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A Model to Evaluate the Rebuilding Costs of Dwellings

Author

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  • Corlier, Freddy
  • Ingenbleek, Jean-François
  • Lemaire, Jean

Abstract

Under-insurance is one of the scourges of homeowner insurance: when it is established after a claim that the rebuilding cost of a dwelling has been underestimated by the policyholder, the proportional rule applies in the sense that the indemnity is reduced in proportion of the under-insurance. To avoid this dramatic problem, prejudicial to all parties concerned, a Belgian company has in 1983 marketed a model to evaluate rebuilding costs: if the policyholder fills in correctly a two-page form, the company forgoes the application of the proportional rule. The construction of this model is explained; then, it is shown how a statistical study sponsored by the Professional Union of Insurance Companies allowed the model to improve.

Suggested Citation

  • Corlier, Freddy & Ingenbleek, Jean-François & Lemaire, Jean, 1986. "A Model to Evaluate the Rebuilding Costs of Dwellings," ASTIN Bulletin, Cambridge University Press, vol. 16(1), pages 45-62, April.
    • Handle: RePEc:cup:astinb:v:16:y:1986:i:01:p:45-62_00
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