Knowing when a property has been updated is critical, as these changes can add new liability risks and insurance-to-value considerations.
By uncovering property change events during the policy life cycle, insurers can better understand their book of business.
People spending more time at home seemed to ultimately help many insurers, as loss frequency declined in 2020 year over year across several categories.
Economic turmoil, lifestyle changes, and transitions to remote work amid the COVID-19 pandemic created a “new normal” for personal property insurance.
Validating roof age is an ongoing challenge for homeowners insurers that demands a range of reliable sources to verify age, condition, and characteristics.
Applying an inflation-based index to reconstruction cost estimates (RCEs) can cause homeowners insurers to miss important property changes at policy renewal.
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