Glossary

Statement of values

A schedule listing each insured location with its building, contents and income values and construction details, used to rate and model a property program.

Also called: SOV, schedule of values, schedule of locations, property schedule

A statement of values (SOV) is the spreadsheet at the center of a multi-location property submission. For every location it lists the address, building value, contents, stock and equipment, and business income values, plus the details underwriters call COPE: construction, occupancy, protection and exposure. Year built, stories, square footage, roof type and sprinkler status all matter. Underwriters rate from it, and the catastrophe model runs on it.

The SOV also supports policy terms. A blanket limit usually depends on an SOV on file, and a margin clause (ISO CP 12 32) caps what is paid on any one building at a stated percentage of the value shown there. If the values are low, the premium looks cheap until the coinsurance penalty or the margin clause trims a claim.

Stale values are the usual failure. The Turner Building Cost Index rose 8.0% in 2022 and 4.1% in 2025 (Turner Construction), so a figure carried forward for three years can fall well short of today's rebuilding cost. Errors in address or occupancy distort cat-model output as well. Update the SOV at each renewal from a current appraisal or cost estimator, and keep a signed copy. The guide on the statement of values: what property underwriters need walks through the columns underwriters expect.

Last reviewed October 10, 2026

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Related terms

Insurance to value Carrying a property limit that matches the full value of what you insure, so a loss is paid in full and no coinsurance penalty applies. Coinsurance A property policy condition requiring you to insure to a set percentage of value, or share the loss. (Health plans use the word for a cost share.) Blanket limit A single property limit applied across several buildings, locations or types of property, so the insurer pays a loss at any one up to the total. Replacement cost A valuation basis that pays the cost to repair or replace damaged property with like kind and quality, without deducting for depreciation. Catastrophe model Software that simulates thousands of hurricanes, earthquakes and other disasters against a portfolio of locations to estimate insured losses and odds.

Related guides

Aerial imagery and drones in property underwriting How insurers use aerial imagery and drones to underwrite commercial property, what images miss, state limits on imagery-based nonrenewals, and how to respond. Agreed value, blanket limits and margin clauses How agreed value suspends coinsurance, how a blanket limit spreads one limit across locations, and how a margin clause caps the payment at each building. The annual business insurance review: what to update What to check each year, from property values and payroll to contract limits, cyber controls and new forms, and which changes should trigger an earlier review. The statement of values: what property underwriters need How to build a statement of values underwriters trust: the fields, ISO construction classes, replacement cost basis, and how errors in it surface in a claim. Business insurance renewal: a 90-day checklist A dated, step-by-step plan for the 120 days before your commercial policies expire, with what to gather, what to ask and what 2026 market data says to expect. Catastrophe models: how insurers price hurricanes, quakes and fires How catastrophe models turn simulated storms and quakes into loss estimates, why your building data moves your premium, and where models fall short.

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