ACV on Landlord Policy Question

[Strategy101]

So I am just getting into quoting landlord insurance and I have someone who wants to insure with ACV. I am doing a quote thru Foremost and it's asking for amount of insurance and current market value minus land or ACV. What's the best way to properly answer these questions?

Thanks

 

[fed up]

You should have access to a system similar to CoreLogic which will give you the square footage and the rebuild amount. Formost will have some guidelines for a Landlord Policy and you can get county records to see the assessed value, or zillow to get a street estimate for value Make sure to differentiate to your customer the difference between Landlord (only covers structure) and a full homeowners policy. Many will argue on the insured amount of coverage.

 

[Strategy101]

This is a complicated quote for my first one. There appears to be multiple properties on same premises

 

[fed up]

Check to make sure it is not a commercial exposure

 

[marindependent]

I have someone who wants to insure with ACV.

Why is it that they "Want to Insure as ACV"? Did you ask them or did they bring this up themselves?

 

[Markthebroker]

This is something you should probably have your principal help you with.

 

[adjusterjack]

So I am just getting into quoting landlord insurance and I have someone who wants to insure with ACV.

Discourage him or turn him away. When he has a claim and gets paid $50,000 for his $100,000 building he's going scream bloody murder and likely sue you for under-insuring him.

 

[Strategy101]

Spoke with Foremost underwriting and they pretty much said I need to ask the insured how much he is looking to insure the properties that are connected on same premises. I quoted him, and I don't think I did a great job. Haven't heard back so I don't think he's interested which is probably for the best.

 

[fed up]

Spoke with Foremost underwriting and they pretty much said I need to ask the insured how much he is looking to insure the properties that are connected on same premises. I quoted him, and I don't think I did a great job. Haven't heard back so I don't think he's interested which is probably for the best.

Sounds like he was shopping because he did not like what his current carrier was saying. You might get a return call from him but be careful of the exposure. It may not be worth the commission

 

[Mr O]

Definitely be careful on these . I usually get them a separate RC cost quote and include it in the proposal. Then have them initial the RC cost quote and sign off saying they declined RC.