Insurance to value is a moving target
Amid inflationary pressures, severe volatility, and record peaks in material prices, reconstruction costs have taken a rollercoaster ride.
When material and labor prices used to move from 2 to 4% a year, "good enough" data and rough reconstruction cost estimates (RCEs) could suffice, but pandemic-driven disruptions have driven upwards of triple-digit jumps in some costs.
Meet evolving customer expectations while maintaining rating integrity
Your customers want full protection and quotes that don’t change before bind. You want to price accurately and competitively. The right replacement cost estimator for underwriters can help put these goals in reach.
Align insurance to value
Access current material and labor data and insights to master your risks and stay on top of volatile trends.
Estimate costs across your portfolio
Get replacement costs for luxury homes, manufactured/mobile homes, and condos along with secondary structures.
Get more prefill "hits"
Give agents and customers fast and reliable quotes with detailed prefill and analytics that deliver "hits" on more addresses.
Track the latest changes to reconstruction costs
Setting industry standards for maintaining insurance to value
Supporting insurance to value can benefit your policyholders with more appropriate premiums and total loss protection. You can tailor Verisk solutions to your portfolio with localized material and labor costs by property type.
Setting industry standards for maintaining insurance to value
Features and capabilities
Connect costs to claims
With 360Value®, your personal property replacement cost estimator can 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.
Get monthly updates
Monthly pricing updates help soften spikes amid inflationary pressures and cost peaks. Smaller changes improve alignment with market prices.
Localize your estimates
We include material and labor costs in 431 U.S. regions and add more cost components at the ZIP code level where applicable, including architect fees, permit fees, and sales tax, all of which significantly affect RCEs.
Estimate contents, too
Using the same 360Value technology and replacement costs, Verisk offers the Personal Property Calculator to estimate the value of items within the structure.
Quote efficiently with our prefill
SmartSource in 360Value gives insurers comprehensive data they can use—supplemented with modeled data for a 100% hit rate. Underwrite confidently as SmartSource uses machine learning and artificial intelligence to choose the most reliable sources.
Go further with prefill
SmartSource can outperform traditional assessor data with nationwide, multisource public and proprietary data spanning more than 124 million residential properties. See up to 68 characteristics, plus confidence scores for 15 key items and the overall property.
Related resources
Stay in the know about important industry trends and innovative solutions.
Report
Verisk Reconstruction Cost Analysis
White paper
Striving for ITV alignment
White paper
Aligning Replacement Cost Estimates and Claims
White paper
The Life Cycle of a Property
Infographic
How 360Value works
360Value is the only solution that provides replacement cost estimates tied directly to claim experience.
Infographic
Changes in action
Looking at key timestamps, Verisk examined actual reconstruction costs and percentage change of reconstruction costs for a handful of property characteristics.
Infographic
360Value for Personal Property
How reliable are your personal property replacement cost estimates? Explore key differentiators that set 360Value apart.
Article
Reconstruction costs vs. market value: the hidden coverage crisis
Article
How insurtech can better determine sufficient contents coverage
Article
The claims connection: A key consideration for ITV alignment
Webinar
ITV for Today’s Property Market: Tracking the Trends and the Details
Article
Reliable prefill data helps boost homeowners underwriting confidently
Do more with the Verisk ecosystem
Get granular with property risk to refine your underwriting.
Replacement cost estimates for commercial property
Keep property owners better protected with reliable, component-based, claims-driven replacement cost estimates.
Property condition
Know the health and age of a structure’s major systems to support accurate risk assessment.
High-resolution aerial imagery
Uncover risks and bring application data to life with high-resolution aerial imagery.
Address-level risk data and information
Get risk-specific, address-level information for every property in your book of business.
Property change events
Tap the profit potential in renewals with timely data that overlays property and homeowner changes.
Contact us to learn more
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