Whats The Best Insurance Company?

If you want to know what the best insurancecompany is, ask somebody that has to work with them every single day. Hi everybody thisis Tracy Bookman owner of Homestead Roofing and welcome to today's walk in the parkvideo where we take just a few minutes to answer your questions about roof repairs, roofreplacements, and the insurance claim process. But today we're going to answer a question weget a lot, what is the best insurance company? So homeowners know that we have to encounter anddeal with and interact with insurance companies on a daily basis so we get that question prettyfrequently, what's the best insurance company, which is the best insurance company to work with,which insurance company do you guys like working with the most? Well I promise that I am going toanswer that question in this video, but there are.

A few things that I want to share with you thatwill help you kind of walk through that process of making a decision on your own, because it'snot going to work for me to try to tell you which insurance company I think that you should go with,you've got to do your due diligence and make those decisions on your own, and so I'm going to tryto give you some information that will help you through that process. Now quick disclaimer, Iam not an insurance agent, I do not work for an insurance company, therefore, you may rightlyquestion my qualifications on explaining to you how to choose an insurance company, however, I ama homeowner and I am a contractor that has to deal with insurance companies and I've worked throughhundreds and thousands of insurance claims with homeowners and so, that is where I'm derivingthe limited knowledge that I have to hopefully.

Help you through this process. One of the keysuggestions that I can make for you as you're trying to do this research is, make sure ifyou're shopping different insurance companies, make sure that you're getting apples to applescomparisons between the different companies policies that you're looking at. For example,you want to make sure that you have what's called ordinance and law coverage on your policy, we'vetalked about that in several different videos, but basically what ordinance and law doesfor you is that if you have to have a rebuild of your property or a re-roof on your homeor restoration work of any kind, if there are things that need to occur to to make your homeor your roof meet code as part of that restoration project you want ordinance and law coverage onyour policy so that your insurance company pays.

To make sure that you're code compliant. The otherthing that you're going to want to find out about is about any exclusions. So, if you're lookingat different insurance policies, you want to find out what are the exclusions and is one policyexcluding something that another policy isn't, because that's going to affect the price of thecoverage for you. So, for example, we've talked on other videos about cosmetic exclusions, so ifthere are things that are damaged on your roof that your insurance company says is just simplycosmetic, well, then they're probably not going to cover that as part of a restoration project.Another very important thing to consider, is what type of coverage are you getting and what is yourdeductible amount. We had a potential customer who had the unpleasant surprise of finding out thatwhen he told his insurance agent that he wanted.

Better rates, the insurance agent raised hisdeductible to like five or six thousand dollars, so, when he had a claim for his his roof, whichthe total claim for the roof was like only seven thousand dollars, he came out way on the shortend of that stick. But you also want to know is the policy replacement cost value coverage,or is it actual cash value coverage, and if it's replacement cost value coverage how long isit going to be replacement cost value, because insurance companies, some insurance companiesnow are starting to prorate that coverage, so you start off with full replacement costvalue RCV coverage, but then you start moving to actual cash value, which means that you getless of a benefit if you have a claim. It's almost like an adjustable mortgage where your interestrate goes up and up and up, well, on these kinds.

Of insurance policies your coverage actually goesdown and down and down. Now as a contractor that has to work with these insurance companies on adaily basis, and we have to send them invoices requiring payment from the insurance company tothe homeowner so that the homeowner can pay us and a lot of times there is just a lot of hasslein that process, so what are the criteria that I would have for judging whether or not an insurancecompany is a good one? Well, number one, is are there estimates? So, when you have a claim fora re-roof, and I can only speak about re-roofs, but if you have a claim for a re-roof, theiroriginal estimate that they deliver to you, how close is it to reality all right?How close is it to real-world costs of actually replacing a roof? And then, the second,is if their estimate is not close to real world,.

How willing are they to work with a roofingcontractor or work with a contractor to fully indemnify the homeowner for whatit actually costs to replace the roof? Because the sad truth of it is, so many insurancecompanies just, they want to fight with you and fight with you and fight with you, and Iwould recommend, actually there's a book called “Delay, Deny and Defend” and it is allabout the tactics that insurance companies use to withhold money rightfully owed to the, to thehomeowners, and probably, if you've seen the movie the Incredibles, you've seen that part where thethe main character works at an insurance company and his boss is yelling at him saying, and, andI think, how, how does it go, the home or the, the, the main character says something abouthelping people and the boss says we do help.

People, our shareholders, and I really think thatthat's a very accurate portrayal in my opinion and from my experience on how insurance companieswork. So, that's obviously another criteria is just how big of a fight does an insurancecompany give us or give a homeowner about the actual cost of what it takes to replace the roof,because those adjusters whether it's the ones in the field or especially the ones behind thedesk, have no clue what the real world costs are to do this kind of restoration work. They're,they're operating simply from a template, and the template that they use isn't operatingon in my experience real world costs. Now I get asked, not infrequently, what insurancecompanies to avoid. I'd like to say, I really would like to say that's probably a conversationbetter kept offline. So now when it comes to which.

Insurance companies I like working with, here's,here's been my experience okay, and again, like I said, I am going to tell you which companies Ireally like, which companies I like working with, but here's one thing that I have discoveredover doing this for the last, almost 10 years now, and that is, it fluctuates it goes backand forth it's like a pendulum. One year, an insurance company will be super difficult towork with and just a real pain in the rear, and then another year they're very obliging, they'revery willing to work with a contractor, they're, they're very willing to accommodate a real worldscope of work. And then a year or two later, they, the pendulum swings back and they go offto the dark side. So, really good example of that is Farmers, almost 10 years ago Farmers was areally good company to work with, they were very,.

Very accommodating for what aroofing contractor needed to do, and then the pendulum swung the otherway and they became virtually impossible to work with, but this year, 2020, Farmers hasactually been one of the best ones to work with. Again, same kind of thing, State Farm, StateFarm used to be, I used to really dislike working with State Farm, but this year StateFarm has been really good to work with. Now, let's go ahead and get right down to the heart ofthe question, what's the best insurance company? I can't judge what the best insurance company is,but I can tell you which ones I like working with the most. All right, so here's, here's my list, mytop, well, my top three list, okay? So on my list is Chubb. Chubb is a really really goodinsurance company for a contractor to work with,.

They meet all the criteria that I explainedabout earlier, they're very easy to work with, their, their estimates are good right out ofthe box, and they're willing to accommodate, they're willing to look at a scope of work froma roofing contractor, and if you meet a Chubb adjuster at a property, he's willing to listento you, and you don't have to fight with them on the back ends to get them to agree to whatyou're invoicing. But here's the caveat about Chubb, Chubb only, as far as I know, Chubb onlyensures really expensive properties and they're really selective about which ones, even the reallyexpensive ones, which ones they will ensure. Another one that we've had really goodexperience working with, again, they they check off all the boxes of my criteria,and that is Colorado Farm Bureau. Now,.

If you live in a different state andyou happen to be watching this video, the farm bureau for your state may be a littlebit different, but Colorado Farm Bureau has been really pleasant to work with. And another one thatI really like is Shelter. We have found working with Shelter here, it's actually been a decentexperience. Now, if you've got any questions about this particular topic or if you want to actuallyjust talk about roofing instead of what's the best insurance company, what's the worst insurancecompany, feel free to give us a call right up here at our phone number 719-433-6991. You canalso visit our website that's right down here: homesteadroofingcolorado.com we've got a tonof information out there and lots of other educational videos for you. If you want to arguewith me about my list, if you want to argue about.

My list of criteria of how to choose an insurancecompany, I'd love to hear from you, okay? Please leave a comment in the comment section down below.If I get comments on this video, I definitely will reply. If you're an insurance agent or workfor an insurance company and you've got a bone to pick with me about this video, pleaselet me know, again, I'd love to hear from you. If you like this video and it's been helpfulfor you, we'd love it if you give us the big thumbs up, we'd also like it if you wouldsubscribe to the channel, click the bell icon up there so that way you get notifiedwhen we've got new videos and until our next, probably less contentious walk in the park video,I'm Tracy Bookman owner of Homestead Roofing.
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