What billing options are available?

Monthly Bill

Upon binding, the account setup fee and the first month of coverage are charged to the payment method on file. Each subsequent month on the account’s autopay date, the payment method on file will be charged for that month’s coverage plus any associated fees. The autopay date is determined by the effective date of the first bound location on the account. If the effective date falls between the 1st and the 15th, the payment will run on that same day each month. If the effective date falls between the 16th and the end of the month, the payment will run on the 15th each month.  

If a rate adjustment due to requested coverage changes or carrier requirements (referred to as an endorsement) is effective prior to that month’s autopay date, the payment method on file will be charged the updated amount in the current month’s billing cycle. If the effective date of the endorsement falls after the autopay date, the difference for the current month will be evenly distributed amongst all remaining invoices for the policy period.  

Prepaid Annual Premium

Upon binding, the full 12-month premium is collected via credit card or ACH. REInsurePro holds the premium funds obtained in an account, and the monthly balance due will be withdrawn each month. If rates increase due to coverage changes or carrier requirements, the updated amount will continue to be withdrawn from the remaining prepaid funds. Once those funds are depleted, the monthly amount will be charged to the payment method on file. If your client wishes to make another annual payment, they can do so by contacting the REInsurePro Billing Department.  

Agency Billed

Agency Sweep is available for both monthly and prepaid annual billing options. If selected, your agency’s billing account is used as the payment method for client accounts. Payments are processed on the 10th of each month. The agent is then responsible for billing the insured for those costs. 

Escrow Billed

When coverage is paid through a lender, the location must be marked as “Bill To” in our system. When coverage is bound, the first month’s costs (including monthly premium, account set up, and other applicable taxes and fees) will be drafted from the backup payment method on file (this may be the agency’s or the insured’s), and an invoice will be issued to the lender for 12 months’ worth of premium. Once payment from the lender is received and applied, the first month’s cost will be refunded to the agent or client’s payment method.  

When the location is 30 days from the end of its current policy term, the lender will be invoiced again. To prevent cancellation for non-payment of premium, the insured must have a backup payment method on file in the event funds are depleted due to coverage changes/endorsement prior to receiving the next escrow payment, or the escrow payment is not received in time.

Should coverage be canceled with remaining funds on file, the original payment method will be issued a refund for unused funds.  

Some exceptions may apply. 

Is autopay required for all accounts?

Yes, autopay is required for all accounts, even those with a lender making escrow payments. This ensures that coverage will remain in place even if lender funds aren’t received promptly. If the escrow account is depleted, the insured’s payment method on file is charged so coverage remains in force. Once escrow funds are received, the money will be refunded to your client, minus the installment fee if set up as Direct Bill.  

What happens if payment fails or isn’t received?

If a payment fails or annual payment is not received by the anniversary date (or when prepaid funds are depleted), a Notice of Intent to Cancel will be issued by email directly to the client as well as you, the agent, and the lender on file. If a new payment is not applied within 10 days of the NOIC, the coverage is canceled. If payment is received within 10 days of the NOIC to bring the account current, a letter of rescission will be sent to the client, to you (the agent), and to the lender on file, and coverage will remain in force.   

When will my client receive their refund? 

Should coverage be canceled with remaining funds on file, the original payment method will be issued a refund for unused funds. Some exceptions may apply. As soon as a location has been canceled, necessitating a refund, you should promptly notify an REInsurePro billing representative. Your clients can expect reimbursement approximately 15 business days after the initiation of the refund process. 

Does REInsurePro prorate?

No, REInsurePro does not prorate to the day. Monthly premiums are charged for each calendar month in which coverage is active. Because REInsurePro’s billing operates on a monthly schedule, the policy period shown on EOI documents may require 13 monthly payments in the first year of coverage (e.g., if coverage is bound on June 15, 2026, and remains active through June 15, 2027, monthly premium will be due for June 2026 and June 2027).  

Because premiums are not prorated, coverage afforded for any day within a given calendar month will result in premium being due for that entire month (e.g., if coverage is canceled effective June 1, premium for June will be charged—if coverage is not needed in June, the cancellation effective date must be May 31).

Is it possible for my clients’ premium rates to increase mid-term?

Yes, your clients’ rates may increase at any time due to carrier requirements or other market factors. REInsurePro operates on a monthly reporting schedule. So, even though we offer annual billing options, all coverages are month-to-month. This program design is what empowers your clients to make changes to their coverage at any time. They are not locked into annual contracts or costs. When your client signs the Program Participation Agreement, they acknowledge the possibility of changes to premiums mid-term.  

REInsurePro will provide 30 days’ notice of any cost or coverage changes.

Who should I reach out to with billing questions?

If you have additional billing questions, please call the REInsurePro billing department at 816-398-4080, Ext. 4 or email Billing@REInsurePro.com.  

We ask that agents handle all client billing inquiries directly. Please do not direct clients to REInsurePro representatives. If you need assistance with a client inquiry, we ask that you contact the appropriate REInsurePro representative yourself.