Roof Solutions for Homeowners
A comprehensive view of roof risk
A reliable source to help verify the age, condition, and characteristics of a roof
A roof is costly and subject to relentless wear and tear—so it’s a critical property underwriting attribute. Fortunately, there’s a better way to examine risk. Verisk provides insurers with detailed information on residential roofs.
Roof claims make up around 30% of all property loss dollars1
1.5 million homes currently have critical roof conditions2
Approximately 90% of most carrier’s book of business are renewals but only roughly 10% are inspected3
Taking cover: Mastering the challenges of roof risk
The cost and structural complexity of a roof, coupled with its critical role as protection from the elements, can raise particular concerns for many property insurance underwriters. Verisk estimates U.S. roof claims exceeded $19 billion just in 2021, making up about 30 percent of all property loss dollars.
Harness robust data to help uncover key roof information
Staying on top of roof risk is important for more informed underwriting and rating. While traditional underwriting methods may be manual and inefficient, Verisk is here to provide a single, more reliable source of roof information, offering robust data for every residential exposure.
Know your true roof exposure
Combining artificial intelligence and machine learning with leading data and analytics, Verisk provides key roof information for every property you insure.
Key information analyzed includes:
Roof age
Validating roof age is a long-standing challenge for many homeowners insurers, with inaccuracies costing them $1.31 billion in premium annually. 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.
Roof characteristics and condition
Using ultra high-resolution aerial imagery to examine roof condition and get a new perspective on roof risk. Identify nearby or overhanging trees, materials that are especially prone to damage, and expensive attachments such as solar panels.
Roof replacement cost estimates
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.
Hail risk and damage
Roofs are often costly and subject to relentless wear and tear from severe weather, including hail. Knowing a property’s risk of hail damage can help uncover roof problems that were previously undetected.
Coverage and advisory loss costs
The quality and age of roof can have a significant effect on underwriting and rating homeowners policies. Coverage options and rating factors that address these data points may reduce your loss exposure.
Neighborhood claims insights
Improve underwriting and rating decisions by wrapping enhanced data elements around claim events that may have affected a residence but were never claimed by the property owners.
Understanding evolving hail risk
This report reviews and summarizes U.S. hail activity in 2021, including breakdowns of severe events and the most active states and counties. You’ll also learn about the impacts of hail activity in new regions, the possible near-term effects of climate change, and how increased hail activity may affect roof replacement.
Verisk’s Roof Solutions: A Comprehensive View of Roof Risk
Verisk’s Roof Solutions: A Comprehensive View of Roof Risk
Explore the challenges of roof assessment and how Verisk provides insurers with data to help verify the age, condition, and characteristics of a roof, as well as its potential for hail and wind damage. This enables insurers to accelerate underwriting and more insight to assess risk.
Additional insights
Capturing the flavors of roof risk with reliable data
Multiple homeowners insurers sought solutions to challenges around roof risk, and Verisk has created case studies to follow their journeys.
Read the article
Three renovation trends that are important for insurers to monitor
By uncovering property change events during the policy life cycle, insurers can better understand their book of business.
Read the article
Shining a light on solar panels and homeowners insurance
Demand for green power brings risk considerations for homeowners insurers, as solar panels can sustain storm damage and pose fire hazards.
Read the articleComplementary solutions
- Verisk Analysis
- Ibid.
- Ibid.