Hi All,
Our agency is preparing to move into a number of new states that have exposures we haven't had to deal with previously. For example, coastal exposures (requiring hurricane deductibles, or flood policy up to the Dwelling A limit), and wildfire exposures.
In my limited experience, I've found that some of our carrier partners have easy-to-use tools that let us type in an address, and the system automatically tells us what the hurricane deductible needs to be. Other carriers have no such tools, and the system itself will not "kick us out" or prevent us from issuing a policy that doesn't meet their minimum criteria ... what can happen in this 2nd scenario is that underwriting adds coverage and the premium goes up, OR we have to cancel and re-write (yikes).
I'm wondering if other agents here have experience in personal lines where coastal or wildfire exposures affect the rates or underwriting, or the quoting & issuing process in general.
Could you share your experience, challenges, discoveries, tools, etc? Any information would be greatly appreciated. I plan on working closely with marketing reps in these new states before we are writing a lot of business, but I also wanted to post on here to see if anyone had helpful insights.
Thank you in advance! I've found a lot of value on these forums in the year or so that I've been on here. Thank you all!
Our agency is preparing to move into a number of new states that have exposures we haven't had to deal with previously. For example, coastal exposures (requiring hurricane deductibles, or flood policy up to the Dwelling A limit), and wildfire exposures.
In my limited experience, I've found that some of our carrier partners have easy-to-use tools that let us type in an address, and the system automatically tells us what the hurricane deductible needs to be. Other carriers have no such tools, and the system itself will not "kick us out" or prevent us from issuing a policy that doesn't meet their minimum criteria ... what can happen in this 2nd scenario is that underwriting adds coverage and the premium goes up, OR we have to cancel and re-write (yikes).
I'm wondering if other agents here have experience in personal lines where coastal or wildfire exposures affect the rates or underwriting, or the quoting & issuing process in general.
Could you share your experience, challenges, discoveries, tools, etc? Any information would be greatly appreciated. I plan on working closely with marketing reps in these new states before we are writing a lot of business, but I also wanted to post on here to see if anyone had helpful insights.
Thank you in advance! I've found a lot of value on these forums in the year or so that I've been on here. Thank you all!
