Pekin Insurance

[ImJustKCClone]

Like most companies, they lost their asses in 2020, and losses have continued. The derecho of 2020 was the largest storm in terms of losses in Iowa history. A lot of people don't realize the hail storm of April 2020 was the second largest.

IMT, based in West Des Moines, has paused new business in Iowa. Nationwide has not officially pulled out, but they have tightened underwriting requirements to the point it's almost impossible to write new business.

We've had a LOT of hail damage to roofs recently as well. After that late spring hail that completely coated our deck with golf ball plus hailstones, there were roofing companies all over the town; I'd estimate about half of the town has new roofs now.

 

[CascadeClone]

I wonder if at some point the discount for steel roofing will be substantial? Or maybe even a requirement to get storm insurance?

 

[1UNI2ISU]

I wonder if at some point the discount for steel roofing will be substantial? Or maybe even a requirement to get storm insurance?

I also think, and it's starting to happen, that roofs older than 5 years are going to go on a faster depreciation schedule. Frankly, it's insanity that companies are paying full replacement cost for a 15 year old roof.

And I'm 100% with you on steel roofs. Do it.

 

[Drew0311]

What type of claims? I think of Florida and hurricanes, but we are talking Iowa. When I moved from Iowa I was surprised how low insurance costs in Iowa especially auto.

Everyone is pulling out of Florida or just quoting so high nobody will go with them. Insurance is a disaster in Cali and Florida right now.

 

[Marcelason78]

..llAnd I'm 100% with you on steel roofs. Do it.

What is more cost effective- paying for the cost of steel or the increase in insurance premiums?
And how long do you have to stay in the house if you go with steel?

 

[KnappShack]

Everyone is pulling out of Florida or just quoting so high nobody will go with them. Insurance is a disaster in Cali and Florida right now.

Texas is seeing increased deductibles too.

This is a big issue and we're just at the beginning. Even fire areas are changing. A home near my old place burned and I wouldn't consider it a classic high risk area.

The risks areas are changing and getting worse.

 

[ruxCYtable]

I wonder if at some point the discount for steel roofing will be substantial? Or maybe even a requirement to get storm insurance?

The problem with steel roofs is that they dent and people want cosmetic damage covered. They end up getting them replaced due to cosmetic damage just as often as shingles, even though they're still functional. That said, I will definitely be getting a steel roof next time.

 

[CascadeClone]

I also think, and it's starting to happen, that roofs older than 5 years are going to go on a faster depreciation schedule. Frankly, it's insanity that companies are paying full replacement cost for a 15 year old roof.

And I'm 100% with you on steel roofs. Do it.

Way ahead of you! Got one post derecho, put it right on over the existing shingles.

 

[CascadeClone]

What is more cost effective- paying for the cost of steel or the increase in insurance premiums?
And how long do you have to stay in the house if you go with steel?

The steel roof we put on was within 10% cost of shingles. Partly because it went on right over the old shingles, and partly because had an Amish guy do it. At least for us, it was a no brainer.

 

[simply1]

Tough few years for many carriers in many states, and likely not easing up.

 

[CyCrazy]

We've had a LOT of hail damage to roofs recently as well. After that late spring hail that completely coated our deck with golf ball plus hailstones, there were roofing companies all over the town; I'd estimate about half of the town has new roofs now.

Probably about right, roofers and siders have been all over Ames for months.

 

[1UNI2ISU]

What is more cost effective- paying for the cost of steel or the increase in insurance premiums?
And how long do you have to stay in the house if you go with steel?

A steel roof is about 20% more up front but lasts 50 years.

@runCYtable is right about cosmetic damage but it's still the way that I recommend my insureds go if they have the option to do it.

 

[Agclone91]

Still arguing with State Farm about damages from the March 31st storm in Ames. Well, I guess it may be not be considered arguing anymore since the corporate people have stopped returning my phone calls for over almost 2 months now.

Glad to hear this problem is going to persist for the foreseeable future

 

[Althetuna]

Our insurance company was going to cancel our policy because of "streaking" on our roof indicating potential damage. Needed to call out an inspector. Inspector said its typical disoloration. Roof was still functional.

...but the roof did show hail damage so now we have claim filed.

Adjuster coming this week to look. I'm anticipating a complete ********.

 

[ImJustKCClone]

Probably about right, roofers and siders have been all over Ames for months.

We're just east of you. Roofers were everywhere this summer.

 

[KnappShack]

Probably about right, roofers and siders have been all over Ames for months.

I can't tell you how many calls, texts, and dudes showing up to the front door

Roofers are flipping everywhere and we haven't had a bad storm in some time.

 

[CyCrazy]

We're just east of you. Roofers were everywhere this summer.

Less annoying then every other road being shut down since spring.

 

[nfrine]

We're just east of you. Roofers were everywhere this summer.

Grinnell had a big hail storm earlier this year. Almost as many roofer signs as mailboxes.

 

[CyCrazy]

We're just east of you. Roofers were everywhere this summer.

I thought you lived south of town, no real reason for that tho.

 

[ImJustKCClone]

I thought you lived south of town, no real reason for that tho.

We actually don't live IN a town. We're in rural Story county, south of the town east of you.

And we DID live south of Ames. 20 years ago we were in Huxley (for 20 years).