I had a client that gave me a limit for his property and after i issued him the policy i received a month later an email from my carrier that after his property got inspected it was extremely undervalued. My client used the same limits he had with his previous carrier and he wasn't told it was undervalued by his previous carrier. Is there a way to check the value pf the property yourself? And what are the options my client has?
How You Avoid Coinsurance Clause?
- Thread starter gavros777
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WOW, I have to say, your an ***.
I would NEVER let a client tell me how much to insure his house for, thats MY job to tell him,
Who says the old company is ever right?
Co-Insurance is there for a reason, and for people like you, to protect the client.
apparently you did NOT run a cost estimater on the house and your obviously lying if you say you did.
I am glad I am not one of your clients or your E&O carrier.
I would NEVER let a client tell me how much to insure his house for, thats MY job to tell him,
Who says the old company is ever right?
Co-Insurance is there for a reason, and for people like you, to protect the client.
apparently you did NOT run a cost estimater on the house and your obviously lying if you say you did.
I am glad I am not one of your clients or your E&O carrier.
Bring it up to value and advise it would be best for him. Otherwise you're looking at E&O issues if there's a claim and he's short of money.
Check with your carriers and the limits. Sometimes they have an avenue to check replacement cost.
Check with your carriers and the limits. Sometimes they have an avenue to check replacement cost.
You should have a good feel for reconstruction costs in your area. Start at $150 / sq ft and adjust from there if you don't have any other guidance.
If you want an online calculator that is free to use, go to Building-Cost.net -- free residential building cost calculator
and run the estimator. You'll need to add 20% to the amount it comes up with though, since it only thinks in terms of construction, not demolition, then construction and other misc costs that come up.
If a carrier is telling you that you are underinsured, then you are underinsured. Be glad the inspector told you, not the claims adjuster.
As a side note, I had this come up once, turned out the inspector looked at the wrong house. In that particular case, it was pretty obvious, but in most tract home neighborhoods, it might not be. In this case, it helped that I knew the house very well and knew from the description from the inspection that it was a different house.
Dan
If you want an online calculator that is free to use, go to Building-Cost.net -- free residential building cost calculator
and run the estimator. You'll need to add 20% to the amount it comes up with though, since it only thinks in terms of construction, not demolition, then construction and other misc costs that come up.
If a carrier is telling you that you are underinsured, then you are underinsured. Be glad the inspector told you, not the claims adjuster.
As a side note, I had this come up once, turned out the inspector looked at the wrong house. In that particular case, it was pretty obvious, but in most tract home neighborhoods, it might not be. In this case, it helped that I knew the house very well and knew from the description from the inspection that it was a different house.
Dan
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- #5
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gavros where in fl are you? I guess your not writing it through citizens and must not be in south florida? In either case...weird situation.
- Thread starter
- #7
WOW .... you're an asshole! here's the thing my client was with a very reputable carrier and he showed me his previous policy papers with the limits and the coinsurance 80% verified. now this carrier my mga used on him they slide a windstorm or hail exclusion in the policy without my concern while i told my underwriter and mentioned in the quote wind included. Then the carrier sent me an endorsement that removes the wind exclusion but the endorsement number was different than the number in the policy, i contacted them and they said they'll fix it, i was waiting for a new endorsement and now i got this with the coinsurance. My client is worrying the carrier trying to milk more money out of him and lets not forget the wind exclusion they slide in his policy. I take care of my clients but didn't expect the carrier to be like that. Red blood american this forum is to help people if you got a problem with that take a hike.
WOW, I have to say, your an ***.
It's "you're"!! just sayin.........Be careful when you belittle someone because you may be the one who comes across as an ass.
I would NEVER let a client tell me how much to insure his house for, thats MY job to tell him,
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I'm not a builder. I offer a suggestion based on what my carrier says, but it is the clients decision.
G
Guest
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I dont give a flying crap about my spelling on a BB,
The client is coming to YOU for guidance, thats YOUR job to inform them.
I stand by what I said, the client is generally clueless about all things insurance, thats why they come to an agent. You better know what your doing, I dont think you do!
The client is coming to YOU for guidance, thats YOUR job to inform them.
I stand by what I said, the client is generally clueless about all things insurance, thats why they come to an agent. You better know what your doing, I dont think you do!
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