How do agents decide what is eligible when comparing coverage?
Agents should determine whether coverage is comparable based upon those forms and coverages that are reasonably comparable. A premium comparison may be made with respect to the main building or structure only on the following basis: • The same coverage A or other building limits; • The same hurricane deductible that applies on an annual basis or that applies to each hurricane for commercial residential property, if the same limit is offered by Citizens and the authorized insurer; • The same percentage of ordinance and law coverage, if the same limit is offered by both Citizens and the authorized insurer; • The same mitigation credits, to the extent that the same type of credits are offered by Citizens and the authorized insurer; • The same method for loss payment, such as replacement cost or actual cash value, if the same method is offered by both Citizens and the authorized insurer in accordance with underwriting rules. If the other insurer’s premium is more than 15% higher than the C
Related Questions
- My spouse has health benefit coverage under her employer. Can I deduct the eligible expenses that are not covered by her plan under my PHSP?
- What self-payment options are available when my child is no longer eligible for dependent coverage?
- How do agents decide what is eligible when comparing coverage?
