It is no small task to insure coastal properties. Coastal home and business owners need adequate protection now as much as ever, especially as climate change leads to more severe and frequent storms. Unfortunately, the nature of risk – especially catastrophic risk from hurricanes – has become harder to predict using traditional underwriting tools.
Florida's new $150 million “My Safe Florida Home” legislation and the "predict and prevent" philosophy it embodies, mandate that insurers provide policyholders a detailed explanation for denying coverage and offer free inspections and up to $10,000 in matching grants for home improvement and hurricane retrofitting projects. This new legislation aims to build a better future for Floridian homeowners, but insurance companies need the right tools and technologies, such as a property intelligence platform equipped with geospatial imagery, predictive analytics, and artificial intelligence (AI).
