Allstate Vehicle and Property Company had homeowner rates, rules, and forms approved effective April 16, 2012 that are being used to write ALL new homeowners business in Tennessee.
The base policy provides a percentage of replacement cost for roof surfaces damage caused by windstorm or hail. The Roof Surfaces Extended Coverage endorsement can be purchased to extend coverage to replacement cost. Factors which differ by premium component, age of roof, and predominant roof surface material type are applied to a policy’s variable premium when this endorsement is not purchased. A factor of 1.00 will be applied when this endorsement is purchased. Considering the variables involved, Allstate’s computer may be necessary to calculate the charge for the Roof Surfaces Extended Coverage endorsement.
The base policy coverage contains a roof surface payment schedule that calculates a percentage that will apply to all roof surface components and installation including the applicable overhead, profit, labor, taxes and fees associated with replacement of the roof surface(s). A composition roof five years old would be paid at 85% with a ten years old composition roof paid at 70%. To see the roof surface payment schedule click here
Roof surface as defined in the policy means the roof surface material type (slate, composition, wood, tile, metal, all other roof surface material types) of a building structure or other structure covered under Dwelling Protection–Coverage A or Other Structures Protection–Coverage B and all other roofing components, including, but not limited to:
1. Flashing, caps, vents, drip edges, and ice shields;
2. Sheeting, felt and membranes;
3. Modified bitumen, bitumen, rubber, built-up and sprayed polyurethane foam roofing;
4. Foam inserts & elastomeric coating; Finials, eave and gable trim and snow guards;
5. Battens, counter battens, bird stops, gravel stops; and
6. Coatings, adhesives, adherents and other finishing materials for roof surface materials and all other roofing components.
This filing differs from the recent Farm Bureau filing in that it depreciates more than just materials.