Florida's market and regulatory forces are changing the profile of roof exposure for many homeowners insurers. Powerful data and analytics can help maintain a clear picture.
More than 35% of Florida homes have 5 or less years of remaining useful roof life.
22% of Florida roofs are in seriously deficient condition, compared with 1% nationally, due to extremes of heat, humidity, tropical storms, and UV rays.
Florida has a higher percentage of hip roofs, 43%, compared with 28% nationwide. These roofs perform better in hurricanes or tropical storms.
Insurers may be wise to consider carefully how well equipped they are to manage their Florida homeowners exposure. Verisk stands ready to help evaluate these portfolios using multiple sources and types of data and analytics.
The growth of imagery analytics as a property underwriting tool accelerated through the pandemic is changing the future of risk assessment. These innovations give insurers new data and scalable technology to capture critical underwriting elements, including roof risk.
Combining artificial intelligence and machine learning with leading data and analytics, Verisk provides key roof information for every property you insure.
Verisk provides the cutting-edge, InsurTech solutions we need to maintain our policyholder-first mentality as we aim to set the new standard in home protection in an increasingly complex and challenging market.
- Chief Executive Officer at a Florida homeowners insurer
Florida’s statutory environment surrounding coverage for roofs may demand more robust data to clarify risk amid increasing complexity.Read the article
Homeowners insurers and their customers in Florida are navigating a turbulent market, and roof coverage figures prominently in the turmoil.Read the article
Staying on top of roof risk is important for more informed underwriting and rating. Now you can harness robust data to help uncover key roof information and stay competitive in the Florida market.
Validating roof age is a long-standing challenge. Verisk combines permit insights, assessor records, and an array of other data elements to help more accurately assess the age of a structure’s roof.
A roof's condition can become a blind spot for insurers, with unidentified risk exposures leading to unexpected claims. Advanced analytics can get you “up on the roof” and in a better position to make informed decisions.
The quality and age of roof can have a significant effect on underwriting and rating policies. Coverage options and rating factors that address these data points may reduce your loss exposure.
The costs of repairing a roof can change significantly over time, based on local material and labor costs. Updated roof replacement cost estimates can help identify the costliest roofs to replace.
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