Catastrophe risk modeller CoreLogic has released its updated RCT Express reconstruction estimating and risk assessment solution, which now provides re/insurers with the ability to provide valuations for large tract homes (LTH).
CoreLogic says that the available update provides users with more powerful coverage adequacy tools, which ultimately enables insurers to better assess and price LTH policies.
Within the new solution, the risk modeller is able to identify granular traits of LTH structures. According to CoreLogic, differences between LTHs and high value homes include: Location and design; materials, construction protocol; and soft costs.
“The rising popularity of large tract homes has created new challenges for insurers, who have historically struggled to distinguish these structures from high value homes that have more custom attributes. Because of the size of these LTHs, many LTH homeowners policies have valuations more suitable for a custom home.
“With our latest RCT Express release, CoreLogic is making it possible for insurers to bring new levels of accuracy to their clients’ home property insurance policies, helping insurers continue to build trust and confidence with policyholders,” said Benjamin Abbott, product manager for CoreLogic Insurance Solutions group.