A thread woven throughout sessions and sidebars at DigIn 2019 was the idea that insurance innovation is in a period akin to halftime during a football game. Over the past few years, the industry has experienced a substantial ramp up. It’s no longer a question of whether accurate property data is relevant to a carrier’s business …
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This post was written and contributed by Valerie Archer, BuildFax’s Market Development Director. The fear of missing out is a common phenomenon that may result in regret, doubt, or even misinformation – whether it’s buying a popular crypto currency or joining a new subscription service. In the real estate industry, this experience is increasingly …
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Property Casualty 360 recently published an article by BuildFax founder and CEO, Holly Tachovsky. In the article, Holly analyzes historical construction activity for some of the country’s costliest storms, which brings clarity and insight to current recovery efforts for recent storms Irma and Harvey. Highlights from the article include: The intelligence that can come out …
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For nearly a decade, BuildFax has been the leading source of property history and condition insights for some of the largest insurance companies in the country. Leveraging the nation’s largest database of building permits, construction data, and other publicly sourced information, BuildFax delivers detailed intelligence on roof, condition, maintenance history, and remodeling for more than …
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Hurricane season is right around the corner, and five to nine Atlantic hurricanes are in the forecast. There’s a great article from Facility Executive that we ran across recently, which outlines a few ways to reduce personal property losses and storm-related injuries. Business Interruption Exposure The first thing they bring up is reducing exposures …
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We recently published a study on remodeling from three unique perspectives: historical, national, and regional. The historical perspective is particularly compelling because it reveals a pronounced shift in investments after the housing crisis of 2008. The graph above shows residential new construction and existing structure construction spending throughout the course of the housing crisis. Notice …
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BuildFax recently published a study about neglected commercial spaces. We looked at the more than 5.2 million commercial properties in our database and took a representative sample, where we have more than 30 years of data coverage. We flagged these properties for permit activity in 10, 20, 30 and 30+ year time frames. The …
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Although abandoned construction projects are relatively uncommon, they are something that should be on your radar – especially as they impact your business. Abandoned construction projects can indicate a few things: The condition of the property doesn’t match its completed post-construction value/exposure Part of the project may not have been built to safety code which can put a …
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There’s been a huge uptick in residential remodeling in the last several years. In some states, homeowners are investing more on average than others. To find out which states are spending the most, BuildFax analyzed the more than 80 million residential properties in our database to determine the average remodeling job cost per state in 2016 (for recorded job …
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We recently compared commercial new construction and commercial remodeling over the course of the Great Recession. Based on the findings of our residential study, we suspected there might also be a similar trend in commercial construction. The results from this new study illuminate some interesting findings, especially as they relate to commercial lines. Additions, remodels, and alterations …
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