home has a replacement value according to Allstate's policy of say 320k, if you have a total loss and don't want to rebuild, do they pay the 320k or some other amount?

Depends on your state and what happened.  The term for this is "valued policy" so you can search your state to see if they have a valued policy rule and under what circumstances it applies

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u/ultrashinemo 16h ago

Thanks for the info. I'm reading that the actual cash value (ACV) for homeowners insurance claims in Missouri is determined by the difference in fair market value of the property immediately before and after the loss, not by simply looking at replacement cost minus depreciation.