Replacement costs can fluctuate for properties you insure when homeowners make improvements and building material prices rise and fall. 360Value® delivers reliable component-based, claims-driven replacement cost estimates to help keep policyholders protected.
From underwriting to policy renewal, 360Value generates reliable replacement cost estimates for properties you insure. The solution accounts for the costs to fully reconstruct a property—down to the screws and nails.
With 360Value, your replacement cost estimates can accurately reflect real-world prices for labor and materials, based on extensive research, direct data feeds, claims analyses, and communication with 92,000 claims and building contractors
Offering monthly pricing updates to help soften spikes amid inflationary pressures and cost peaks. Smaller changes mean greater alignment/protection with market prices
Verisk includes material and labor costs in 431 geographic regions in the US and several other cost components at the Zip Code level when applicable, including architect fees, permit fees, and sales tax, all of which have a significant impact on RCEs.
Reconstruction costs can change at different rates across time and location—and can be very localized. Each quarter, Verisk reports reconstruction cost data and trends at the national and state levels.
Deep data resources on labor and materials costs – integrated into underwriting workflows – are critical when reconstruction calls for high-end materials and specialized skills.
Make, model, age, location, and additional attached or detached structures can quickly complicate the calculation.
Insuring condominium units with only lender requirements or square footage can pose a challenge for replacement cost estimation.
As a leader in replacement cost estimation for more than 20 years, Verisk recommends five strategies to help avoid outdated valuations that could leave insurers and their customers vulnerable in the event of a total loss.
Policyholders may be reluctant to make a detailed list of their possessions and they often don’t have the expertise to decide how much coverage they need. Using the same 360Value technology and replacement costs, Verisk now offers the Personal Property Calculator to estimate the value of items within the structure.
Natural hazard s natural hazards 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.
Use a multisource property prefill database that analyzes diverse data sources to identify the most reliable information per characteristic.
A greater understanding of risk – or the lifecycle of a property – in an insurer’s book is crucial to help guide profitable growth.
The simplicity of 360Value saves our agents time by dependably prefilling more accurate underwriting information when evaluating a risk, whether it’s related to a home, commercial premises or agricultural property.
- Donny Kaneshiro
- Vice president of operations and underwriting at Mountain West
Verisk provides the cutting-edge, InsurTech solutions we need to maintain our policyholder-first mentality as we aim to set the new standard in home protection in an increasingly complex and challenging market.
- David Howard
- Chief executive officer of VYRD
These solutions help us build upon a solid and substantial foundation, enhancing our ability to bring tailored coverage options to homeowners across the United States.
- Ty Harris
- Chief executive officer and co-founder of Openly
Leverage pre-built integrations with multiple policy administration systems. Partnerships and accelerators can help support easy and seamless workflows.
Total reconstruction costs increased 5.1% from October 2022 to 2023. This uptick follows the 4.3% increase from July 2022 to July 2023.Read the article
To help insurers navigate the increasing complexity in the market, Verisk has developed the Market Expectations Index for 360Value.Read the article
Insurers must explore changes affecting their risk portfolio and leverage component- and property-level insights to help them maintain ITV.Read the article
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