Overview
Accurate Year Built and renovation dates are essential for precise underwriting and competitive pricing. Providing correct data upfront prevents premium discrepancies and coverage gaps, ensuring a smooth binding process for you and your clients.
Definitions
- Year Built: The year the home was originally constructed.
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Year Renovated: A full "studs-out" renovation. For Openly’s purposes, this year represents the oldest confirmed update among all required major systems (see details below). It is not the year of the most recent cosmetic upgrade.
When to Enter the Original Year Built
When submitting a property application, enter the original year the construction was completed on the home.
When to Use Year Renovated as the Year Built
You should only enter a Year Renovated in the Year Built field if the home has undergone a true studs-out renovation where all three major systems have been updated and verified:
- Electrical
- Plumbing
- HVAC
Note: If any one of these systems is original, the update year is unknown, or it cannot be verified, you must use the original Year Built.
How to Choose the Correct Year Renovated
The Year Renovated should be the oldest year among the verified updates to the three major systems.
Example: A home had its electrical system updated in 2020, and HVAC and plumbing updated in 2025. Enter the Year Renovated as 2020 in the Year Built field. This prevents the home from appearing “newer” than the oldest major system would support.
Note: The roof year cannot be older than the Year Built. If all three major systems were updated more recently than the roof, use the roof year as the Year Built.
Required Documentation for Major System Updates
To keep the process moving quickly, we require documentation whenever a Year Renovated is used as the Year Built. Please provide one of the following:
- Paid contractor invoices that clearly show scope and completion dates
- Permits plus final approvals/certificates of completion
- Four-point inspection (when it clearly documents updated systems)
Additional Supporting Documents
The following can be submitted to substantiate and verify the updates:
- Assessor/property card showing an "effective year built" tied to a full remodel
- Public records documenting a remodel
- Inspection evidence consistent with the claimed updates
Supporting Documentation Only
Supplemental only; these items are not sufficient on their own to verify major system updates:
- Presale inspection
- Post-bind inspection
- Cosmetic interior photos (paint, flooring, finishes)
Submission Tips
To expedite your submission and avoid delays, follow these guidelines:
Prepare Documentation: If you use a Year Renovated as the Year Built, have records for electrical, plumbing, and HVAC ready.
Note Modernization: If the home is clearly modernized but records show it is older, include notes and all available supporting records—we’ll reach out if we need additional documentation.
System Check: Only use Year Renovated if all systems are updated. Set the date to the oldest of the three systems or the roof year (whichever is earlier).
Example: A home had its electrical system updated in 2023, HVAC in 2024, and plumbing in 2025. Enter 2023 in the Year Built field.
For further assistance, contact us via our webform or Live Chat.