Instructions for running the E2 Cost Estimator for a Home

Transcription

1 Instructions for running the E2 Cost Estimator for a Home 1) Complete the Basic screen before starting the E2 Cost Estimator. ***Note: This is important since the E2 Cost Estimator pulls in the information from the basic page.

2 2) Click on the Lookup button on the Rating Info screen. 3) Click on the blue E2Value link on the right hand side of the screen to open. Note: This will allow the E2 Value cost estimator to open in a new screen.

3 4) Client Information Screen, review and if correct, click Calculate. 5) An address validation box may appear if so, select the address to use and click Next.

4 6) Square Footage & Architectural Style Screen complete fields for Architectural Style, Living Area SqFt, and Year built, click Calculate. Note: Click the drop down the box for architectural style and click on different types to see what best fits the house you are quoting. Basic, Ranch, Bi-level, and Country Style are the most common. 7) Results Screen this will have different sections including Replacement Cost, Square footage, and Basic Structure.

5 8) To calculate Actual Cash Value, click the Edit button in the Replacement Cost section. If you do not need to calculate Actual Cash Value, you can skip step 8 & 9. 9) Scroll down to the Actual Cash Value (optional) section, complete, and click Recalculate. Note: Select the condition for the General, Foundation, Roof, and Exterior Walls. Please note you will need to answer Yes to the two questions below it to calculate Actual Cash Value. If these are not answered Yes, Actual Cash value will not be calculated on the results page. Even if vacant, builder s risk, and renovations policies are being quoted, you must select yes to both questions.

6 10) Square Footage screen-if you need to add additions, porches, garages, decks, basements, etc, click Edit, add any additions, and click Re-Calculate. ***Note: This section is extremely important. If the home has any items that are not part of the living sq ft, you must add them here. The inspection will verify these items. If they are not reflected here, but found on an inspection, they will be added and coverage may be increased. This could cause an increase in premium after policy issuance. 11) Basic Structure Screen You may need to edit this section to change the Construction Quality, Primary Exterior & Primary Roof Covering since the cost estimator uses default information based on the year built, sq ft, and style. Once complete, click Re-Calculate. ***Note: Construction Quality- Average/Standard or better is required on replacement cost policies.

7 12) Once all is completed, scroll to the bottom of the page and click Next to calculate the results. Note: You do not need to complete the Geo-Imagery or Other Structures section. 13) The results page will give you the Replacement Cost and/or Actual Cash Value if you completed the ACV section as stated in steps 8 & 9. Next, click Return to System which will transfer the E2 information back to the TPI Rating Info screen and allow the underwriter to view the information when reviewing the submission. *** Note: If you do not click the Return to System button, your information will not be saved and the underwriter will return the quote and request that the E2 cost estimator be completed again.

8 Things to know about the E2 Cost Estimator TPI requires the E2 cost estimator be completed on all policies. When requesting Replacement Cost, TPI requires the Coverage A value to be 100% of the E2 cost estimator. Note: Higher limits may be requested for Replacement Cost or Actual Cash Value if the value returned by the cost estimator is lower than expected, please revisit the Replacement Cost section and the Basic Structure section to verify the information is correct and all features have been included. If coverage is more than the limits of the E2 cost estimator, you will need to submit to underwriting review.