Allstate earlier this year discussed its new approach to homeowners insurance in Oklahoma designed to limit the insurer's costs for replacing older roofs, and after the recent rash of tornadoes in the state, that new approach is about to get its first real test among consumers, according to articles in Crain's Chicago Business.
In February, Crain's reported that Allstate CEO Thomas Wilson said in a conference call that the new homeowners product, called House & Home, would be rolled out in Oklahoma first and then nationwide. Under the new approach, Allstate would no longer cover the full cost of replacing a damaged roof that is over 10 years old, the article says.
It quotes Wilson as saying on the call, "People just don't get their roofs fixed and then a hailstorm comes and we replace a $20,000 roof when we're getting a thousand bucks from the customer and it's obviously not a good trade."
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