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.
In a time of shifting percentages, growing inflationary pressures, and record-breaking peaks in material composites, reconstruction cost prices have taken a rollercoaster ride.
From underwriting to policy renewal, 360Value generates reliable replacement cost estimates for properties you insure. We account for the costs to fully reconstruct a property—down to the screws and nails.
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more than 20 years, fueled by a strong connection to claims-based data, Verisk recommends five strategies to help avoid outdated valuations that could leave insurers and their customers vulnerable in the event of a total loss.
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.
Discovering property change events helps insurers obtain a clearer view of their portfolio to help focus on profitability, maintain underwriting standards, focus on new business growth, and help homeowners protect their investments with adequate coverage.
From device-agnostic quoting to back-end processes in policy management and underwriting systems, 360Value integration options can deliver reconstruction cost estimates tailored to your business and IT needs.
Examine recent activity, trends, and data-driven tools that can help measure and mitigate risk surrounding destructive categories of hazards.Download now
The aftermath of the Marshall Fire in Boulder County, Colorado, highlights the importance of complementary datasets. Insurers can gain a comprehensive view of property risk, from all angles.
Use a multisource property prefill database that analyzes diverse data sources to identify the most reliable information per characteristic.
Leverage pre-built integrations with multiple policy administration systems. Partnerships and accelerators can help support easy and seamless workflows.
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
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