Property Claims: Do You Suspect Neglect?By Brian Panebianco | February 21, 2013
When a home enters foreclosure, the risk of neglect increases. Some homeowners no longer see the point of maintaining properties they’re about to lose. Others simply may not be able to afford to make the necessary investments in upkeep. Those problems can result in property claims that increase your expenses and ultimately affect your other policyholders. Equip your adjusters to identify foreclosure cases quickly, and you can protect your customers.
Standard claim data doesn’t tell your adjusters about foreclosure. As a result, homeowners may be able to file claims on damage from neglect without getting caught. Since as many as 2 percent of property claims filed involve foreclosure, according to data from ISO ClaimSearch®, your exposure is significant. In fact, the U.S. property/casualty industry could have as much as $10 billion at risk, the latest tool from ISO, changes that situation. Rather than leave your adjusters in the dark, we scan the property claims you submit to ISO ClaimSearch, comparing them to a foreclosure database. We notify adjusters of matches, indicating additional evaluation may be necessary. The absence of a match could contribute to a fast-tracking framework for meritorious claims, when used in conjunction with other factors.
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