RMS says it will be provided with digitized building permit information for more than 60% of the United States, along with roof age, construction quality data points and additions/remodels data. The data, which spans more than 20 years, will be available at the point of underwriting, and RMS clients will have access to an integrated package of data, analytics and models within a comprehensive underwriting application, RMS says.
With easy access to BuildFax data, RMS says it will now provide its clients with higher resolution information regarding residential, commercial and industrial properties.
This partnership is designed to enhance the data available for fire risk assessment, valuation estimation, catastrophe modeling and assessment of all other perils, says RMS, adding that for underwriters, this represents a significant base of highly relevant data for assessing and modeling risk, and improving risk selection and pricing decisions. The BuildFax data can be used to derive predictive analytics as well.
The availability of BuildFax data also should enable RMS clients to answer questions about data quality by making a link between constructions completed with the actual existence of building permits, says RMS.
