With 2024 on the doorstep, our thoughts inevitably turn to New Year’s resolutions. Sure, the standard pledges to improve fitness or reduce clutter are a positive way to start the year. But this year, why not do something a little different… and resolve to improve your property data?
Here at Centurisk, we’ve made it easy for you. Check out these seven ways to make your property data more accurate and effective for the new year:
1. Implement a data maintenance plan.
Regularly update and review your property information. Set a schedule for data audits to identify and correct inaccuracies. Auditing like…
2. Get your square footages in shape!
Use AMP to run a report of your property’s square footages and look for any structures with rounded square footage numbers. Square footages ending in zeros (like 20,000) are often signs of estimated numbers. Flag these for further verification.
3. Double-check those building types.
AMP’s flexible reporting can also help you search for identical buildings — for instance school buildings in a similar location — with vastly different cost per square foot. By tracking down and verifying these outliers, you can bring greater consistency and accuracy to your data.
4. Break down single-entry building collections into individual entries.
Do you have wastewater treatment plants, parks, or other facilities that have multiple buildings all lumped into one entry on your SOV? It’s time to document them individually. This will help ensure each structure is properly covered in the event of a loss, and the resulting peace of mind is a great way to start the new year.
5. Fill in that missing data like building coordinates.
Documenting the location of your buildings, and the proximity to fire hydrants and fire stations can be important for insurance purposes. And you can use Google Earth Pro’s satellite technology to locate information like missing building coordinates or proximity to fire hydrants and bodies of water. An increased focus on safety and more thorough data to pass along to your insurer becomes the perfect resolution.
6. Schedule official staff training for your AMP system.
It’s one of those things that so many of us tend to procrastinate; we self-teach the software we own in order to keep things rolling, instead of getting formalized training — and, as a result, we don’t always get the most out of the packages we buy. So, why not amp-up staff knowledge and property data best practices this year and arrange training for your users? It translates to greater efficiency and confidence for all!
7. Schedule on-site property valuations.
While trending can be a great way to keep your risk management program moving ahead, it’s not a substitute for a thorough, on-site valuation. If you’ve been putting this off, maybe 2024 is the time to make it happen. So many organizations realize they been missing hundreds of structures from their statements of value, or including properties they no longer own, risking over- or under-insurance. Paying for insurance you don’t need, or being dangerously under-covered, is something most organizations can’t afford. Schedule an onsite valuation today to reduce your risk exposures.
By cleaning out the data clutter and strengthening your knowledge, you can enjoy more fit and healthy property data for 2024 and beyond.