Property Insurance Agent Pre-licensing
The Property Insurance Agent Opportunity
Property Insurance Agent Job Overview
A property insurance agent (or producer) works with people to help them protect real estate and personal property they own from loss or damage. Because liability issues often arise from the ownership of real estate, and liability issues are covered through Casualty insurance, Property insurance producers are usually also licensed to sell casualty insurance, and some states include the two as one license.
The purpose of insurance is to get the insured back to the same economic situation he/she was in before a (property) loss occurred. Property insurance producers must therefore work to determine the cost necessary to replace the value of property that might be lost or damaged by fire, lightning, wind storm, theft, or similar perils, so that the insurance company will be able to pay for possible damages. It is important for the producer to determine, for instance, what it would cost to rebuild a building that might be totally destroyed, but to also take other economic factors such as what the building would be able to sell for, so that the building is insured for repair, but not if the repairs would be more than what the building is actually worth.
Aside from buildings, property insurance agents also cover property such as furniture, clothing, and other personal property, but not motor vehicles, which are covered under the authority of a casualty insurance license. Many times property insurance policies have set amounts of coverage that cover a variety of property. As an example, a homeowner policy may have one amount that protects the building as the primary coverages, and the other personal property may be covered up to 50% - 75% of the value of the building, and supplemental buildings such as garages might have 10% of the house amount of coverage.
The licensed property insurance producer must know the right questions to ask to ascertain extra amounts the insured might need because of special hobbies, collections, or other interests. As an example, for one insured, the set amount of $2,500 might be plenty to cover owned jewelry, but another person may hay have more jewelry or even one item of jewelry that requires an appraisal and special coverage amounts. A licensed insurance producer that does not ask the right questions and does not insure a customer's property correctly could put the insured in a tenuous position if the property is not insured properly.
Individuals considering becoming licensed to provide insurance should look into one of our many insurance licensing courses.
Get Continuing Education:
Related Insurance Agent Pages
- Health Prelicensing Materials for the Health Insurance License Exam
- Major Medical Insurance Health Licensing FAQ
- Indemnification/Risk/Policyowner CPMI Insurance Definitions
- Life Insurance Agents Finding a Career in Insurance
- Life Insurance Policies and Insurance Licensing Definitions
- If I am a health insurance agent, should I sell life insurance too?
- How Hard is it to Earn a Living as an Insurance Agent?
- What type of insurance agent should I be?
- Selling Life and Health vs Property and Casualty Insurance
- What Type of Insurance Is Best For Starting Out?
- Insurance Career Training, Help, and Education
- What is the Difference in Income Between Different Types of Insurance?
- What insurance company should I work for?
- What is an Independent Agent? Insurance Career FAQ
- How to Become an Insurance Agent
- CPMI Pro Courses FAQs
What Your Colleagues Are Saying
“Thanks to your program and lots of studying I passed my Life & Health exams. Tell everyone to follow the instructions & study like your company advises. It sure seems to work.”
“Your Exam Advantage questions are really good preparation…You really helped me know what I was going to be up against.”
“Using your company has been a wonderful experience. Working with Exam Advantage has been one of the least stressful parts of my entire job! Thank you!”
“I want to thank you for your tips. I did exactly as you advised with the reading of the manual, online study & breaks, and no worrying I passed the test! Thank you!”
Your program really helped me focus on the material that had been difficult for me. I passed this time! Thank you!