Rating high-value homes is a necessary skill for brokers
Published: July 31, 2018
Home insurance brokers should learn how to properly manage and rate high-value homes as they an excellent business opportunity. For example, brokers need to know high-value and customized homes are not Standard Build in terms of insurance.
Ivor Shanks, a broker with Central Agencies Ltd., told Canadian Underwriter that brokers need to understand high-value properties better. He has been offering brokers advice on the subject through his LinkedIn profile, telling brokers not to put high-value homes on Standard Build policies.
What makes a home high-value, and hence inappropriate for a Standard Build policy? Factors to consider include:
- was it architecturally designed?
- did the contractor use rare or imported materials?
- was there specialty construction or custom work done?
- were luxury products used?
- were ‘green’ materials or high-tech components or electronic enhancements channelled throughout the building?