Reconstruction costs can change over time, and at different rates by geography, down to a very localized level. These cost changes can have a direct impact on the cost to rebuild a property. It’s important for insurers to track these changes and update replacement costs when necessary to ensure their policyholders are adequately covered.
To better understand these changes over a long period of time, Verisk’s data stewards leveraged Xactware’s reconstruction cost data to gain greater insight into trends that influenced reconstruction cost activity during the 2012-2016 U.S. housing recovery. Their findings were published by Visualize in an in-depth, series of articles.
Read the entire Reconstruction Cost series written by Verisk’s Scott Amussen
Scott Amussen is vice president of property products for Verisk Insurance Solutions–Underwriting. He was an assistant vice president for Xactware's 360Value. He can be contacted at firstname.lastname@example.org
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