Ensuring adequate insurance-to-value has grown more important to insurers and homeowners alike as the 2006 hurricane season begins, due to the tremendous growth of condominiums in the United States, especially in the hurricane-prone coastal areas of Florida.

ISO HomeValue, a residential property replacement cost estimator developed by ISO subsidiary AIR Worldwide, has expanded its valuation capabilities to include replacement cost estimates for individual condominium units. Its web-based interface streamlines the replacement cost estimation process and strengthens the insurer-agency relationship. It also can be integrated with in-house and third-party applications, as well as with data sources from ISO.

“In the Miami/Ft. Lauderdale area, for example, more than 50,000 condominium units were built or converted between 1995 and 2002, and over the next 10 years 35,000 more are planned for downtown Miami alone,” said George Davis, vice president at AIR Worldwide. “In Florida, many condominiums are in high-rise buildings located near the water, so they are more likely to experience hurricane force winds than low-rise inland properties. Features such as balconies, large plate glass windows, and sliding glass doors make condominiums particularly vulnerable, as interior features and finishes will suffer significant damage if the glass is breached.”

The program also enables insurers to estimate replacement costs for individual condominium units. It calculates those costs with the ability to include only the relevant structural components of the building. Hundreds of details about each unit are able to be incorporated in the estimate, including total living area, interior wall finishes, built-in components, and other details that can impact the replacement cost.

More information is available at www.air-worldwide.com

Special Reports /

ISO Updates Condo Replacement Cost Estimates

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