HVAC Investigators Releases 2014 Annual Claims Report

HVAC Investigators (HVACi), a national provider of heating, ventilation and air conditioning (HVAC) damage assessments to insurers, recently published its 2014 Annual Claims Report.

The report provides data on HVAC trends that can help carriers make more informed decisions on their specialty HVAC and refrigeration claims.

The 2014 Annual Claims Report was based on the actual results of thousands of residential and commercial HVAC insurance claims investigations across the United States in 2013, and serves as a barometer for emerging trends and paradigms in the industry.

Report highlights include:

Reported Cause of Loss vs. Actual Cause of Loss

In 2013, 27 percent of all claims investigated were ultimately diagnosed as “Wear and Tear,” “Not-Damaged,” or were “Withdrawn” by the insured after initial contact.

Residential and Commercial Accuracy

The average claims accuracy was $3,689 per residential claim and $39,072 per commercial claim in 2013. Based on the average variance per claim, a typical property insurance carrier had a total potential claims accuracy of more than $20,000,000 in 2013, had they engaged an outside HVAC claims expert.

Repair vs. Replace Frequency

Nearly nine out of every 10 claims investigated by HVACi last year resulted in a repair recommendation to bring the insured back to pre-loss condition … or weren’t damaged at all.

Claims by Geographic Region

HVAC claims in Southeast states (29 percent) accounted for the largest percentage of total claims, followed closely by Southwest states (17 percent) and Mid-Atlantic states (12 percent).

The report is free to insurance professionals upon request. Email: info@hvacinvestigators.com.