How Better Building Data Gets Your Association in Front of More Insurance Carriers
How underwriters look at a building
Property underwriters often describe their review as COPE:
- Construction: what the building is made of and how it's built
- Occupancy: how it's used (residential, mixed-use, commercial tenants, short-term rentals)
- Protection: sprinklers, alarms, fire department response, hydrants, leak detection
- Exposure: what's around it, such as flood zones, wildfire areas, coastal wind, or adjacent buildings
Add to that the building's condition (roof, plumbing, electrical, heating) and its loss history, and you have most of what drives a quote.
Construction class matters more than most boards realize
Underwriters commonly use the ISO construction classes:
| Class | Construction type | Example |
|---|---|---|
| 1 | Frame | Wood-frame townhouses |
| 2 | Joisted masonry | Brick exterior walls with wood floors and roof |
| 3 | Non-combustible | Metal frame and walls |
| 4 | Masonry non-combustible | Masonry walls with metal or concrete deck roof |
| 5 | Modified fire resistive | Concrete or masonry with lower fire ratings |
| 6 | Fire resistive | Reinforced concrete high-rise |
A building misclassified as frame when it's actually joisted masonry can be priced as a higher fire risk than it is. It's worth confirming the class is correct on every building.
What a complete statement of values includes
A statement of values (SOV) is the spreadsheet that describes each building for underwriters. A strong one includes, for every building:
- address and building name or number
- year built, number of stories, number of units, total square footage
- construction class and roof type
- roof age and last replacement year
- updates to electrical, plumbing and HVAC, with years
- known problem materials and whether they've been replaced, such as aluminum branch wiring, certain older electrical panels, or polybutylene or galvanized supply lines
- sprinklers (full or partial), fire alarms, central station monitoring
- water leak detection and automatic shutoff valves
- distance to fire hydrant and fire station, or fire protection class
- replacement cost value, and the date and source of the valuation
- elevators, garages, pools, clubhouses and other amenities
The supporting documents carriers ask for
- Loss runs for the past five years from every carrier
- Reserve study and recent engineering or structural reports
- Proof of updates: invoices or permits for roofs, plumbing and electrical work
- Maintenance programs: roof inspections, dryer vent cleaning, water heater replacement schedules
- Photos of the exterior, roofs, mechanical rooms and electrical panels
- Governing documents, so the broker knows what the association must insure
Why incomplete data costs money
When information is missing, three things tend to happen:
- Carriers decline. Many won't review an account with gaps, especially for older buildings. Fewer carriers quoting means less competition.
- Pricing assumes the worst. If roof age is unknown, an underwriter may price it like an old roof. If plumbing updates aren't documented, they may not get credit.
- The renewal runs late. Back-and-forth questions eat the time the board needed to compare options.
The market data supports this. In its 2026 outlook, USI Insurance Services reported that property with a clean loss history and favorable risk profile renewed between a 10% decrease and flat in late 2025. Property with an unfavorable history or profile renewed between a 15% decrease and a 5% increase. A good building that can't show it's a good building gets treated like the second group.
How to keep building data ready
- Keep one source of truth per building. One current SOV and one folder of supporting documents, not copies scattered across emails.
- Update it when work happens, not at renewal. When a roof is replaced or risers are updated, add the year and the invoice that week.
- Review it before every renewal. Have the manager and a board member confirm it's still accurate.
- Reuse it everywhere. The same data supports lender questionnaires, reserve studies and claims.
Frequently asked questions
Who is responsible for building data, the manager or the board?
In most managed associations, the manager maintains the records and the board provides history and approves changes. The broker uses the data to market the account, and is a good source of advice on what carriers in your market want to see.
Will better data always lower our premium?
Not always. A building with real risk factors will still be priced for them. Better data makes sure you're priced for the building you actually have, and puts more carriers in a position to compete.
How often should we get a replacement cost valuation?
Some states set a requirement. Florida requires condo associations to update replacement cost at least every 36 months. Many associations elsewhere use a similar schedule, especially after periods of high construction cost inflation.
What's the fastest improvement we can make before our next renewal?
Document roof ages and system updates with years, and get current loss runs. Those three items answer the questions underwriters ask most often.
Sources
- USI Insurance Services, 2026 Commercial Property & Casualty Market Outlook, as reported by Program Business
- Florida Statutes § 718.111(11)(a)
- Insurance Business, Water damage overtakes fire as leading peril in multi-unit buildings
This article is general educational information, not insurance advice for any specific association. Underwriting criteria vary by carrier; your licensed insurance broker can tell you what carriers in your market need.
Dylan DeFlorio is the founder of RenewFlo and a condominium trustee. RenewFlo coordinates insurance renewals for condo associations and HOAs, including keeping building data and statements of values current, working alongside property managers and brokers.