While it is impractical and costly to inspect a property at each renewal, insurers need to be able to effectively identify the properties that may require additional attention. They can then target those properties for on-site inspections to produce accurate, detailed inspection reports and replacement cost estimates for the structures.

Each carrier may have their own areas of concern. For instance, properties in particular geographic areas may be seen as especially risky if they are located next to the coast or in an area that is known for experiencing a high level of extreme weather. On the other hand, some properties have unique features that can affect replacement costs. Older homes, particularly those built before 1947, are often more expensive to replace, as they may include vintage materials that are no longer commonly used in residential construction.

Effective renewal management might highlight areas where materials and labor costs have risen more quickly than general inflation trends, helps avoid underinsurance, provides premium adequacy, and improves the relationship and satisfaction among the insured, agent and carrier.

With e2Value, valuations can be recalculated at renewal and, because all of our customers’ data is accessible through our Smart Data Warehouse, replacement costs for single structures, regions or a carrier’s entire book can be updated at any time.

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