Residential and Commercial HVAC Claims Saw Increased Risk in 2023
Carriers risked more potential exposure on residential and commercial HVAC claims in 2023 than t the previous year.
The average accuracy increased by more than $2,000 for each claim, according to the new HVACi 2023 Annual Claims Report.
Increased parts and labor costs, inaccurately reported perils, and extreme weather events, played a role in putting property/casualty insurance carriers more at risk for indemnity leakage from HVAC and refrigeration claims last year, the report shows.
Nearly one-fifth of all HVAC and refrigeration systems were non-damaged at the time of HVACi’s independent assessment, and 36% of equipment was determined to have a cause of loss typically not covered by insurance policies.
Changes to HVAC systems and regulations plus weather events that include wind, hail, or flooding make claims with HVAC and refrigeration systems a risk of unnecessary claims leakage for carriers.
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