BuildFax, a provider of property condition and history insights, has released a report on residential remodelling trends following hurricane Irma it says could positively impact Florida carriers going into this year’s renewal negotiations.
Irma caused over $10 billion in insured losses and was the first major hurricane to make landfall in Florida since hurricane Wilma 12 years prior.
Following analysis of one Florida carrier’s book, BuildFax found 57% of client roof age data was inaccurate.
Furthermore, the report found residential remodelling had increased 20% in Florida the year after Irma compared to the preceding 12 months.
On a national level, remodelling increased just 6% in the same time frame.
BuildFax says the percentage of expensive remodelling 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, Chief Executive Officer of BuildFax.
“Further identifying coverage gaps using timely change detection insights allows carriers to know they are up to date going into a catastrophe.”
