ACV/RC/AV HELP! Newish Agent

[g717]

Guys, im new to P&C and keep running into this.

Actual Cash Value, I see almost 80% of prospects have policies like this. (Is this a worthless policy) What do you guys tell your clients when you see this? They are mainly hispanic clients.

Replacement Cost, have ran across very few policies written like this. I try to write all my new business like this.

Agreed Value, this seems like the solution for clients who don't want to insure a home for 200,000 and just the simple 40,000. (does this even exist)

The only problem I keep running into is I do not know if there are carriers who write Agreed Value policies.

Also any advice on starting in the PC world is greatly greatly appreciated!

 

[kgamarketing]

Guys, im new to P&C and keep running into this. Actual Cash Value, I see almost 80% of prospects have policies like this. (Is this a worthless policy) What do you guys tell your clients when you see this? They are mainly hispanic clients. Replacement Cost, have ran across very few policies written like this. I try to write all my new business like this. Agreed Value, this seems like the solution for clients who don't want to insure a home for 200,000 and just the simple 40,000. (does this even exist) The only problem I keep running into is I do not know if there are carriers who write Agreed Value policies. Also any advice on starting in the PC world is greatly greatly appreciated!

I feel anything other than replacement cost would be foolish and open you up to E&O. I personally write through many carriers in which none but one offer AV and ACV and thats only on DP1 and DP3 policies.

 

[indienoise]

If you're running into a lot of acv that's good for you, selling point right there. Always write replacement cost when able.

 

[insurance1822]

For standard homeowners policies I've never even seen ACV unless it's a moron who insured it was vacant initially & never updated it. Are you talking primary homes here?

 

[Indiana_Adam]

As the others said, always write replacement cost. If you don't get a letter stating you offered replacement cost and the clients chose to go with ACV and have them sign and date.

Sure, they may say ACV is fine and dandy until claim time. Then the story is going to be a 180 and you never told them the difference and why would they ever consider insuring for ACV. No personal experience with that, but it's human nature.

A lot of the captive guys here will write ACV on the roofs to save $60 or $70 bucks in premium.

 

[CHUMPS FROM OXFORD]

It really should not make a difference. Of course there is always going to be a few prejudiced or anti-Semitic persons, but ignore them. You'll do well in the business.

Oh. Wait. I thought you said Jewish agent, not Newish agent. Never mind.

 

[agentinsouth]

Guys, im new to P&C and keep running into this. Actual Cash Value, I see almost 80% of prospects have policies like this. (Is this a worthless policy) What do you guys tell your clients when you see this? They are mainly hispanic clients. Replacement Cost, have ran across very few policies written like this. I try to write all my new business like this. Agreed Value, this seems like the solution for clients who don't want to insure a home for 200,000 and just the simple 40,000. (does this even exist) The only problem I keep running into is I do not know if there are carriers who write Agreed Value policies. Also any advice on starting in the PC world is greatly greatly appreciated!

Where are you prospecting that you run into a lot of this? Anything mortgaged is not allowed to have an ACV policy.

 

[Indiana_Adam]

My guess is they are ACV in regards to roof and/or personal property.

 

[GreenSky]

Funny. You don't look newish.

Rick

 

[agentinsouth]

My guess is they are ACV in regards to roof and/or personal property.

Sounds like an E&O claim waiting to happen.....