360Value for Personal Property
Meet evolving customer expectations, while maintaining rating integrity
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.
Get reliable replacement costs for every property in your portfolio
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.
The component-based approach is:
Replacement cost estimates grounded in actual claims experience
Replacement cost estimates grounded in actual claims experience
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
Explore monthly building cost changes
Explore monthly building cost changes
Offering monthly pricing updates to help soften spikes amid inflationary pressures and cost peaks. Smaller changes mean greater alignment/protection with market prices
Pinpoint localized replacement cost estimates
Pinpoint localized replacement cost estimates
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.
Track the latest changes to reconstruction costs
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.
Estimate replacement costs for diverse structure types
Capture luxury home reconstruction costs to the last custom detail
Deep data resources on labor and materials costs – integrated into underwriting workflows – are critical when reconstruction calls for high-end materials and specialized skills.
Get a more complete picture of a manufactured/ mobile home
Make, model, age, location, and additional attached or detached structures can quickly complicate the calculation.
Condominium valuations from a leader in replacement cost estimates
Insuring condominium units with only lender requirements or square footage can pose a challenge for replacement cost estimation.
Five strategies for better replacement cost estimates
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.
Estimating Personal Property contents
Estimating Personal Property contents
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.
Respond to a growing peril threat with current replacement data
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.
Prefill data to accelerate personal property underwriting
Prefill data to accelerate personal property underwriting
Use a multisource property prefill database that analyzes diverse data sources to identify the most reliable information per characteristic.
Uncover property changes and hidden risks to support insurance to value
A greater understanding of risk – or the lifecycle of a property – in an insurer’s book is crucial to help guide profitable growth.
What our customers are saying
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.
Additional insights
Exploring a future look at reconstruction cost trends
To help insurers navigate the increasing complexity in the market, Verisk has developed the Market Expectations Index for 360Value.
Read the article
Maintain ITV in a volatile market with property-level insights
Insurers must explore changes affecting their risk portfolio and leverage component- and property-level insights to help them maintain ITV.
Read the article
Smarter and faster: Prefill data to help accelerate workflows
Current and curated data about a structure’s age, square footage, and use are the backbone of reliable reconstruction cost estimates (RCEs).
Read the article