Property insurers experience $1.31 billion in annual premium leakage due to underestimated roof age. More than a quarter of roofs are misclassified as younger than 15 years old. The reality? Some 75 million U.S. properties have roofs near the end of their useful life.
Near-real-time permit data can help close the information gap and empower you to improve profitability and make confident decisions regarding risk—at scale.
Roof age closely correlates with loss frequency and severity from wind and hailstorms, property insurers' highest loss costs, but traditional data sources are challenging and prone to underestimating ages. Avoid coverage and premium decisions based on unreliable estimates that can hurt profitability and lead to adverse selection.