BuildFax, a leading provider of property condition and history insights for the largest insurance and financial institutions, today released a report on remodeling trends following Hurricane Irma that could impact this years annual catastrophe reinsurance negotiations for Florida carriers.
Following more than $10 billion in insured losses after Hurricane Irma, BuildFax conducted an in-depth analysis of a major Florida carriers book of business and found that 56.9 percent of client roof age data was inaccurate.
The report revealed a number of property condition insights that carriers can leverage to evaluate the true risk across their books and to strengthen their positions in upcoming reinsurance negotiations:
- Residential remodeling increased 20.29 percent in Florida in the year after Irma compared to the year prior, while remodeling on a national level increased just 6.07 percent in the same time frame.
- Nearly 80 percent of roofs in Florida are more than 11 years old, with only 12.6 percent of roofs less than 5 years old.
- The percentage of expensive remodeling projects has been increasing steadily over the last few years.
Going into renewal negotiations armed with these accurate insights will prove especially helpful for Florida carriers, said Holly Tachovsky, CEO of BuildFax. Further, identifying coverage gaps using timely change detection insights allows carriers to know they are up to date going into a catastrophe.
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BuildFax, headquartered in Austin, Texas, is trusted by the largest insurance and financial institutions in the world to deliver business-critical property condition and history data. With the only database of its kind encompassing more than 23 billion data points on commercial and residential structures, BuildFax delivers detailed data on remodeling, solar installations, new construction, roof age, major systems, maintenance history and more. To learn more about BuildFax, visit www.buildfax.com.
BuildFax conducted this study by examining properties in the U.S. between the years 2013 and July 2018. Data only includes properties located within permitting authorities with 100 percent coverage during the above time frame. All percentage increase and decrease statistics leverage the same data set across time. Due to historical revisions made by permitting authorities, the data is subject to change.