Underwriting and Rating

Roof Age

Verisk combines permit insights, aerial imagery, assessor records, and an array of other data elements to assess the age of a structure’s roof.

Inaccurate roof data can directly impact your bottom line

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.

Roof data is critically important to evaluating a structure’s risk

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.

Underwriting

Accelerate quote to bind with roof age prefill and ensure properties meet eligibility requirements.

Pricing

Fine-tune rating algorithms to segment and price risks effectively.

Marketing

Target ideal risk profiles for business expansion.

We’re using Verisk tools to prefill applications as far as possible with the best data in the business, so we can give customers a better purchase experience that earns their trust and loyalty.

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David Howard

VYRD

Chief Executive Officer

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.

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Taking cover: Mastering the challenges of roof risk

The quality of your roof risk assessment may affect your profitability

The age of a roof closely correlates with the frequency and severity of losses from wind and hailstorms, which are the highest costs for property insurers. Traditional data sources often underestimate roof ages, leading to unreliable estimates. Avoid coverage and premium decisions based on unreliable estimates that can hurt profitability and lead to adverse selection.

The quality of your roof risk assessment may affect your profitability

Features and capabilities

Coverage

Reliable roof age is returned 100% of the time.

Currency

Data is collected daily and updated monthly to reflect the latest risk landscape.

Accuracy

Roof Age returns an actionable numeric confidence score to support straight-through processing.

Discovering property change events helps insurers obtain a clearer view of their portfolio.

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Related resources

Stay in the know about important industry trends and innovative solutions.

Infographic

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.

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White paper

The Life Cycle of a Property

A greater understanding of risk – or the lifecycle of a property – in an insurer’s book is crucial to help guide profitable growth.

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Case study

Taking cover: Mastering the challenges of roof risk

Analyzing roof risk calls for a broad perspective—not only having current, reliable data, but knowing how to apply it in the market.

Download the case study

Webinar

The New Science of Roof Risk, Powered by Imagery Analytics

This session explores emerging capabilities and analytics derived from our aerial imagery and roof analytics to help capture a comprehensive view of property risk.

View the webinar on demand

Article

How old is that roof?

Validating roof age is an ongoing challenge for homeowners insurers that demands a range of reliable sources to verify age, condition, and characteristics.

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