MSB Replacement Cost Estimator

Apr 23, 2019

  1. Kim in MO
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    Kim in MO New Member

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    Hello all. Quick question..... I remember way back in the day we were advised the MSB Replacement Cost Estimator was 'not' to be shared with our customers. We could review it in person with the customer but not supply them a copy. I believe this was from MSB directly as 'internal' use only, not for distribution with customers or mortgagees. Can anyone confirm this as true or false please? I can't find any information on this to verify I'm handling this correctly with customers or mortgagees. Thanks....
     
  2. Jazz10
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    Jazz10 Expert

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    There is an option do download a "Homeowner Report" in PDF form so I would think we could share that. I do not see why there would be any restriction on the valuation of their home.
     
    Jazz10, Apr 23, 2019
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  3. Indiana_Adam
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    Indiana_Adam Guru

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    I show all my prospects and clients the MSB. Most individuals under estimate the cost to rebuild a house. Plus, it sets ne apart from the other agents. The client can see I've done my work and am not just making numbers up.
     
  4. Kim in MO
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    Kim in MO New Member

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    Thank you both, I appreciate your replies. I do the same with my customers.... I 'show' the customer the document with the breakdown of their replacement cost. But my question is do you 'give' them a copy of that or email a copy of that? Per my understanding, this is property of MSB and to be used internally only. We're allowed to view, quote and show these results to customers. But we're not allowed to give a copy to the customer. I'm just trying to confirm if this is correct procedure.
     
  5. Indiana_Adam
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    Indiana_Adam Guru

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    I usually include it with the quote. So yes, I do give them a copy. I've never been told not to nor have I done my homework as to whether MSB permits. My thought is that if I am basing their coverage on the MSB, I'm going to give them a copy. I have nothing to hide and don't see why MSB gives 2 cares whether we agents hand them out or not.
     
  6. BADTROUT
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    BADTROUT Guru

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    Transparency, and consult during the sale is key to a voiding E&O claims... how many claims start out with "my agent never told me..." if they see the report, you'll never lose a case where coverage A is inadequate when the customer sues you fir not being covered enough... similarly, if an agent is ever questioned by the carrier why coverage A is inappropriately high, or low...

    IMO providing the MSB is one of practices more agents should be doing if they already are not.
     
    BADTROUT, Apr 27, 2019
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