Verisk Insurance Solutions has introduced new rating tools and coverage options through its ISO business to help insurers address the quality and age of roof materials.
The newly developed rating factors are designed to 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.
The new coverage options include endorsements that can provide premium savings for policyholders while 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,” said Jeff De Turris, vice president of Coverage Products and Operations at 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.”
Robert Curry, actuarial product director of Personal Property at ISO Insurance Programs and Analytic Services, said the new rating tools enhance underwriting for a wide range of roof exposures and easy for insurers to incorporate into existing homeowners programs.
The new endorsements activate premium credits and limit loss settlements which may be triggered by coverage limitations: one when roof damage is caused by windstorm or hail and the other when the roof damage is cosmetic in nature.
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