- 1,481
OHHHHH snap! No He Diint!
Insured to Replacment Cost
- Thread starter URDRWHO
- Start date
Maybe you guys can help me understand this one. I recently wrote a package policy with Encompass for a good friend. The rce on the Encompass site came in at 671k, he recieved another quote from USAA for 700k so I wrote the policy at 680k. I took everyting off of the apprasial since this was a new purchase. Encompass sends Castle inspection out there since it is a "High value home" and they come back with 1,014,000k. We disputed the rce and they adjusted it to $948,000. I've never had a discrepency like this before. The client isnt happy about the $600 increase. The rce that came back, even after the adjustment seems way too high. Has anyone come across this before?
- 1,581
Encompass comes in SUPER high on RCE's for high value homes (although 671k shouldn't have triggered a high value inspection.) Your best bet is to speak to an UW prior to binding on high value. I've lost a few large accounts because of absurd RCE's. Did they do an interior inspection?
- 104
Encompass does this all the time in Texas for properties over 4000 sq ft. You can usually call in pre-bind to have them give a more accurate rce estimate. They still over insure it but at least you and the client know up front.
If Encompass sends Castle out to do an inspection and Castle comes back with the RC at that point, does Encompass have anything to do with it? Or do the insurance carriers and the inspection companies have an understanding that they need to come back with a higher RC? In this case they did a full inspection but I do not agree with it at all. We are still fighting it and have asked for a 2nd apprasial. Not sure they will grant it.
