The story of a home is often dynamic; there are fixed elements, like location or structure. However, as the years pass, there are many other attributes, like changes in condition and ownership, or renovations and maintenance, that can cause the story to evolve. Just as you can’t judge a book by its cover, you can’t underwrite a property without a thorough understanding of its history – the property’s changes over time, how those changes impact insurance to value, and the hidden ownership risks that may lead to costly claims over time.
A greater understanding of risk – or the lifecycle of a property – in an insurer’s book is crucial to help guide profitable growth. Identifying these change events can help insurers prioritize the factors they wish to flag in their renewal books.
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