CatNet ® Identifying the State’s Exposures Presented by: Erika Gutierrez, SORM.
. Steps in reviewing residential properties and identifying exposures 1.
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Transcript of . Steps in reviewing residential properties and identifying exposures 1.
.www.InsuranceCommunityUniversity.com
Steps in reviewing residential properties and
identifying exposures
1
.www.InsuranceCommunityUniversity.com
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
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Steps in reviewing the residential property and identifying exposures
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
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Steps in reviewing the residential property and identifying exposures
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
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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
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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)
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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.
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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
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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
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5. Complete the Residence Location Survey Sheet
The university has provided a residence location survey sheet in their checklists
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