Authors of the 2019 LexisNexis Home Trends Report examine trends by peril and developments in underwriting, claims, expense management, technology and other factors important to homeowners writers.
Younger homeowners have shown some surprising changes in frequency of shopping for homeowners insurance.
Auto insurers were the earliest adopters of data analytics, but homeowner carriers are quickly catching up.
New types of data, including aerial photography and activity data, are giving insurers a more complete view of risk.
New ways of gathering and processing data is allowing insurers to go beyond one-off decisions.
In order to gain greater access to homeowners' data, insurers must offer insureds benefits such as loss mitigation.
Homeowners can be skeptical of insurers' efforts to collect data, but are more receptive when insurers return the fruits of that data as actionable information.
Recent years have seen a larger share of catastrophe-related homeowner losses, making preparedness a key tasks for insureds and carriers.
Some trends are favorable for homeowners insurers, but not all.
Sensors and the data they provide will allow insurers to expand their coverage of less-occupied structures, and spark ideas for new coverage and loss mitigation opportunities.
Non-weather-related water damage patterns vary by region, as do claims from theft.