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- #11
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Guest
Guest
I dont think I believe you............
I dont think I believe you............
- 191
It's a smaller market here, we have time to do this, and it gives us a chance to pre-underwrite the risk.
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- #13
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Guest
Guest
still not believeing you.
First of all, pre-underwriting? What? What a waste of time, I can quote and bind and have a cert out in 10 minutes.....WTF are you pre-U/Wing?
I have NEVER seen nor heard of an insurance agent measuring a house! There is enough stuff online where you dont have to do this and you cant get a correct measurement anyway!
un-frigging-real
First of all, pre-underwriting? What? What a waste of time, I can quote and bind and have a cert out in 10 minutes.....WTF are you pre-U/Wing?
I have NEVER seen nor heard of an insurance agent measuring a house! There is enough stuff online where you dont have to do this and you cant get a correct measurement anyway!
un-frigging-real
- 191
Don't you want to know the condition of the properties you are writing? During our measurements and taking of pictures, we verify what the potential insured has told us for the quote. We're mainly concerned with the condition of the roof, as we have some strict underwriting guidelines from some of our carriers.
As far as measuring, we pace off the actual measurements, it's not something exact, but it gives us a much better ball park.
This whole process takes ~15 minutes, and 90% of our homeowners policies are w/in 20 minutes of our office.
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Also, are you not required to have photos of the property in the insureds file? All of our companies require that we have the photos on file, and 2 of our carriers require that photos be submitted with the application.
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- #15
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Guest
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Nope, No pictures are required by any of my carriers. I am in the PHX area, so rarely is a house even more than 10 years old in my area, Actually, I just wrote a house thats 41 years old and i didint need any pictures.
- 191
That must be nice, I honestly don't know why they require us to do it, because once the policy is issued they are going to inspect the property anyway.
Pre-underwriting is done to help your loss ratio and the carriers bottomline. It also can save you time in the long-run. If the carrier gets the application and takes up the full 90 days allowed to review the risk, and set it up for cancellation because they discovered something that exceeded their guidelines, you then have to go back to the insured with an explanation. Then they have to correct the problem in the allotted time frame. Get the pictures to prove it etc. if they don't then you have to rewrite it and thats just a hassle too when it all could've been avoided by a little pre-underwriting.
As to having pictures, most of our carriers require them at a certain age a long with a 4-point inspection, but not for all.
As for the Replacement cost estimate, with most of our carriers in Florida, we are required to use the company provided RCE which is either MSB or 360 Value. Some companies allow us to use another reputable company, but just as easy to use one of the other two since I'm in it anyway everyday. EVERY company we represent require us to have an RCE in the file, some require us to submit it.
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