Methodological Proposal for the Development of Insurance Policies for Building Components
Insurance is a growing economic activity within the construction sector. Homes and buildings are perhaps the most important investment an individual makes in his/her lifetime. Nevertheless, the market for insurance coverage policies applied to the building envelope is in an embryonic stage, mainly due to the lack of knowledge in terms of risk and costs associated to the failure of these elements. This study provides an innovative and methodological approach to the development of an insurance product that targets the obsolescence of building components. In defining a structured approach to the design of insurance policies for buildings, the use of the service life prediction models proposed in this study allows establishing different types of insurance policies with different risk premiums and evaluating different losses and risks accepted by the owners, thus promoting the increase of the patrimonial value of the asset and reducing the risk of premature failure and the uncertainty of the costs of maintenance during its life cycle.