(Image credit: K.D. Schroeder.)
Verisk Insurance Solutions has introduced new rating tools and coverage options through its ISO business to help insurers address the perennial homeowners’ insurance pricing challenge of quality and age of roof materials. Insurers participating in ISO’s Homeowners Policy program can access the optional endorsements through this link.
The newly developed rating factors will assist insurers in pricing policies based on the age and type of roof material without changing the current replacement cost coverage provided for roofs under the base policies, according to the vendor. The new coverage options include endorsements that can provide premium savings for policyholders while effectively managing the roof loss exposure for insurers.
“The wide range of roof ages and materials and the damage caused by hail and windstorms have created major issues for homeowners’ insurers’ concerning their underwriting, rating, and claims settlement procedures,” comments Jeff De Turris, VP of Coverage Products and Operations, ISO Insurance Programs and Analytic Services. “These new tools will help insurers underwrite and rate homeowners roof exposures with greater precision while providing increased transparency to policyholders regarding settlement of roof losses.”
The new rating tools are the result of significant research and analysis designed to enhance underwriting for a wide range of roof exposures, according to Robert Curry, actuarial product director of Personal Property, ISO Insurance Programs and Analytic Services. “But they’re also easy for insurers to incorporate into existing homeowners programs,” he adds.