RCE Basics
What does RCE stand for?
What is replacement cost estimator?
This structural feature shows the total living space in the home.
What is square footage?
When reviewing an RCE, what three major items should you confirm first?
What are square footage, construction type, and roof/exterior?
Name the system the RCE must be run through for it to be valid.
What is the Atlas Processing System?
The RCE is used to determine market value.
What is False? (It’s for replacement cost, not market value.
What is the RCE used to estimate?
What is the cost to rebuild a home using current materials and labor?
These kitchen and bathroom features can be labeled as basic, semi-custom, or custom
What are cabinets and countertops?
If a customer says they have hardwood floors but the RCE says carpet, what should agent do?
What is update the RCE for correction?
RCEs completed outside of Atlas are considered what?
What is invalid/unacceptable?
A higher-end kitchen will increase the replacement estimate
What is True?
What is the nickname for the RCE when referencing 360 valuations?
What is 360 Home Replacement Cost Valuation
Name two roof materials that affect replacement cost.
What are asphalt shingles and tile?
Why is it important to review the number of bathrooms and kitchens?
What is because plumbing and finishes increase rebuild cost?
Name two states that require RCEs to be processed through Atlas.
What are Michigan and Florida (or Indiana, Alabama, Iowa)
You can override the RCE if a customer disagrees with it.
What is False? (You need to correct the inputs—not ignore the RCE.)
Why is it important to run the RCE in Atlas
What is to ensure the estimate is valid, standardized, and compliant?
This heating/cooling system adds value and is noted in the RCE
What is central air conditioning (or HVAC)?
Submission requirements: Must be signed by the name insured, indicating a desired for coverage reduction. Should list a new estimated replacement cost.
What is a detailed RCE?
What does Atlas help ensure across all RCE reports?
What is consistency, compliance, and audit-readiness?
All RCEs are valid regardless of where they're run.
What is False? (They must be run through Atlas.)
What type of insurance decision is the RCE most useful for?
What is determining the replacement cost for homeowners insurance?
This outdoor feature, like a deck or pool, adds to replacement cost.
What are additional features or outbuildings?
What do fireplaces, garages, and HVAC systems all have in common in an RCE
What is they are cost-driving features that must be accurately listed?
Which five states follow the same RCE-Atlas rule?
hat are Michigan, Indiana, Alabama, Iowa, and Florida?
Reviewing the RCE helps avoid underinsuring a home.
What is True?