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.
360Value® uses the building cost information in our claims loss estimation system, Xactimate®, providing highly reliable replacement cost estimates supported by recent claims loss experience.
Calculating replacement costs with monthly data means prices are more likely to reflect current market realities. Frequent pricing updates can flatten the curve of potential spikes, resulting in fewer surprises for carriers quoting policies and property owners applying for insurance.
For property underwriters, it can seem like the whole world is a moving target. 360Value is one of the only valuation tools using reconstruction costs based on over 20 years of actual insurance claims data, current and localized for the properties you want.
Reconstruction costs can change over time, and at different rates by geography, down to a very localized level. Each quarter, Verisk’s reconstruction cost data reports provide reconstruction cost trends at the national and state levels.
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more than 20 years, fueled by a strong connection to claims-based data, Verisk recommends five strategies to help avoid outdated valuations that could leave insurers and their customers vulnerable in the event of a total loss.
As wildfires grow in frequency and severity, so does the value of data ecosystems to deliver a comprehensive view of property risk, from address-level exposure to granular, up-to-date reconstruction cost estimates.
Data demands to support underwriting are growing and increasingly hard to manage. 360Value can give you easy access to trustworthy property and hazard information on insured risks.
Hail is affecting more properties over a wider area than the traditional “hail alley.” As a roof’s condition declines, replacement is often the next step. The cost can change significantly over time, based on local material and labor costs.
Watch the on-demand webinars to learn about the latest advances in our reconstruction data:
Despite mitigation measures, natural hazards may still cause damage, and insurers need actionable data to guide underwriting and pricing.Read the article
From estimating to calculating: Predictive modeling and machine learning remove the guesswork from evaluations.Read the article
Total reconstruction costs, including materials and labor, increased 3.1% from April 2022 to 2023. Costs continue to slow down and steady.Read the article
Get more reliable, component-based replacement cost estimates that account for virtually all material and labor required to rebuild with 360Value for commercial lines.
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