Accurate reconstruction cost estimates (RCEs) are key to building strong property insurance policies. They support dependable insurance-to-value, which inform policy limits and reliable quoting, benefiting both insurers and policyholders.
In this episode of "Filling the Gap," Trish Hopkinson, head of 360 Value for Verisk's Underwriting Solutions, discusses how current and accurate information is critical in avoiding underinsurance gaps, which leave all parties vulnerable in the case of a total loss. You'll learn:
- The impact a volatile marketplace, including inflation and labor strains, has had on reconstruction trends;
- Why current claims data is critical when recalculating reconstruction cost estimates;
- The main challenges that arise when estimating personal property and contents; and,
- Key elements important to reliable replacement costs.
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