When quoting in the Beyond Floods program, it is essential to place the true replacement cost estimate and select the correct coverage for your insured’s property, even though Beyond Floods ALWAYS offers replacement cost value on coverage A at the time of a loss.

Providing the system with the true and correct replacement cost ensures that you are providing an accurate quote to your insured. Replacement cost is a factor within the rating engine of Beyond Floods. Without using a true replacement cost you could potentially have issues if a claim is submitted or you could be charging your insured with a higher rate than is needed or over/under insuring the property.

When selecting coverage, it is recommended to quote and bind at full replacement cost. Firstly, the rates are more advantageous the closer your selected coverage is to your replacement cost. Secondly, Beyond Floods offers a three tier quote report, with each tier offering various coverages. By quoting to the full replacement cost of the property you would be able to show the difference in premiums within each tier, giving your client a view of NFIP-like coverage all the way up to full replacement cost.