Current and curated data about a structure’s age, square footage, and use are the backbone of reliable reconstruction cost estimates (RCEs).
Total reconstruction costs increased 4.3% from July 2022 to July 2023. This uptick follows the 3.1% increase from April 2022 to April 2023.
Despite mitigation measures, natural hazards may still cause damage, and insurers need actionable data to guide underwriting and pricing.
Total reconstruction costs, including materials and labor, increased 3.1% from April 2022 to 2023. Costs continue to slow down and steady.
The truest test of an ITV solution is how it performs with actual losses, which can yield critical data to validate and calibrate RCEs.
Total reconstruction costs, including materials and labor, increased 6.8% from January 2022 to January 2023, a drop from the last quarter.
Verisk data shows the cost to rebuild a property is still more than 11 percent higher, on average, than it was pre-pandemic.
Total reconstruction costs, including materials and retail labor, increased by 9.3% from October 2021 to October 2022.
Enhance ITV at bind and renewal with 360Value for Commercial Property, which includes monthly price updates based on localized claims.
Verisk's 360Value Quarterly Reconstruction Cost Analysis shows materials and labor prices rose 3 percent from July 2021 to July 2022.
Property insurers can move to simplify quoting workflows in a digital-first strategy with fast, reliable reconstruction cost estimates.
Verisk's 360Value® Quarterly Reconstruction Cost Analysis shows materials and labor prices rose 13.5 percent from April 2021 to April 2022
Enhance ITV with 360Value for Commercial Property, which includes monthly price updates and an a pioneering method for estimating contents.
Total U.S. reconstruction costs, including materials and retail labor, rose 7.2 percent in the year-over-year period ending January 2022.
The latest 360Value® Reconstruction Cost Analysis shows that lumber price volatility is slowing the overall pace of growth.
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