to our latest edition of Insurance to
Value: News You Can Use. In this edition, we've
included consumer-friendly articles that you can
use with your customers to help them understand
the importance of insuring their home to its proper
replacement value. Include these articles in
newsletters, emails or as part of proposal packets.
As an independent agent, this is a great way to
reinforce the value that you offer your customers
as their trusted advisor.
If you have specific ideas or topics you'd like to
see featured in future editions of our lTV
newsletters, please email ITV@travelers.com.
Nearly half of U.S. Homeowners
Insurance Covers Rebuilding Costs, Not Sales
Price of Their Home, Says Insurance
Information Institute Study
In the I.I.I.'s 2011 Insurance Pulse Survey,
conducted by the Opinion Research Corporation,
nearly half (48 percent) of survey respondents
came to that mistaken conclusion. Read
Use these industry articles to help educate your
customers on the importance of keeping their home
insured to its proper replacement value.
Home prices are down but insurance prices
this article from Live Insurance News.
When should we use
wings in the estimator?
Use wings when different sections of the home
. Different years built or;
. Different number of stories and the roof line is
If the home has an addition, the original part of
the home would be considered the main section
and the addition as a wing. (For Example:
built in 1955 with a 1985 addition: Put the 1955
section of the home in as the main and the 1985
addition as the wing).
If the number of stories is not consistent
throughout the home, section the home based on
number of stories. (For Example:
Home built in
1993 that is part two story and part one story: If
the main living area is in the two story section,
make this the main section and put the one story
section in as the wing.
do I input cathedral ceilings?
When entering a home with cathedral ceilings.
users should first consider the style of home and
number of stories. Then they should account for
the percentage of the home with cathedral
the cathedral ceiling is located in a section of
the home that appears to have a different
number of stories, should we treat it as a
Not necessarily. Just because an area of the home
has a different number of stories and a cathedral
ceiling, doesn't mean that that area with the cathedral
ceiling is a wing. For example, the family room in
a home can have a cathedral ceiling, but the family
room doesn't have to be considered a wing. A wing
can also have cathedral ceilings, but the presence
of a cathedral ceiling is not the determining factor
as to whether a wing exists. When guiding users on
this question, emphasize the definition of "wing"
to help with the appropriate way to enter the home
should I contact if I have a question
regarding an inspection or replacement cost
Your assigned underwriter is your main contact
person for inspection or replacement cost
is Travelers responding to states that
adopted mandatory sprinkler laws?
Ordinance or law coverage is not always enough to
cover sprinkler-related costs since other building
codes changes may also be required. Accordingly, the
RCT automatically defaults to 100% sprinkler for states
that recently adopted mandatory sprinkler laws. Impacted
states are California and Maryland.
South Carolina and Pennsylvania recently overturned
their mandatory sprinkler requirement. MSB has removed
the 100% sprinkler system default for South Carolina.
Information for Pennsylvania's system update should
be available soon. Please refer to this document for
instructions on how to remove sprinkler defaults from
individual estimates in Travelers RCT Express standalone
you have a question about replacement cost
estimators, inspections, Travelers coverage or
anything else related to insurance to value? If so,
we want to know. Email ITV@travelers.com.
get a quick response, and if we feature your
submission in our newsletter, we'll send you a gift!
Look for our next Insurance to Value Agent
Newsletter in the coming months. We'll include
information you can use, as well as updates on
local training, informational meetings, and new tools
and services from Travelers.