What billing options are available?
Direct Bill Monthly- The insured provides a credit card or ACH account to be charged for the first month on binding, then on the same day each subsequent month.
Direct Bill with Agency Down- You, the agent, pay the first month when coverage is bound using your payment method on file with REInsurePro, then bill the insured. At the time of binding, the insured will provide a credit card or ACH account to be charged each subsequent month on the same day the coverage was bound.
Paid in Full Insured Pay- The insured provides a credit card or ACH account to be charged for the first 12 months of coverage. This charge will be held in an account and the monthly premium will be applied each month based on the current month’s charges. When these funds are depleted (or at the time of that location’s anniversary in the Program), the insured’s payment method will be charged for the next 12 months in full.
Paid in Full Agency Pay- You, the agent, pay for the first 12 months of coverage using the payment method on file with REInsurePro, then bill the insured. This charge will be held in an account and the monthly premium will be applied each month based on the current month’s charges. When these funds are depleted (or at the time of that location’s anniversary in the Program), the agents payment method will be charged for the next 12 months in full.
Escrow Billed- In order to bind coverage, the first month’s cost (including monthly premium, account set up, and other applicable taxes and fees) will be drafted from you, the agent’s, payment method on file (or a client’s backup payment method), and an invoice will be issued to the lender. Once payment from the lender is received and applied, the first month’s cost will be refunded to the agent or client payment method.
A backup payment method should be on file for the client in the event that funds are depleted prior to receiving the next escrow payment or the payment is not received in time, and the location is in danger of cancellation for non-payment of premium.
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 insureds 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 pre-paid 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?
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, we do not prorate. Regardless of the number of days coverage was actually “used”, the full premium amount for that month is due.
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.
*For accounts that are set up to pay annually, the difference in cost for the remainder of the property term would be drafted from the payment method on file on the next autopay date.
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.
