JERSEY CITY, N.J., August 13, 2015 — Verisk Insurance Solutions has introduced new rating tools and coverage options through its ISO business to help insurers address one of the biggest challenges in homeowners insurance today: the quality and age of roof materials. Verisk Insurance Solutions is a Verisk Analytics (Nasdaq:VRSK) business.
The newly developed rating factors will assist insurers in pricing policies based on the age and type of roof material without changing the current replacement cost coverage provided for roofs under the base policies. The new coverage options include endorsements that can provide premium savings for policyholders while effectively managing the roof loss exposure for insurers.
“The wide range of roof ages and materials and the damage caused by hail and windstorms have created major issues for homeowners insurers’ concerning their underwriting, rating, and claims settlement procedures,” said Jeff De Turris, vice president of Coverage Products and Operations at ISO Insurance Programs and Analytic Services. “These new tools will help insurers underwrite and rate homeowners roof exposures with greater precision while providing increased transparency to policyholders regarding settlement of roof losses.”
“The new rating tools are the result of significant research and analysis designed to enhance underwriting for a wide range of roof exposures,” said Robert Curry, actuarial product director of Personal Property at ISO Insurance Programs and Analytic Services. “But they’re also easy for insurers to incorporate into existing homeowners programs.”
The new endorsements activate premium credits and limit loss settlements which may be triggered by coverage limitations: one when roof damage is caused by windstorm or hail and the other when the roof damage is cosmetic in nature.
Insurers participating in ISO’s Homeowners Policy program can access the optional endorsements here or by calling Customer Support at 1-800-888-4476.
About Verisk Insurance Solutions
A Verisk Analytics (Nasdaq:VRSK) business, Verisk Insurance Solutions is a leading source of information about property/casualty insurance risk. Drawing upon vast experience in data management, security, and predictive modeling to serve its clients, Verisk Insurance Solutions includes the industry-leading brands of ISO, AIR Worldwide, and Xactware. In the United States and around the world, Verisk Insurance Solutions helps customers protect people, property, and financial assets. For more information, visit www.verisk.com/insurance.