Replacement costs fluctuate for properties you insure when homeowners make improvements and building material prices rise and fall. Reliable replacement cost estimates are essential to protect customers. With 360Value you get true component-based replacement cost estimates based on actual claims information.
Do your replacement cost estimates accurately reflect real-world prices for labor and materials? With 360Value they can. 360Value reconstruction cost estimates are compiled through extensive research, direct data feeds, claims analyses, and communication with 92,000 claims and building contractors.
Reconstruction costs have increased significantly during the pandemic, with the price of some materials, like lumber, rising persistently with growing demand. Watch this on demand webinar to learn how to improve your underwriting and provide customers with the right amount of coverage by using replacement-cost estimates based on actual claims data.
What parts of your homeowners book do you target for recalculating replacement costs to contain premium leakage and keep your customers at the right coverage level? A focus on properties’ quality grade and certain characteristics may point to the best return on your investment in maintaining insurance-to-value (ITV). Read our new white paper to learn more.
A fast and accurate quote is essential for effective customer service. This starts with the instantaneous prefill of detailed and reliable property information. 360Value provides high-quality, detailed prefill for properties, including multiple proprietary data sources not available elsewhere.
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/province levels for the U.S. and Canada.
Insuring condominium units can be an underwriting challenge when you only have lender requirements or square footage to guide replacement cost estimates.
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.
For the 360Value client services team, client service isn’t just responding to client questions, it’s ensuring clients are satisfied and getting the most value possible from 360Value. We take a broad view of client service and we do everything we can to make things easier for you and your team.
Property insurance prefill gets easier with 19 million more addresses added to SmartSource® in 360Value®, Verisk’s replacement cost estimate tool.Read article
Property insurance underwriters relying on up-to-date cost data to cope with higher reconstruction estimates amid lumber's price volatility.Read article
People spending more time at home seemed to ultimately help many insurers, as loss frequency declined in 2020 year over year across several categories.Read article