Replacement Cost

[nyc2phi]

When you get a dec page that states that the current replacement cost is $200,000 but your estimator states it should be $400,000 how do you quote them ? Do you use the 400K or 200K.

I always try to go with the estimator but feel like I am leaving business on the table from other who are quoting the lower amount.

What are the consequences of quoting it the existing coverage?

 

[DiegoInsGuy]

I do home insurance everyday and when I get someone who is under insured I do not quote home apples to apples on replacement cost. Each carrier that I work with has there own RCE and I go by that..Even if I wanted to under insure I wouldnt be able to the carrier requires that you insure the home to value. If the client understands the value of insuring there home to value more than likely they will appreciate having an agent that has their best interests in mind..even if it does increase the premium.

 

[Milkman1265]

i've been using marshall and swift estimator and just let them know this is what everyone uses and its the standard. i will give them the report for free if they bind with me.

other agencies dont show the report, then you can say this is why we quoted you this much.

i think its 10 -25 dollars per report