Policyholders forget to inform their carrier about a lot of property upgrades. But there’s one upgrade we’ve seen a massive uptick in over the last few years that you may not have thought of. Solar.
This puts your policyholders at risk for being underinsured.
Increased Exposure – Don’t Leave Your Policyholders Underinsured!
These property upgrades represent additional risk, and it’s in your policyholders’ best interests to make sure their investments are protected with the right amount of coverage. For carriers, that translates into opportunities to better match exposure with premium. With 25 solar permits pulled every hour in the United States, that’s a lot of homes needing extra coverage.
But most of your policy holders won’t think to tell you they’ve upgraded.
By knowing which properties have upgraded to solar, you can pinpoint where the increased exposure is. This could present a good way to employ discount strategies and targeted marketing since typically homeowners who invest in upgrading their homes are a lower risk.
Take California, for example.
Solar activity in California has increased by over 500% since 2010. That’s 200% faster than the rest of the US. Based on our in-house analysis, 2.5% of properties that carriers insure in California have solar roof arrays unaccounted for in their current policy arrangement.
A Custom Solution
BuildFax offers a Solar Analysis that flags these properties so you can target policies as part of your renewal process and ensure your policyholders are getting the coverage they need.
Whether you’re insuring properties in California – or anywhere else in the country – solar activity should be on your radar.
For more information, contact us today.