Ensuring adequate insurance-to-value has grown more important toinsurers 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 estimatordeveloped by ISO subsidiary AIR Worldwide, has expanded itsvaluation capabilities to include replacement cost estimates forindividual condominium units. Its web-based interface streamlinesthe replacement cost estimation process and strengthens theinsurer-agency relationship. It also can be integrated within-house and third-party applications, as well as with data sourcesfrom ISO.

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

The program also enables insurers to estimate replacement costsfor individual condominium units. It calculates those costs withthe ability to include only the relevant structural components ofthe building. Hundreds of details about each unit are able to beincorporated in the estimate, including total living area, interiorwall finishes, built-in components, and other details that canimpact the replacement cost.

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