Workers' Compensation Insurance

Class Code 8721

Real Estate Appraisal Company - Outside

Author Information

Martin Summers

Insurance Agent

Class code 8721 is used for outside employees that work for a real estate appraisal company. Firms qualifying for this classification will have their primary business in determining the market value of real estate, by way of an appraiser gathering data relative to the property. This is generally done by observing the property and comparing it to other properties. While much of the work performed by employees under class code 8721 will be done in an office setting, visiting property locations will also be required on a regular basis. Also included within this classification are employees that work as outside salespeople or collectors of real estate agencies.

Exclusions to this classification include anyone who performs physical in-depth or hazardous inspections of any property. This would include such things as inspecting boilers, electrical systems, roofs, furnaces, attic crawl spaces, or sub-basements.

Florida Rates for Class Code 8721

2014 Rate: $0.33
2013 Rate: $0.40

Each workers' compensation class code in Florida has a unique rate assigned to it based on the likelihood of workplace injuries for the group of employees throughout the state that are assigned to that class code. Click this link for more information about the ratemaking process. The rates used in Florida workers comp insurance were increased in 2014 by an average of 6.1% by the Florida Office of Insurance Regulation.

For class code 8721, this rate change resulted in a 21.2% decrease from 2013 to 2014. The 2014 rate for this classification is 0.33 dollars for every 100 dollars of remuneration. With the decrease in rates this year, the 2014 rate is 71.2% below the 2003 rate of 1.39 dollars.

Despite the manual rates being set by the Florida government for workers comp class codes, there are still ways that employers can lower their overall workers compensation costs and total premium. Our insurance agents would like the opportunity to discuss these premium discounts and other cost savings measures with your business. Contact us today to receive competitive quotes for your business.

Other Related Class Codes

  • 8720 for inspection of risks for insurance or valuation purposes, NOC

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