Verisk combines permit insights, assessor records, and an array of other data elements to assess the age of a structure’s roof using our deep industry experience and advanced data science.
Validating roof age is a long-standing challenge for homeowners insurers, with inaccuracies costing them $1.14 billion in premium annually.* In our recent webinar, we explored the challenges of roof assessment and how Verisk’s roof solutions can enable insurers to accelerate underwriting and more accurately assess risk.
*Source: Claims Journal: A National Loss Study, The Billion Dollar Impact of Underestimated Roof Age
The average life expectancy of the most common roof cover is about 20 years.* So, for homes aged 20 to 25 years, the roof age most likely matches the home’s age. But that may not be so for older homes. Roof age data from Verisk can help end reliance on the common source for such information—your insured’s best guess or the latest visual inspection.
*Source: National Association of Home Builders
Refine risk selection and segmentation, accelerate quote to bind, prioritize use of inspection resources, improve renewal strategy, and fine-tune catastrophe model outputs.