Homeowner Insurance Quotes Oklahoma
Allstate using driving records to set homeowners' rates in Oklahoma
House & Home, introduced in the Sooner State last October, effectively could make homeowners pay more of the cost of their roof repairs. Allstate said last week it plans to roll out the new product to additional states through 2014. Speaking to investors last week, Allstate Chief Executive Tom Wilson said House & Home could help the company reach its target of a 13 percent return on equity by 2014. Allstate's ROE was 4 percent at year end.
An Allstate spokesman confirmed Tuesday that House & Home marks the first time that the company has used a potential policyholder's driving records and auto-claims history when giving quotes on home coverage.
"There is a strong correlation between auto-loss history and the likelihood of covered homeowners losses," he said. "Allstate's new homeowners product recognizes this correlation and rewards customers with good auto-loss histories with lower homeowner rates."
Most of Allstate's homeowner customers also have their autos insured with the company, so they might see better overall rate for the household, the spokesman said.
Allstate's biggest rival, Bloomington-based State Farm, doesn't use driving records or auto claims records to determine homeowner's pricing or eligibility, a State Farm spokeswoman said.
When it introduced House & Home last October, Allstate anticipated that homeowners might ask their Allstate agent why they're so interested in their driving histories.
So Allstate prepared talking points for the agents: "Research shows there is a strong correlation between auto and homeowners' losses and that a person's driving history can be a predictor of an individual's loss potential with their home," according to Allstate documents obtained last week by the Tribune. "The better your driving record, the better price may be compared to someone with a poor driving record and multiple auto claims."
Many businesses, including insurers, use all types of information, including credit scores, to influence everything from whether someone should be hired to how much they should pay for insurance.
Homeowner Insurance Quotes Oklahoma - News
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