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Our perception of residential and commercial properties often overlooks a crucial detail: the prevalence of multiple structures. ZestyAI's data analysis reveals a surprising truth: 45 percent of residential properties nationwide boast at least one additional building beyond the main dwelling. And, one-third of those have three or more buildings.
For multi-structure properties, it's all about zoning regulations and local industries. States with thriving agricultural sectors like Montana, Wyoming, and Wisconsin see over half their properties sporting additional buildings, likely barns, sheds, or guest cottages. Meanwhile, densely populated areas like California and Rhode Island are adapting zoning laws to encourage Accessory Dwelling Units (ADUs), contributing to their rising number of multi-structure properties.
Multi-Structure: A Streamlined Approach to Risk Assessment for Properties with Multiple Buildings
ZestyAI is pleased to announce the launch of Multi-Structure, a simplified risk assessment for properties with multiple buildings. This new solution addresses the longstanding challenges faced by both residential and commercial insurers.
ZestyAI is pleased to announce the launch of Multi-Structure, a simplified risk assessment for properties with multiple buildings.
Challenges of Assessing Properties with Multiple Structures
For decades, insurers have grappled with the complexities of assessing properties containing multiple structures. Homeowners carriers are often left in the dark on the presence of secondary structures and their value. Detached garages, garden sheds, and even ADUs can go unreported to insurance companies. Commercial carriers have relied on a heavily manual underwriting and inspection process to assess each building on site.
Incomplete information from policyholders or agents and manual processes creates fertile ground for inaccuracies. This leads to:
Hidden Risk
A key challenge for insurance underwriters is the hidden risk posed by secondary structures. These detached buildings, like garages or ADUs, can go unnoticed during the underwriting process if not explicitly declared. An undisclosed and potentially dilapidated secondary structure exposes the insurer to unforeseen risk. This can lead to situations where claims for these structures are unexpectedly high, driving up overall losses.
Premium Leakage and Coverage Gaps
Inaccurate information can result in underinsured secondary structures, leaving both the homeowner and the insurer exposed in the event of a claim. Residential policies typically offer limited coverage for detached structures, which are often inadequate compared to their actual value.
Inefficient Workflows
Evaluating risk across sprawling commercial properties with numerous buildings is a time-consuming and laborious task. Manually determining replacement costs, selecting the appropriate coverage types, and calculating the combined property value can significantly slow down the underwriting process and reduce underwriter productivity.
Introducing Multi-Structure from ZestyAI
Multi-Structure offers a comprehensive solution to these longstanding issues by providing a holistic view of all buildings on a property. Insurance carriers gain a clear and complete picture of the overall risk profile, without ever having to step onsite.
Insurance carriers gain a clear and complete picture of the overall risk profile, without ever having to step onsite.
ZestyAI's Z-VIEW web interface acts as the command center for Multi-Structure. Each building on the property is highlighted within a detailed aerial view, offering a clear visual representation of the layout and the structures within the parcel. This is particularly beneficial for personal lines, where ADUs, sheds, and detached garages may have been left off an application, and in farming to capture all barns and outbuildings on a property.
ZestyAI's Z-PROPERTY leverages computer vision, machine learning, and non-imagery data sources to extract valuable insights about every building and roof on the property.
This in-depth analysis encompasses:
Building Characteristics
Detailed information on the size, age, construction materials, and overall condition of each structure.
Roof Evaluation
ZestyAI creates a digital twin of each roof, allowing for an analysis of every facet, angle, penetration, and object. This helps insurers to predict potential losses with greater accuracy and significantly reduces the need for costly, time-consuming physical inspections. A roof quality score for each building is included, pinpointing crucial factors that contribute to potential risks, such as missing shingles or water ponding.
Surrounding Environment
Multi-Structure goes beyond the building itself to assess the surrounding areas. It meticulously analyzes the complete property, revealing features such as overhanging vegetation, vegetation density, and the distance to the nearest fire station. These seemingly minor details can significantly impact risk profiles.
The Benefits of Multi-Structure
By integrating Multi-Structure into their workflows, insurers unlock significant advantages:
Enhanced Risk Assessment
Underwriters need to evaluate the entire property, including the primary building, secondary structures, and the parcel, before making eligibility decisions. Visibility into all structures provides a deeper and more nuanced understanding of a property's overall risk profile, allowing for more informed underwriting decisions.
Accurate Pricing and Premium Capture
With a comprehensive understanding of the entire property, insurers can confidently reflect true value in their pricing models, leading to fairer and more accurate premiums.
Streamlined Underwriting Process
Multi-Structure significantly reduces the time and effort required for risk assessment. Automated data collection and analysis free up underwriters to focus on more strategic tasks, leading to a faster and more efficient underwriting process.
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Ready to Experience Multi-Structure?
Schedule a demo today to explore Z-PORTFOLIO and Multi-Structure in action.
Witness firsthand how this innovative solution can optimize your risk assessment process and empower more informed underwriting decisions.