Insurance Coverage Calculator
Personalized insurance coverage recommendations based on property value, location risk factors, and claim history to optimize protection and cost.
Solution
This intelligent insurance recommendation system evaluates multiple property and risk factors to suggest the most appropriate coverage package for homeowners. The tool analyzes the property's value, age, and type alongside geographic risk levels to determine an initial coverage package category (premium, standard, basic, or minimal).
The system then calculates specific coverage amounts across five key areas: dwelling coverage, personal property protection, liability coverage, medical payments, and recommended deductible levels. For properties in flood or earthquake zones, the calculator evaluates additional risk factors and suggests supplemental coverage when warranted. Insurance agents can instantly provide tailored recommendations that balance comprehensive protection with cost-effective premiums, all based on objective risk assessment criteria.
How it works
The decision system follows a structured evaluation process:
- Risk Assessment: Evaluates property value and area risk level to determine the appropriate base package.
- Coverage Calculation: Applies package-specific formulas to calculate precise coverage amounts for dwelling, personal property, liability, and medical payments.
- Deductible Assignment: Assigns appropriate deductible levels based on the selected coverage package.
- Special Risk Analysis: Evaluates flood and earthquake risks separately to determine if additional coverage is warranted.
- Supplemental Coverage Calculation: For identified special risks, calculates recommended coverage amounts as a percentage of dwelling coverage.
- Complete Package Assembly: Combines all recommendations into a comprehensive coverage proposal.
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