ISO has received approval of its filings introducing new ISO Risk Analyzer Homeowners by-peril rating rules in 13 states, with filings pending approval in several other states. The new optional rules provide by-peril rating relativities for key homeowners rating variables.
When used in conjunction with the current ISO Risk Analyzer Homeowners environmental rating rules, insurers can benefit from more in-depth by-peril analysis of the homeowners risks within their book of business.
Both the by-peril rating rules and the combined all-perils environmental rating rules use output of ISO Risk Analyzer Homeowners, a predictive model that develops expected losses at a much more refined geographic level than traditional territories. With this latest enhancement, ISO Risk Analyzer Homeowners now makes available rating relativities by individual peril for several important homeowners rating factors, including Coverage A amount of insurance, deductible, and age of construction. There are nine peril categories: fire, theft and vandalism, lightning, liability, wind, water (non-weather related), water (weather related), hail, and all other perils (excluding hurricane and earthquake).
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