As an insurance professional, you likely have a depth of experience offering advice to homeowners about insurance and other protections for residential properties. One of the most frequent mistakes policyholders make is failing to update their replacement cost valuation consistently and as needed. Here are some of the benefits of doing so according to the needs and
Annual valuations. Insurance is, in essence, a form of preparation in the face of risk. That risk can manifest itself as a hurricane, tornado, burglary, house fire or any other kind of unthinkable situation that leaves homeowners scrambling to rectify damage. For that reason, an annual valuation provides insurance professionals with the most current and up-to-date replacement cost so that policies can be sufficient and reflective.
It's key for homeowners to get into the habit of doing this on a regular basis, so that when one of those unfortunate situations comes to pass, they're as prepared as possible to address the damages.
As-needed valuations. Homeowners are likely to spend some of their resources and energy adding value to their homes. Whether they hire a contractor to renovate an old kitchen or perform do-it-yourself upgrades to various aspects of their property, those changes and additions can alter the overall replacement cost of a home. Following any major work, a new replacement estimate can give property owners peace of mind that their hard work and investment won't be a loss.
Whatever the reason for your clients' new homeowners insurance valuations, e2Value provides a suite of solutions that can be integrated into your existing workflow. And if that needs an overhaul, consider restructuring your valuation process from the ground up with the help of our calculators and other systems.