Sorry, not sure if I believe that, every single one of my carriers have one, on therir site, and a few require you to complete it before you can submit the policy at all.
I don't fill out cost estimators when I am just doing quotes. If it is a normal home, (1500 to 2500 sqft) I estimate $100/sqft, add about $15k for 2 car attached garage, about $20k if there is a pool, take into account any porches, patios, etc and then add about $10k for debris removal. My estimates are usually a little higher than what the RCE comes in at.
Wow!!! For me, I'd be taxing my E&O at $100 a square foot. More like starting at $140, with an average house quality around $160-$175. I guess CA strikes again!
Why do you add for a pool? Isn't that a separate structure? It doesn't affect dwelling value, though it could affect rates.
Wow!!! For me, I'd be taxing my E&O at $100 a square foot. More like starting at $140, with an average house quality around $160-$175. I guess CA strikes again!
Why do you add for a pool? Isn't that a separate structure? It doesn't affect dwelling value, though it could affect rates.
That is what I use just to estimate. If we are talking custom homes then it is a whole different ball game. I was talking about the mass constructed, cookie cutter homes that are builders grade. There are a lot of homes here where the pool is attached to property on the same slab (or 2 slabs touching each other) so depending on the carrier they want us to include in the RCE. Florida is completely different when it comes to home owners.
Yeah I think the $100 sqft may be considerable for Florida but for the PA/NJ area closer to $200 is what I have been using. Glad to know the method I am using is correct tho.
Personally, I don't like the quoting by the square footage estimate method. It just leads to some explaining later, but there are times its a necessary evil.
I much prefer using the RCE software and making appropriate adjustments. I feel the quote is actually a quote that way.
Sort of like quoting auto without pulling an MVR. Yeah, okay, might be right, but chances are.........
Personally, I don't like the quoting by the square footage estimate method. It just leads to some explaining later, but there are times its a necessary evil.
I much prefer using the RCE software and making appropriate adjustments. I feel the quote is actually a quote that way.
Sort of like quoting auto without pulling an MVR. Yeah, okay, might be right, but chances are.........
Either do I, I just don't have time to fill out an RCE for every quote I do. We get a lot of call ins from people who are referred to us from builders and real estate agents. We get a lot of the "we just want to see what the insurance is before we put an offer in"
They are are looking at a 2100 sqft Standard Pacific or Lenar home, I know most of the homes are tile in the wet areas and carpet in the rest of the house. I quote coverage A at $255k or so and send them the quote. My estimates are always higher than what the RCE comes in at. Once they are a more serious prospect I fill out the RCE.
Again, if we are talking a 3000 sqft plus home in an area where there are custom built homes I go ahead and fill out an RCE when I do the quote.
