Trusted Choice's REInsurePro Insurance Score
We award REInsurePro a final rating of 4.5 out of 5 stars. Though the carrier is fairly new to the market, their high rating of "A+" by the BBB is impressive and demonstrates quality and dedication. The carrier offers several important forms of property insurance for customers with varying needs and a fast claims response promise.
We also love that REInsurePro works mainly with independent insurance agents. Independent insurance agents can greatly simplify a customer's insurance journey from beginning to end. Overall, we highly recommend looking into REInsurePro with the help of your independent insurance agent to be your next trusted carrier.
REInsurePro Insurance Pros and Cons:
- High rating by the BBB
- Offers several types of coverage
- Works with independent insurance agent
- Fast claims response
- Not yet rated by AM Best or accredited by the BBB
- Younger carrier with no listed customer reviews
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What Type of Insurance Does REInsurePro Offer?
Here's a list of some of the coverages offered by REInsurePro.
- Property insurance
- Condo insurance
- Mobile home insurance
- Vacation rental insurance
- Vacant property insurance
- New construction insurance
- Premises liability insurance
REInsure Pro also offers additional coverage options like ordinance or law, equipment breakdown, earth movement, and flood coverage.
What to Know about REInsurePro
REInsurePro's original program was founded in 2008, when the insurance company began by working with real estate investors. The carrier expanded and opened its program to independent insurance agents across the US in 2020.
According to the carrier's official LinkedIn social media profile, they currently have 13 employees. The insurance company is headquartered in Kansas City, MO. REInsurePro now offers several products for insurance customers of many kinds, including several types of property insurance and premises liability insurance.
REInsurePro is not currently rated by AM Best, the leading global credit organization monitoring the insurance industry. However, they're very highly rated with an "A+" by the Better Business Bureau. Ratings from the BBB demonstrate a carrier's creditworthiness, customer satisfaction, and more.
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What Discounts Does REInsurePro Offer?
Though REInsurePro does not readily provide information about any specific discounts offered, there are several discounts and ways to save money on premiums that are commonly offered to customers who purchase coverages that they offer.
- Bundling discounts: Offered to customers who bundle more than one type of coverage through the same insurance company.
- Loyalty discounts: Offered to customers who remain with the same insurance company for a certain number of years.
- Safe premises discounts: Offered to commercial customers who provide proof of a safe work premises for employees and customers, commonly offered on premises liability insurance.
An independent insurance agent can help you find out for certain which specific discounts are available through REInsurePro in order to help you get the most bang for your buck out of your coverage.
REInsurePro Customer Service
REInsurePro allows customers to handle customer service issues through multiple mediums. The following customer service options are available:
- Snail mail
- Customer service phone department
- Website contact form
- Social media contacts
- Service department phone hours not specified
REInsurePro sells insurance primarily through independent insurance agents. These independent insurance agents are also available to handle claims and insurance concerns for you, making customer service even easier.
REInsurePro states that an adjuster will contact policyholders typically within 48 to 72 business hours to follow up after a claim has been filed.
REInsurePro allows customers to contact them via the official website, by email, snail mail, or phone. They do not specify their customer service department hours on their official website, however.
REInsurePro breaks down their claims process exactly as follows on their official website:
1. Claim Report
"You, the agent, will formally initiate the claims process with REInsurePro by filling out the Report an Incident form, which is linked in your portal. Our team will provide a general outline of the coverage and then submit the claim to the Third-Party Administrator (TPA) or appropriate carrier based on the insurance contract to investigate coverage for the loss.
Upon receiving the claim submission, the TPA will review and send to the insurer for approval to proceed with the investigation. The TPA identifies and appoints an independent adjuster within a local proximity to the loss. The adjuster will contact the insured (typically within 48 to 72 business hours) to schedule an inspection of the property at the earliest available time. This is the only time your client will be contacted regarding this claim and they should be advised to work with you on any updates.
From the time of the inspection, the adjuster typically has from 10 to 21 days to complete a report of their investigation findings and provide their coverage recommendations, communicate with relevant parties, retrieve necessary claim documentation and develop a report to send to the TPA for further review.
The TPA reviews the adjuster’s report and then submits their recommendation to the insurer. Please note that the insurance carrier is listed on the Evidence of Insurance. You can access a copy of the policy via the links on the Proposal or Binder. Or request a copy from your Sales Manager.
It is up to the insurer to approve or deny the claim based on the adjuster’s report and TPA’s recommendation. There are a number of reasons a claim may be denied: the cause of loss is not covered on the policy, the insured did not fulfill certain responsibilities of the insurance contract, the loss was deemed intentional, the occupancy status was misreported, among other common exclusions. Claims resolution can take a matter of days, or up to several months depending on the complexity of the loss and required investigation. Our team will do everything we can to keep you informed during this process.
The TPA will notify the insured of the insurers decision in writing. Then the insurer will submit payment to the insured (if deemed appropriate), taking into account any deductibles, depreciation, or co-insurance penalties. Depending on whether the policy is Actual Cash Value or Replacement Cost settlement method, the client may receive the claims payment in either one check, or two checks, the second being to recover depreciation (following submission of photographs of the completed work, certificate of completion/invoice for the work completed, and proof of payment showing the amounts paid for repairs. These could include: Cleared checks, bank/credit statements, material receipts, among other documentation)."
REInsurePro allows customers to contact them through several different mediums. The official website is polished and easy to navigate. Customers can easily find the information they need. Overall, REInsurePro does create a highly user-friendly experience for customers.
REInsurePro offers quality property insurance for customers of all different kinds, including for those with:
- Single-family homes
- Multiple-family homes
- Vacant property
- Renovations in progress
- New construction
- Mobile homes
- Vacation rental homes
- Vacant land
REInsurePro also offers additional options to add to your property insurance, including flood and earth movement coverage, terrorism and political violence coverage, and ordinance or law coverage. An independent insurance agent can help you decide if REInsurePro's property insurance is a good match for you.
REInsurePro offers several types of property insurance, a polished official website, fast claims responses, and a high rating by the BBB. Overall, they can certainly be considered a good insurance company.
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