. Steps in reviewing residential properties and identifying exposures 1.

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Steps in reviewing residential properties and

identifying exposures

Steps in reviewing the residential property and identifying exposures

1. Conduct a Residence Inspection

2. Identify the types of residences to be insured

3. Identify the types of occupancy for each residence

4. Obtain information on the insured, ownership of the residence, and occupants

5. Complete the Residence Location Survey Sheet

6. Identify Hazards

7. Complete the Hazard Questionnaire

8. Determine which program and type of policy the insured is qualified for

9. Complete the Homeowners Application

10.Determine which insurance companies are best suited for the risk in terms of eligibility, coverages and pricing

11.Submit the applications to the insurance companies

1. Conduct a Residence Inspection

Many insurance companies either require or expect that the insurance representative will physically see the property they are insuring and meet to prospective insured

Inspections help in valuation and identifying potential hazards

2. Identify Type of Residential Property Single Family Dwelling, Duplex; 3-4 Family Dwelling; Townhouse; Condominium; Cooperative; Apartment Unit; Mobile Home; RV (Motor Home, Fifth Wheel, Other)

2. Identify Type of Residential Property

An insured might have multiple residences that they own and/or rent. Some of the residences may be owner occupied as primary residences while others could be seasonal; part time; or rented to others.

3. Identify Type of Occupancy

Own the residence and Occupy as primary residence

Own the residence and Occupy as a secondary or part time residence

Own the residence and Occupy as a residence on a farm

Own the residence on a farm and rent it out Own and Occupy in part and rent out part of the

residence (Duplex, 3-4 Family Dwelling) Own and Rent to Others Rent

4. Identify Type of “Ownership”

Husband and Wife (Vesting) Husband or Wife (Vesting) Domestic Partners (Vesting) Individuals Co-Owners Estate Arrangement Family or “other” Trust Contract of Sale LLC

5. Complete the Residence Location Survey Sheet

The university has provided a residence location survey sheet in their checklists

. Steps in reviewing residential properties and identifying exposures 1.

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Transcript of . Steps in reviewing residential properties and identifying exposures 1.

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