Underwriting and Rating

360Value for Personal Property

Homeowners make improvements and material and labor costs fluctuate, so it takes reliable prefill and replacement cost data to maintain insurance to value (ITV) for you and your customers over the life of a policy.

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.

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.

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Donny Kaneshiro

Mountain West

Vice President of Operations and Underwriting

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.

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David Howard

VYRD

Chief Executive Officer

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.

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Ty Harris

Openly

Chief Executive Officer and Co-founder

Track the latest changes to reconstruction costs

Reconstruction costs can change at different rates across time and geography—and can be very localized. Each quarter, Verisk reports reconstruction cost data and trends at the national and state levels.

Download the report

Track the latest changes to reconstruction costs

Claim Inspector Performing Damage Survey

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.

Leverage pre-built integrations with multiple policy administration systems. Partnerships and accelerators can help support easy and seamless workflows.

Learn about our alliances

Related resources

Stay in the know about important industry trends and innovative solutions.

Track The Latest Changes To Reconstruction Costs

Report

Verisk Reconstruction Cost Analysis

Download the report for an indication of how 360Value replacement cost estimates may change at the national and state levels for the current quarter.

Download the report

White paper

Striving for ITV alignment

Verisk recommends five strategies to help avoid outdated valuations that could leave insurers and their customers vulnerable in the event of a total loss.

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White paper

Aligning Replacement Cost Estimates and Claims

This report documents the results from our ongoing comparison of replacement cost valuations to total loss claim estimates using a multistep process.

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White paper

The Life Cycle of a Property

A greater understanding of risk – or the lifecycle of a property – in an insurer’s book is crucial to help guide profitable growth.

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Infographic

How 360Value works

360Value is the only solution that provides replacement cost estimates tied directly to claim experience.

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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.

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Infographic

360Value for Personal Property

How reliable are your personal property replacement cost estimates? Explore key differentiators that set 360Value apart.

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Article

Reconstruction costs vs. market value: the hidden coverage crisis

Market value and reconstruction cost estimates are unique measures subject to different forces; only RCEs should be used for coverage.

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Article

How insurtech can better determine sufficient contents coverage

From estimating to calculating: Predictive modeling and machine learning remove the guesswork from evaluations.

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Article

The claims connection: A key consideration for ITV alignment

The truest test of an ITV solution is how it performs with actual losses, which can yield critical data to validate and calibrate RCEs.

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Webinar

ITV for Today’s Property Market: Tracking the Trends and the Details

In this session, we’ll examine how detailed reconstruction cost and permit data together can capture market forces and property changes for more current ITV calculations.

View the webinar on demand