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.
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.
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.
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.