Insurance Basics
Pay this regularly to maintain your insurance coverage
Premium
Renters need this type of policy to protect their belongings
HO-4 Policy/Renters Insurance
You must make this before your policy's due date to avoid cancellation
Payment
Always start your customer service call with this
Greetings
This is the amount a policyholder must pay out of pocket before insurance coverage begins
Deductible
Known as the "Special Form," this policy is the standard choice for most homeowners
HO-3 Policy /
Monthly premium payments are made this way to avoid late fees
Auto Payment
Good representatives do more than hear - they practice this important skill
Active listening
This refers to a specific risk or cause of loss covered by the policy, such as fire or theft
Peril
If you own a unit in a high-rise building, you'll need this policy type
HO-6 Policy/Condo Insurance
Your mortgage lender uses this account to pay insurance and taxes
Escrow/Escrow Account
This aspect in home insurance is vital for addressing client concerns, helping policyholders understand their coverage, and assisting in claims processing.
Customer Service
This value accounts for depreciation when calculating property worth at the time of loss
Actual Cash Value (ACV)
Victorian homes and other historic properties typically require this policy form
HO-8 Policy
Home paid off? You'll likely handle insurance payments this way
Self-pay
This is the percentage commission agents receive for a Rewrite Policies
60%
This type of coverage helps with additional living expenses if a property becomes uninhabitable
Loss of Use coverage
Landlords use this basic form policy to protect their rental properties
DP-1 Policy
Your insurance payment is handled this way when included with your house payment
Mortgage billed/Escrow
For self-pay policies, tasks are set this many business days before renewal
14 business days