RiskMeter Online, a provider of real-time natural hazard risk reports, is now offering an enhanced product in conjunction with BuildFax, the creator of the first and only database of historical building permit data. RiskMeter users can now access BuildFax’s roof age data in real-time, enabling carriers to validate their existing policies and helping to identify any errors.
Roof age is a significant underwriting factor for many carriers, yet it’s time consuming and expensive to verify. This partnership is expected to streamline the underwriting process for RiskMeter users by quickly spotting red flags when it comes to roof information provided directly by an agent or applicant. BuildFax has found that upwards of 45 percent of the roof ages currently on file for carriers are typically miscalculated by one or more years.
“BuildFax has collected and processed the original building permit data to ensure underwriters are getting the correct information. Although roofs may look five to 10 years old, underwriters will often be surprised to learn through the BuildFax database that construction records reveal they are closer to 15-20 years old,” says Dan Munson, founder, RiskMeter Online.
BuildFax is the creator of the automated source for national, historical building permit data, providing details on property condition and improvements – such as major remodels, additions, and new roofs. The BuildFax covers over 72 million residential and commercial properties in the United States, with over six billion data points.
RiskMeter Online is used by underwriters and agents to automate property lookups. It utilizes Internet mapping technology to enable underwriters to determine the proximity to natural hazards for any property in the Unites States. The RiskMeter Online provides over 30 real-time reports, including Distance to Coast, FEMA Flood Zones, Rating Territories, Windpool Eligibility, RMS Data & Analytics, Individual AAL & PML Reports, Earthquake information and much more.
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