HazardHub’s Winter Weather Data Helps Insurers and Homeowners Prepare for Season’s Peak Risks via Investing.com

HazardHub identifies the main winter hazards and crisis areas

SAN MATEO, Calif.–(BUSINESS WIRE)–Guidewire (NYSE: ) HazardHub has released winter weather risk information to help insurers and property owners across the United States better understand and prepare for cold weather threats. Last year, winter storms in the United States resulted in approximately $3.4 billion in insured losses. Last year, in 2022, losses of about 6 billion were recorded due to winter storms, which is the second largest loss recorded in the last decade.

This publication contains multimedia. See the full release here: https://www.businesswire.com/news/home/20250121971687/en/

HazardHub’s hazard information and map detail severe cold and winter hazards at the national, state and regional levels, down to the specific property address level. HazardHub provides more than 1,000 data points and hazard information for weather hazards and extreme weather conditions.

Hot Temperatures Across the US

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

The main factors that contribute to the coldest places are latitude, altitude and geography. States on the northern border, in the Rockies, or higher, as well as Alaska, record the coldest temperatures.

The Upper Countries With Freezing Temperatures

According to Guidewire HazardHub data, the top five states with the lowest annual temperature 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)

High Risks of Winter Weather

According to an analysis of Guidewire HazardHub data, the most dangerous Winter Weather Hazards, based on the probability of loss of claims, extent of damage, and frequency, they are:

Frozen Pipes

Cold temperatures cause the water inside the pipes to expand, which leads to bursts and bursts that result in extensive water damage to floors, drywall and interior items. This risk leads to one of the most frequent winter insurance claims. Mitigation measures include waterproofing pipes, maintaining indoor heat, allowing faucets to run during cold weather, and draining water lines from vacant lots.

Top Five States of Frozen Pipe Danger

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

These states have the highest percentage of homes and buildings rated ˜F’ according to the HazardHub Frozen Pipe Risk score. According to HazardHub data, 21% of US households face the risk of frozen pipes during the winter. The The average cost of a frozen pipe insurance claim is about $18,000, covering the cost of flooring, drywall, interior and plumbing. According to the Insurance Information Center, Water damage (throughout all seasons) and ice events account for approximately 24% of homeowner’s insurance claims.

Snow (Roof Collapse)

Accumulated snow and ice put a lot of pressure on the roof, and pose a risk of damage or collapse, especially in older or flat-roofed buildings. States like Alaska, Maine and Vermont are at the highest risk due to heavy snowfall. Regular snow removal from roofs, maintaining gutters and trimming overhanging branches can prevent this costly damage.

Top Five 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 buildings rated as vulnerable to snow according to the HazardHub Snow Load Risk Score. More than 36% of homes in Maine, 35% of homes in Vermont, and 28% of homes in New Hampshire are rated at risk of roof snow, as are 22% of homes in Minnesota, according to HazardHub.

Ice Dams

Heat from poorly insulated roofs can melt snow, which refreezes at the edge of the roof, creating ice dams that block proper drainage. This leads to roof leaks and damage, lifting shingles, and causing water damage inside the home. According to HazardHub data, approximately 28.4% of US census blocks experience more than 30 days of freezing temperatures each year, which increases the chances of ice dam formation. This affects 31.4 million homes. Ice dam removal can cost between $400 and $4,000, depending on the size of the dam and the type of roof. To reduce, install the roof cables, install the heat cables near the roof, and the snow is always clean.

Some major winter weather hazards to homes and businesses include power outage from fallen trees and damaged lines, strong winds which cause structural damage, floods from large, rapidly melting water systems, and house fires due to unsafe heating methods. Over the past two decades, weather-related events have caused 80% of major power outages, and winter storms are responsible for 23% of power outages each year. Wind gusts over 50 mph (80 km/h) can damage roofs and down trees, leading to water damage. Rapid snowmelt can cause costly flooding, often not covered by standard insurance. In addition, the increased use of space heaters, heaters and wood stoves during the winter raises the temperature. fire hazard. According to the US Fire Administration (USFA), approximately 100,000 winter residential fires occur in December, January and February, causing approximately $1.9 billion in property damage or loss each year.

Data Collection for Better Defense

The cold, hard truth is that severe winter weather will cause $3.4 billion in insured losses by 2023. Insurance brokers and homeowners must make the most of the data available to them to assess their vulnerability and taking action to reduce these risks, said Tammy Nichols Schwartz, 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 weather risk and natural disasters.

HazardHub’s detailed winter hazard information and maps are available at Guidewire PolicyCenter and Guidewire InsuranceNow solution, 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.

Buyers interested in assessing their home’s winter risk can visit freehomerisk.com.

About Guidewire Software (ETR:)

Guidewire is the platform that P&C insurers trust to leverage, innovate and grow successfully. More than 570 insurers in 42 countries, from start-ups to the largest and most complex in the world, rely on Guidewire products. With core systems that leverage data and analytics, digital intelligence, 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 and environmental management team and SI partners. Our marketplace represents the largest P&C partner solution, where customers can access hundreds of applications to accelerate integration, engagement and innovation.

For more information, please visit www.guidewire.com and follow us on X (formerly Twitter) and LinkedIn.

Check out the source version at businesswire.com: https://www.businesswire.com/news/home/20250121971687/en/

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

Source: Guidewire Software