The digitalization of the insurance industry has been steadily on the rise for the last decade. Many insurance companies are looking to improve underwriting efficiencies, streamline processes for customers, and help reduce risk with technology. Access to a wide range of relevant data has been central to this digitalization, with many companies incorporating data into their risk analysis.
For insurance companies that provide renter’s insurance, property data can be used to help support underwriting and help enhance risk assessment. In this post, we show you how.
Hazard Data for Renter’s Insurance Underwriting
What is hazard data? Hazard risk data tracks and complies information on natural and man-made risks. This data is sourced from government agencies who track hazards in their jurisdiction.
At ATTOM, we offer a vast range of hazard risk data. You can use our data to get insights into the prospective risk of a natural or man-made disaster happening in a particular neighborhood or near a specific property. Our exhaustive real estate data warehouse provides information on more than 155 million properties across America — offering 99% coverage of the U.S. population.
You can use our environmental hazard data to gain insights into the risk of the likelihood of specific hazards occurring in a particular neighborhood. We compile data on a number of natural and man-made risks including:
- Wind risk — this data is modelled on historic events where wind speeds have exceeded 50 mph.
- Tornado risk — based on an analysis of more than 65,000 tornados that have taken place in-between now and 1950, get insights into the risk of tornados occurring near a property.
- FEMA flood hazard risk — you can use this data to understand the risk of flood hazards and get insights into flood zones.
- Hurricane risk — this data is based on USGS hurricane records from 1851, you can use it to understand the risk of hurricanes occurring in a particular location.
- Hail risk — the risk of hailstorms taking place in a target geographical area.
- Air pollution — this data provides information on air pollution: ozone, lead carbon monoxide, particulate matter, and nitrogen dioxide.
- Clandestine drug labs — The U.S. Drug Enforcement Administration collects data on the presence of clandestine drug laboratories or dumpsites.
- Weather risk — a unified risk index based on the relative risk of wind, hurricane, tornado, or hail events taking place at the block group level and above.
- Radon hazard — intelligence on local areas is combined with EPA data to help showcase the potential for higher indoor radon levels.
- Earthquake risk — this data assesses earthquake risk based on recent and past earthquakes, this data is based on research and models from academia and local governments.
Insurance companies can use property and analytics data to help with their underwriting. For example, hazard data on the relative flood, storm, or hail risk can help identify prospective risk when it comes to insuring a policyholder.
Help Enhance Underwriting with ATTOM’s Hazard and Property Data
With 99% population coverage, we offer some of the most comprehensive property and hazard data on the market. From identifying the potential flood risk of a home to getting insights into property fire resistance, you can access a wide range of relevant data for renter’s insurance underwriting.
If you’d like to learn more about our hazard and property data, then please get in touch with our data experts today.
