How Seasonal Inspections Provide Value And Mitigate Risk

How Seasonal Inspections Provide Value And Mitigate Risk
In today’s competitive property and casualty industry, risk mitigation strategies need to be at their most effective in order to balance the sacrifices made to maintain competitiveness. Utilizing seasonal property inspections are one of a number of options to help achieve results and lower the overall risk that stems from insureds.
This valuable and consistent facetime not only conveys to insureds that you care about their property, but also imparts a loyalty not gained in the more distant and impersonal approaches to providing insurance. Weighing the benefits of seasonal inspections can help you to decide whether to implement this in high-risk situations, or even as the norm for your collective customer base.

Revealing Renovations And Changes
While surprise renovations without notifying insurance are unlikely for commercial property insureds, the risk is higher for homeowners. Unfortunately, not all insureds are aware that new additions and renovations will typically require coverage increases due to the value added to the home. Few may consider the impact that finishing their basement or installing solar panels can have on their coverage. Another concern is that the steady growth in the popularity of multigenerational homes in the US has fueled the construction of new additions for homeowners who do not wish to start from scratch. Such significant changes obviously bring potential risk, both from faulty or substandard construction and from the potential of uninsured contractor injury. A seasonal property inspection will keep insurers updated and aware of any new or ongoing changes to the property that can impact coverage and introduce risk to your bottom line.

Educating Insureds And Expanding Coverage
Seasonal inspections allow inspectors to encourage insureds to tackle problems and risk before it becomes costly. Commercial properties have their own unique risks, particularly in the latter half of the year, though some overlap does exist. Detecting roof deterioration from natural wear and tear, and informing property owners on areas lacking maintenance can help prevent future claims as well as costly repairs for the insured. In addition, insureds can be made aware of potential coverage gaps and increased risks for the current state of the property. Regular inspections can result in coverage expansions simply by the nature of having more accurate and up-to-date knowledge of the state of the home or commercial property.

Building Customer Relationships
One of the major benefits of in-person property inspections is the relationship formed with insureds. In most cases, premiums and coverage will remain the same and the inspection process indicates you care as much about their property as they do. Even in situations where coverage gaps and issues are brought to their attention, most insureds would be thankful for being made aware. So that in the event of a future claim, all of their lost items will be covered provided they make the necessary insurance update. Having a professional, friendly, and eventually familiar face perform their property inspections on a regular basis can inspire a sense of loyalty and lead to opportunities to provide additional services.

For businesses that desire to add competitive value to their insurance offerings while decreasing overall risk, seasonal property inspections are an ideal option as they both add value to insureds as well as your company. Our team at Insurance Risk Services specializes in both residential and commercial property inspections, always performed in-person in a friendly, professional manner for over 35 years. Visiting an insured for the inspection process is about more than just doing a job, and we strive to represent your company in the best way possible. Contact us to see how our accurate underwriting support and property inspections can reduce your risk.