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