Validating roof age is difficult and expensive. The roof age question has led to compromises, such as estimating roof age based on year of construction, an inspector’s visual estimate, or inaccurate information provided by a homeowner. Failing to accurately account for roof age in coverage and premium decisions can hurt profitability and lead to adverse selection—where an insurer underprices policies on homes with older roofs while competitors make more informed decisions. To address this dilemma, Verisk – insurance solutions and BuildFax have partnered to deliver Roof Age, a powerful roof-age estimating tool that helps you assign price to risk more accurately with superior predictive analytics.
BuildFax is the leading source for building permit data, with a roof permit database covering more than 10 million homes. The company excels at collecting and cleaning data from thousands of jurisdictions and continues to add new roof permit records to the Roof Age database
Verisk has committed a team of data scientists with extensive industry experience to build and continually update a roof age model that complements BuildFax’s roof intelligence with more accurate estimates. The model begins with BuildFax permit data as the foundation and adds layers of diverse proprietary data assets from weather, claims, property, and occupant characteristics to improve its predictive power.
With Verisk's Roof Age, there’s nationwide address-level coverage and no need to compromise on the accuracy of your roof age data.