Five strategies for better replacement cost estimates
Like the structures they cover, property insurance policies, in general, tend to be strongest when built on a solid foundation, and a key component is the initial reconstruction cost estimate (RCE). Done properly, it can help support dependable insurance-to-value (ITV), which can inform suitable policy limits and reliable quoting. That can be good for insurers and policyholders.
As a leader in replacement cost estimation for more than 20 years, fueled by a strong connection to claims-based data, Verisk recommends five strategies to help avoid outdated valuations that could leave insurers and their customers vulnerable in the event of a total loss.
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Ensuring insurance to value (ITV)—from new business to renewal—is good for you and your policyholders: They’re better protected in the event of a total loss, and you collect premiums appropriate to the risk.