The real estate market has been strong for several years, and all indications point to continued strength in 2020. And with an increase in home sales comes an increase in home inspections. Fortunately, advancements in inspection technology have improved results and streamlined processes to the benefit of all parties. These technologies increase inspector safety, improve client reporting, and help buyers and sellers proceed through a home sale confidently. Consider the following technologies and how they improve the home inspection industry.
To many in the insurance industry, the residential inspection has become a catch-22. On one hand, it provides valuable data, which inform the underwriting process. On the other hand, they represent a significant expense in terms of dollars, time and resources. Thankfully, there are companies that specialize in home inspections.
As the world turns the page on another decade, it's time to look at what lies ahead. In the insurance industry, that means it's time to explore emerging risks. Sure, everyone can predict that there will be natural disasters, seasonal fires, engineering errors and accidents. But are you prepared for these five emerging risks?
Providing value to insureds is the only way forward in the bustling property and casualty insurance industry. The near-constant influx of new players and insurtech offerings make an already challenging market that much more competitive.
Technology usage within the insurance industry has continued to grow at an aggressively explosive rate but it is not the only trend worth paying attention to. With newer and seemingly simpler avenues for insurance risk determinations to be made, the conservative approach to trend adoption appears to be a dangerous route to take. Traditional insurance carriers are left to determine if current changes to the market are threats or a path worth following with significant investment.
When considering seasonally important subjects to broach with insureds, fire safety and fire prevention are at the top of the list for the colder months of the year. It is during this time of year where the number of house fires reaches their peak, traditionally rising in December and January primarily due to heating related events. Insurance carriers should take this opportunity to focus on risk reduction as now is when it matters most.
The initial insurance inspection may well be the only opportunity to catch serious problems before taking on the risk and claim potential of the residence or commercial property in question. A cursory inspection that only covers the bare minimum or skirts the standard in a superficial manner can truly hurt your bottom line.
Risk drives the P&C industry from top to bottom. Too little risk and consumers find little to no reason to purchase insurance. On the other hand, the presence of too much insurance risk threatens the profitability of insurers across the industry. While some risk elements are almost entirely out of the hands of both parties, other elements can be reduced through planning and appropriate action. Guiding and encouraging insureds to take this preparation into their own hands is a valuable form of risk reduction made easier by today's connected world.
The various tech used in modern residential and commercial inspections has made delivering thorough inspection reports easier than ever. Most of the advances over the past few years have centered around improving efficiency, accuracy, and safety. With the variety of tools available to property inspectors today, the process can be barely recognizable to the former 4-hour pen and paper visits of old. Explore a number of improvements made to the inspection process with our short guide.
The property and casualty insurance market is more competitive than ever, with new players entering the already crowded field thanks to the rising stardom of Insurtech. While residential insurance has taken the brunt of the hit, commercial insurance providers will need to fine-tune their practices to continue to thrive in the new era.