The Silicon Valley Innovation That Could Help Landlords Cut Soaring Insurance Costs
Summary
Digital twin technology, using AI to create 3D models of homes, is emerging as a tool to help hosts lower insurance costs in areas with high climate risks. Hosts can use these models to document improvements and potentially negotiate lower premiums. Consider using this technology as it gains prevalence.
Key Insights
- •The digital twin market in insurance and financial services is projected to exceed $149 billion by 2030, showing the growth of this technology.
- •Insurance costs in climate-challenged areas like Florida and California have escalated dramatically in recent years, making it harder to get insured. About 1 in 4 homes currently face severe or extreme climate risk.
Action Items
- ✓Use widely available tools like Matterport or Hover to create a 3D model of your home. Upload proof of mitigations into your twin for validation.Effort: mediumImpact: medium
- ✓Perform a risk audit of your property to identify vulnerabilities, and document all improvements.Effort: mediumImpact: medium
Tools & Resources
- →ZestyAI: ZestyAI is a company that uses digital twin technology for insurance.(zesty.ai)
- →Matterport: Matterport is mentioned as a tool to create 3D models.(matterport.com)
Common Mistakes
- ⚠Failing to secure adequate insurance can lead to significant financial losses due to climate-related events.
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