Frequently Asked Questions
Rating Dynamics is a powerful application providing a streamlined process to assist the agent from the initial quote to binding the policy. Rating Dynamics is a true Comparative Rater allowing an agent to instantly view quotes from over 30 of the top Florida insurance carriers. Agents can quickly quote a policy, compare and revise the results, and finally connect to the carrier site to bind the policy.
No, at this time, Rating Dynamics only delivers homeowner's quotes.
Rating Dynamics rates all types of Florida homeowner's policies, including HO-2, HO-3, HO-4, HO-6, and HO-8. At this time, Rating Dynamics does not rate dwelling fire ("DP), mobile home ("MH"), or commercial policies.
At this time, Rating Dynamics rates policies only in the state of Florida.
Rating Dynamics is dedicated to delivering high-tech solutions to the insurance industry.
A "quote" is defined as a unique address for an applicant for whom comparative rates are returned. Unlimited future modifications to a quote, as long as the address remains the same, are included within one "quote" for purposes of the subscription. The quote is recorded when the applicant address is "confirmed".
In the interest of providing a fast, accurate and truly comparative rate, Rating Dynamics only offers the most commonly selected coverage and optional endorsements.
When you are logged into your account, a usage meter will be displayed that shows your "at a glace" quotes incurred. You may also go to "My Account" at any time to see your subscription status.
If you determine a need to update your subscription level to better accommodate your agency’s use, please call 877-391-7748 for a plan that suits your activity level.
If you determine a need to update your subscription level to better accommodate your agency’s use, please call 877-391-7748 for a plan that suits your activity level.
Yes. When you create your account, you may select from any of the Rating Dynamics supported carriers. For every carrier you select, you will be shown the rate quote for that carrier when you generate quotes for applicants. You may also add or remove a carrier at anytime by adjusting your log-in profile.
Rating Dynamics quotes are independently calculated; however, you may select quote results to "bridge" to selected carrier’s policy websites through Rating Dynamics. Rating Dynamics will automatically populate most fields on the carrier site with the data entered into Rating Dynamics. The agent must bind coverage in the carrier’s system.
Rating Dynamics constantly updates carrier rate changes to ensure we provide the most accurate quote possible.
When the 'Default' option is selected for an applicable coverage option, the quote is processed using the 'default' coverage for each carrier, according to the coverage default specifics outlined in their underwriting manual. If selecting a specific percentage or dollar value, rather than the 'Company Default' option, the quote will be processed using to the specific value selected. Keep in mind when a specific percentage or dollar value is selected, and a carrier does not offer the value selected, a quote will not be generated for the carrier.
When the ‘Default’ option is selected for the Ordinance and Law endorsement, rates are processed using the amount of Ordinance and Law coverage included in the base policy, resulting in no additional premium attributed to Ordinance and Law coverage. This functions similarly to the other coverage options for which a ‘Default’ option is available.
For HO3s, the Ordinance and Law coverage option will always be pre-populated with the ‘25%’ option, due to the state requirement of having the insured sign a waiver when Ordinance and Law coverage is reduced below the 25% coverage amount. If you prefer to process rates with Ordinance and Law coverage different from the ‘25%’ option, simply modify the drop down accordingly.
For forms other than HO3, the Ordinance and Law coverage option will always be pre-populated with the ‘Default’ option, which results in rates being processed using the amount of Ordinance and Law coverage included in the base policy, which varies by carrier. You may review the ‘Quote Details’ to identify the amount of coverage for which the quote was processed (ie. the amount of Oridnace and Law coverage included in the base policy) to ensure an equivalent rate when quoting on the carrier’s site.
On the application screen, after the 'Property Details' and 'Coverage Options' tabs, a 'Wind Mitigation Features' tab is apparent. Using this tab, the appropriate Wind Mitigation features may be selected and incorporated into the policy quote to calculate the appropriate Wind Mitigation credit.
For homes built on or after 2002, the 'Building Characteristics' values default to selections resulting in a 68% Wind Mitigation credit factor, as this is the minimum credit applied to such risks.
For homes built before 2002, the 'Building Characteristics' values below default to selections resulting in a 0% Wind Mitigation credit factor, as older homes do not mandate any Wind Mitigation credit.
The 'Wind Mitigation Features' form is segmented into two sections: 'Building Characteristics' and 'Location Specifics'.
The questions contained within the 'Building Characteristics' section summarize those characteristics pertaining to the actual building structure, such as Florida Building Code Equivalency, Roof Cover, Roof Shape, etc. Those values characterizing the building and/or structure being quoted should be selected appropriately.
The'Location Specifics' section contains questions specific to the property location. The questions in this section will change based on the county value of the property location. For example, when the county qualifies as 'Terrain C' (e.g. Miami-Dade, Broward), the 'Terrain' question will default to the C selection, along with 'FBC Wind Speed' to '>=120', 'FBC Wind Design' to '>=120', 'High-Velocity Wind Zone' to 'Yes' and 'Wind-Borne Debris Region' to 'Yes', as these selections are accurate for a property that qualifies as 'Terrain C'. Conversely, when a property is entered qualifying as 'Terrain B' , the selections will default to the most commonly selected values for inland business, (i.e. FBC Wind Speed to 100, FBC Wind Design to >=100 etc.), as these selections are representative of the majority of 'Terrain B' land area throughout the state.
If quoting a policy for which the 'Building Characteristics' or 'Location Specifics' differ from the default values, regardless of the year built, simply customize the values to a more appropriate selection that pertain to the characteristics of the risk being quoted. An accurate Wind Mitigation credit will be calculated based on the selections.
Rating Dynamics has functionality available for agencies to track carrier/form-level closed zip information. This mechanism allows for an agent to designate particular zips, or entire counties, as closed when quote results are returned. By marking a zip or county as closed, all future quotes will be designated as such, so users may be aware of the closing when reviewing future quote results.
Rating Dynamics does not maintain any closed zip information, but rather allows the agent to manage this information. Since agents are most familiar with zip closings in their specific locale, we feel allowing them to maintain is the most reliable resource, as carrier’s closings may change regularly.