Roof Age

Search documents
U.S. Roof Claims Costs Reached Over $30 Billion In 2024, Underscoring Evolving Risks
Globenewswireยท 2025-04-08 12:15
Core Insights - Verisk's U.S. Roofing Realities Trend Report highlights significant trends and challenges in roof repair and replacement costs, emphasizing the importance of roof conditions for residential property insurers [1][2] Industry Challenges - The insurance industry faces challenges such as peril severity and outdated practices that are driving up roof repair and replacement costs [2] - Roof-related claims accounted for over 25% of all residential claim value in 2024, with wind and hail being the primary drivers of these costs [6] Data-Driven Solutions - Verisk's personal property solutions, including the Roof Condition Score (RCS) and Roof Age solution, provide insurers with insights to assess roof conditions, age, and characteristics, enhancing underwriting accuracy and risk management [3][4] - The Roof Condition Score automates the detection of visible roof defects, while the Roof Age solution combines various data sources to assess roof age [3][4] Key Trends in Roof Conditions - In 2024, roof repair and replacement costs reached nearly $31 billion, a nearly 30% increase since 2022 [6] - 38% of U.S. residential homes have roofs in moderate to poor condition, which incur 60% higher lost costs compared to those in good condition [7] - Roofs in hail-prone states have an average lifespan of 15 years, while those in less severe weather areas can last up to 22 years [7] Regional Variations - Roof conditions vary regionally, with roofs in the western U.S. generally in better condition than those in the eastern U.S. due to weather variability [7] - States like West Virginia, Connecticut, New Jersey, and Massachusetts have the highest percentage of roofs with less than four years of remaining life, leading to increased damage during severe weather [7] Roof Design and Resilience - Roof shape significantly affects weather resilience, with 20% of U.S. homes featuring hip-styled roofs that are more resistant to wind damage [7] - Florida and Louisiana have the highest percentage of hip-styled roofs, which can mitigate wind damage [7] Conclusion - Verisk emphasizes the need for insurers to leverage innovative data analytics and aerial imagery to better understand roof resiliency and manage risks associated with wind and hail loss costs [8]