HazardHub’s winter weather data helps insurers and homeowners prepare for high season hazards Investing.com

HazardHub identifies top winter hazards and vulnerable areas

SAN METO, Calif.–( BUSINESS WIRE )–Guidewire (NYSE: ) HazardHub It has released winter weather risk information to help insurers and property owners in the United States better understand and prepare for cold-weather disasters. Last year in In the United States, the winter storm caused nearly $3.4 billion in insured losses.. A year ahead, in 2022, losses from winter storms are projected to be nearly $6 billion, the highest in the past decade.

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HazardHub’s hazard information and maps detail extreme cold and winter weather hazards at the national, state, and local levels down to the specific property address level. HazardHub provides over 1,000 data points and risk points for climate hazards and extreme weather events.

Freezing temperatures across the US

According to Guidewire HazardHub, 31.4 million homes in the US will experience more than 30 days of winter temperatures below 32 ºF this year. More than 10.3 million of those homes will experience temperatures below freezing for more than 50 days this winter.

The main factors that contribute to colder regions are latitude, altitude and geography. The north coast, in the Rockies, or higher elevation states, as well as Alaska, record the coldest temperatures.

High states with cold temperatures

According to Guidewire HazardHub, the top five states with the lowest average annual winter temperatures are:

1. Alaska: 2.6°F (-16.3°C) average winter temperature
2. North Dakota: 12.2°F (-11.0°C)
3. Minnesota: 12.4°F (-10.9°C)
4. Maine: 16.8°F (-8.4°C)
5. Wyoming: 21.2°F (-6.0°C)
6. Montana: 21.2°F (-6.0°C)

Extreme winter weather hazards

According to Guidewire’s HazardHub data analysis, very dangerous winter weather hazards, Depending on the loss of claim, the amount of damage and the potential for recurrence:

Cold pipes

Freezing temperatures cause water in pipes to expand, leading to cracks and bursts that can cause significant water damage to flooring, drywall and home contents. This risk leads to one of the most frequent winter insurance claims. Mitigation measures include installing plumbing, maintaining indoor heat, allowing pipes to drain during cold spells, and draining water lines in vacant properties.

Top five states for frozen pipe risk

1. Nebraska
2. Vermont
3. North Dakota
4. Minnesota
5. Wisconsin

According to the HazardHub Frozen Pipe Risk score, these states have the highest percentage of homes and structures rated as ˜F’. According to HazardHub data, 21% of homes in the US are at risk of frozen pipes during winter. of The average cost of a frozen plumbing insurance claim is $18,000. Covering damage to floors, drywall, home contents and plumbing systems. According to the Insurance Information Institute. Water damage (all seasons) and snow events account for about 24% of all homeowners insurance.

Snow Load (Roof Horse)

Accumulated snow and ice can put significant stress on roofs, risking structural damage or collapse, especially for older buildings or those with flat roofs. States like Alaska, Maine, and Vermont face the greatest risk of heavy snow. Regularly clearing snow from roofs, maintaining gutters, and trimming overhanging branches can prevent this costly damage.

Five main states for snow load risk (roof collapse risk).

1. Alaska
2. Maine
3. Vermont
4. New Hampshire
5. Minnesota

These states have the highest percentage of homes and structures rated for snow load risk according to the HazardHub Snow Load Risk Score. More than 36% of homes in Maine, 35% in Vermont, and 28% of homes in New Hampshire are at risk of snow loading on their roofs, compared to 22% of homes in Minnesota. According to HazardHub.

Ice dams

Heat from a poorly insulated roof melts snow, which refreezes at the edges of the roof, creating ice dams that block proper drainage. This leads to gutter and roof damage, shingle lifting and water damage in the home. According to HazardHub data, Approximately 28.4% of US census blocks experience more than 30 days of freezing temperatures each year, increasing the likelihood of ice dam formation. This affects 31.4 million homes. Ice dam removal can cost anywhere from $400 to $4,000, depending on the size of the ice dam and the type of roof. To mitigate, lift the roof, install heating cables on the roof edge and clear snow accumulation regularly.

Other major winter weather hazards to homes and businesses include: Power outage From fallen trees and damaged lines; High wind causing structural damage, Flooding Drainage systems overwhelmed by rapid snowmelt, and Home fires Due to unsafe heating practices. Over the past two decades, weather-related events have caused 80% of major power outages, with winter storms responsible for 23% of annual power outages. Wind gusts over 50 mph (80 km/h) can damage roofs and trees, leading to secondary water damage. Rapid snowmelt can cause costly flooding, often not covered by standard insurance. Also increase the use of space heaters, fireplaces and wood stoves during the winter Domestic fire hazard. According to the US Fire Administration (USFA) About 100,000 winter residential building fires occur in December, January and February, causing approximately $1.9 billion in property damage or loss each year.

Use of information for better protection

The cold, hard reality is that winter weather will cause $3.4 billion in insured losses by 2023. Insurers and homeowners need to assess their exposure and take steps to mitigate these risks, said CPCU and senior director of data and analytics at Guidewire. Schwartz has more than 25 years of experience in the property and casualty insurance industry and is recognized as an expert in climate and natural disaster risk.

HazardHub’s detailed winter hazard information and maps are available here Guidewire PolicyCenter And Guidewire Insurance now Solutions, as well as by HazardHub API. Insurers can use this information to improve risk assessment and underwriting accuracy, while property owners can better prepare for winter.

Interested consumers can visit to assess their home’s winter risk. freehomerisk.com.

About Guidewire Software (ETR:)

Guidewire is the platform P&C insurers trust to engage, innovate and grow efficiently. More than 570 insurers in 42 countries, from new ventures to the largest and most complex in the world, rely on Guidewire products. With core systems that leverage data and analytics, digital and artificial intelligence, Guidewire defines cloud platform excellence for P&C insurers.

We are proud of our unparalleled implementation track record with 1,700+ successful projects supported by the industry’s largest R&D team and SI partner ecosystem. Our marketplace represents the largest solution partner community in P&C, where customers can access hundreds of applications to accelerate integration, localization and innovation.

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Melissa Cobb
Director, Public Relations
Guidewire Software, Inc.
+1.650.464.1177
mcobb@guidewire.com

Source: Guidewire Software