True Component-based Replacement Cost Estimates Based on Current Claims Analysis
360Value replacement cost estimates account for all material and labor costs needed to rebuild a particular structure, down to the screws and nails. This is true component-based property replacement estimation. The underlying building costs are derived, in part, from analysis of more than three million actual damage repair estimates for claims each year.
Comprehensive, current, and localized reconstruction cost information on labor and materials is essential for reliable, component-based replacement-cost estimates. Xactware employs a dedicated, multi-disciplinary team of construction experts and economists who conduct extensive, on-going research and validation of reconstruction cost data at a highly localized level.
In addition to analysis of actual damage repair estimates for claims, the process includes real-time feedback on reconstruction costs from tens of thousands of contractors and claims adjusters in the field and extensive material and labor cost surveys.
Xactware incorporates the reconstruction cost data into 360Value on a quarterly basis. This is the same data used by Xactimate, Xactware’s claims estimation tool used to estimate claims losses for approximately 80 percent of all claims in the United States. Leveraging the same underlying building cost data for replacement costs and claims estimates helps companies better align the front end with the back end. Visit Xactware’s Pricing Data Services to learn more about its building cost data.
360Value helps companies maintain insurance-to-value throughout the life of the policy. Replacement costs can be estimated during quoting and underwriting, updated for renewals, and recalculated periodically as part of a portfolio ITV analysis. Estimates can be calculated through the web-based user interface, web service integrations, or batch analysis.
All 360Value replacement cost estimates are based on:
- A true component-based methodology that accounts for all labor and material costs
- The industry’s most detailed and reliable building cost information
- A proven cost-modeling methodology that generates reliable estimates with minimal information
- Localization of results down to the five-digit ZIP Code level
360Value provides replacement cost estimates for the full range of insurable property: