TWIA uses an industry-standard tool, commonly called MSB (short for Marshall Swift/Boeckh), to calculate replacement cost estimates in both the Old and New Agent Portals. Although the tool is the same, the estimating process is slightly different depending on which portal you are using. Notably, in the New Agent Portal, the estimator tool seamlessly pre-fills property location details on your behalf.
When calculating replacement cost estimates in the New Agent Portal, please be aware that:
- Confirming you entered the correct address, in USPS format, will save you time. To pre-fill property location details, the system runs the address against the estimator tool’s data as soon as you complete the Property Details screen. If the estimator tool can’t find it, you’ll have to enter the information yourself.
- Upon renewal, you will need to manually enter any previously customized estimates. The replacement cost estimator in the New Agent Portal will not import any estimates or customizations from the Old Agent Portal. However, once you complete an estimate in the New Agent Portal, it will be saved for future updates to that account.
- Replacement cost estimates may be higher due to increasing construction costs. The estimator tool updates building materials and labor costs quarterly. If it’s been a while since you created a replacement cost estimate for a policy, you may see a substantial increase when you calculate a new one.
- The Policy Number field cannot be edited now. Until recently, edits to the Policy Number field were causing issues for agents working in the New Agent Portal.
About Replacement Cost Estimates
While they are not required every year, replacement cost estimates are an essential part of the application process. The replacement cost estimate is the basis for the insurance-to-value calculation, which determines whether the policyholder has adequate limits for replacement cost coverage.
Old Agent Portal:
- Go to the replacement cost estimator tool
- Log in
- Enter the property location address
- Change the estimate number
- Save and manually import the replacement cost estimate
New Agent Portal:
- Enter the property location address in the New Agent Portal
- The system connects to the replacement cost estimator tool and automatically:
- Imports and pre-fills construction details into the Construction section of the portal
- Returns a valuation estimate in the Quote section of the portal
- Updates the valuation with the TWIA policy number when a policy is issued
If you need to update an estimate, click the Launch MSB button in the Construction section of the New Agent Portal, enter the details, click Calculate, Finish, and then Save. Back in the New Agent Portal, click Refresh Valuation and the data will appear on the screen.
This job aid shows how to verify or update property details when calculating replacement cost estimates in the New Agent Portal. It and others are available in the Agent Training Center.
You may also contact our Policy Services team at email@example.com or (800) 788-8247.