The costs of repairing and replacing the roof by almost 30 % since 2022: Verisk

The total value of the cost of roof repair and replacement was approximately $ 31 billion in the past year – an increase of approximately 30 % since 2022, according to a new report from Verisk.

The provider of data and strategic technology analyzes stated that ceiling -related lines for constitutes more than a quarter of all the value of the residential claim in 2024. The wind and cold were among the prevailing engines for these losses and represent more than half of all residential claims.

In Recent Years, Significant Hail Activity, Inflation, Exposure Growth Through New Construction and Human Migratory Patterns Have All Contrabted to the Increase in Total Rooof Losses and Claim amounts, said ryan d’amario, Vice Presentent of Property Product Management at Verisk.

He described the data as verifying the direct reactions that Verisk receives from insurance companies.

“It may not be possible to replace a roof in each position proactively, but the roof age is closely related to the loss,” D’Amario explained. “Especially when you look at the asphalt,” asphalt materials. “

D’amario said that XACTWARE solutions in Verisk gives the company an insight into the frequency of claims, replace them and repairing repair costs. Verisk’s insurance company agents refer to wind and cold as a major issue of profitability. The new report to lift the case is designed to organizers, legislators, agents, brokers and documentary holders. The large areas of the country are vulnerable to risks.

D’Amario referred to data from permits and air images as statements to understand the elasticity of some roof materials over time-especially as they are exposed to sunlight, fast temperature changes, precipitation, constant cold, straight winds and more. Verisk found that the surfaces begin to fail within a decade in some areas.

“In many situations, we find regions of the country – such as Missouri [and] Damario said: “Kansas – where the roofs do not last eight years,” said Damario.

In its report, Verisk participated that the asphalt logical images use 80 % of the surfaces in the United States in the cold states, the average age of the roof is 15 years, compared to 22 years in the western states with harsh weather such as Nevada and Arizona and Utah.

Nearly 29 % of American homes with asphalt logo are less than four years of useful roof, according to Verisk Insights. The states such as West Virginia, Concitect, New Jersey and Massachusetts have the highest percentage of surfaces less than four years of the remaining roof, which may lead to more than 50 % damage during the harsh weather compared to the surfaces with 8 years of age.

When asked if Verisk expects the annual cost value to repair and replace the ceiling in height, D’Amario said it is difficult to say precisely.

“However, we know that this problem exists, and we know that many insurance companies in the industry have not necessarily built all the tools available to them to really help resolving challenges, helping to manage costs and really assist in stabilizing their businesses to provide insurance in the areas that are truly exposed to these types of events and activity,” he said.

D’Amario added that collecting ceiling information is crucial to understanding risks. Independent agents and mediators also provide an opportunity to work with document holders to enhance mitigation activity.

“They have a very unique position, they work between the insurance company and the document carrier, and they are often a front line,” said Damario. “I think there is an enormous opportunity for more agents and brokers to teach about the need for this information and provide the benefits of activity that can eventually reduce the price and risk.”

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