360Value® Is Compliant with New California Residential Replacement-Valuation Regulations
Online replacement-cost estimator provides tools to help insurers combat underinsurance
Xactware’s 360Value®, a web-based replacement-cost estimator for residential, commercial, and agricultural properties, is fully compliant with new California regulations covering replacement-cost valuations for residential properties.
The California Department of Insurance said the new rules are designed to combat underinsurance and include new training requirements for agents and new reporting requirements for valuations. Insurers are now required to provide homeowners with a detailed report that contains a breakdown of estimated expenses that would reasonably be incurred to rebuild the insured structure entirely.
“360Value is fully compliant with the new California regulations,” said Scott Amussen, Xactware’s assistant vice president of 360Value. “Giving insurers the tools they need to combat underinsurance is a top priority for Xactware. For example, 360Value enables users to proactively involve the homeowner in the development of the valuation, which is a highly effective way to prevent underinsurance.”
360Value provides an online collaboration tool that lets homeowners review, edit, and approve their home’s building characteristics and the replacement-cost estimate.
“Collaboration promotes transparency and effective communication,” Amussen said. “Homeowners can incorporate their knowledge of the property into the valuation. Direct homeowner approval gives insurers confidence that the policyholder agrees with the coverage limits.”
A property’s replacement value can fluctuate because of changes in reconstruction costs and unreported upgrades or remodels. Collaboration can help insurers can keep pace with those changes as part of an automated annual renewal process that includes homeowner approval.
Another way Xactware helps combat underinsurance is by offering insurance professionals information to educate policyholders. The company’s website provides information about monitoring reconstruction costs and maintaining a property’s insurance to value. The site also includes articles, webinars, and training on underinsurance issues and other closely related topics.
For more information about 360Value, visit www.xactware.com/solutions/property-valuations/.
Xactware Solutions (Xactware) is a Verisk Analytics company that specializes in the property insurance, remodeling, and restoration industries. Xactware’s technology tools include software estimating programs for PCs and tablet PCs, as well as powerful online systems for replacement-cost calculations, estimate tracking, and data trending in real time. For more information about Xactware’s products and services, call Xactware at 1-800-424-9228 or contact us online.