Replacement Cost on Contents

[Jazz10]

I am beginning to think this is not worth the cost to the client. Anyone else feel this way?

 

[fed up]

So what is your solution or recommendation? An inventory list with prices

 

[Allen Trent]

I am beginning to think this is not worth the cost to the client. Anyone else feel this way?

What you think & what you feel is worth it really doesnt matter. You responsibility to the client is to show them the coverage & cost & let them decide if it is worth it.

If you want every claim to be a complete nightmare discussion with your clients, forego the RC on contents. I am sure they will understand getting garage sale prices for their prized possessions. You will even get a chance to improve your writing skills I bet as you respond to the complaints filed to the insurance bureau every time the consumer gets in a yank because everyone they know tells them they got brand new stuff for their old stuff at claim time.

Have them a choose a higher deductible or something. I just cant imagine RC on contents is that much cost.

 

[Markthebroker]

I am beginning to think this is not worth the cost to the client. Anyone else feel this way?

Nope, not me. I have two questions for you.

-How many contents claims have you dealt with?
-How much is your e&o deductible?

The more the number you answer to either of my questions, the more you will likely feel that RC is worth it.

 

[adjusterjack]

I am beginning to think this is not worth the cost to the client. Anyone else feel this way?

Seriously? I can't believe any insurance agent would even ask that question. Are you a troll, just here to start an argument?

During my years as a property claims adjuster I had thousands of Replacement Cost claims and you know what, nobody, not one single policy holder ever told me they wished they didn't have the Replacement Cost coverage.

I just cant imagine RC on contents is that much cost.

It isn't. Many insurance companies include it automatically and don't even show a separate premium for it.

So what is your solution or recommendation? An inventory list with prices

A Personal Articles Floater Policy that itemizes everything with agreed prices generally costs about 2% of the total value. So if you cover $50,000 worth of personal property that way you are paying $1000 for the policy when your homeowner's policy will include it for a pittance.

 

[fed up]

A Personal Articles Floater Policy that itemizes everything with agreed prices generally costs about 2% of the total value. So if you cover $50,000 worth of personal property that way you are paying $1000 for the policy when your homeowner's policy will include it for a pittance.[/QUOTE]

You obviously could not see my tongue in my cheek

 

[Jazz10]

And this is why I posted this here. I have always sold it and never not put it on a policy. I just wanted others thoughts on the subject since one of my carriers has increased the premium for this.

 

[Jazz10]

Seriously? I can't believe any insurance agent would even ask that question. Are you a troll, just here to start an argument?

During my years as a property claims adjuster I had thousands of Replacement Cost claims and you know what, nobody, not one single policy holder ever told me they wished they didn't have the Replacement Cost coverage.



It isn't. Many insurance companies include it automatically and don't even show a separate premium for it.



A Personal Articles Floater Policy that itemizes everything with agreed prices generally costs about 2% of the total value. So if you cover $50,000 worth of personal property that way you are paying $1000 for the policy when your homeowner's policy will include it for a pittance.

Not a troll at all. Just received four calls in a row from clients complain about the cost of it. I realize no one complains about extra coverage when they have a claim they just complain about it during renewal time when they are paying for it!

Just venting mostly, had a bad week but it is getting better!

Thanks all for the kick in the ass!!