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 condition
A roof's condition can become a blind spot for insurers, with unidentified risk exposures leading to unexpected claims. Advanced analytics can get you “up on the roof” and in a better position to make informed decisions.
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.
Ice, Fire, Wind, and Water
This report examines recent activity, trends, and data-driven tools to help insurers and communities better measure and mitigate risk surrounding three especially destructive categories of hazards: Hail and severe thunderstorms, wildfires, and hurricanes.
The New Science of Roof Risk, Powered by Imagery Analytics
The New Science of Roof Risk, Powered by Imagery Analytics
The growth of imagery analytics as a property underwriting tool accelerated through the pandemic is changing the future of risk assessment. Explore capabilities derived from our aerial imagery and roof analytics to help capture a comprehensive view of property risk.
Florida's market and regulatory forces are changing the profile of roof exposure for many insurers. Powerful data and analytics can help maintain a clear picture.
Additional insights
Hurricanes: The current threat and the future warning signals
As climate change unfolds, hurricanes give a high-profile glimpse into the potential effects of a warming world.
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Wildfire: Insurers and communities adapt to an ever-growing threat
Wildfires have moved rapidly to the fore as an exposure for insurers to understand and manage in states at high risk for this peril.
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Severe thunderstorms and hail: Concentrated events that pack a punch
Severe thunderstorms are a common natural phenomenon in the US, causing more than half of annual reported insured losses since 1985.
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Taking a data-driven view of evolving Florida roof risk
Florida’s statutory environment surrounding coverage for roofs may demand more robust data to clarify risk amid increasing complexity.
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Tree analytics: Finding the path through a forest of property risk
Billions of trees on residential properties are a challenge to homeowners insurers, but aerial imagery and analytics can help underwriters.
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Mastering the many aspects of roof condition with multisource data
Homeowners insurers may struggle to capture roof condition, but imagery analytics can help assess risk and opportunities for mitigation.
Read the articleComplementary solutions
- Verisk Analysis
- Ibid.
- Ibid.