360Value® Is Compliant with New California Residential Replacement-Valuation Regulations
Orem, UT (PRWEB) May 19, 2011
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.