When purchasing a home, one important aspect you need as a homeowner is home insurance.
And when applying for a home insurance policy, the insurance company will want a home inspection.
This is normal, so don’t chicken out and find a different insurer; it’s the same drill everywhere.
Think of it as a way the insurance company wants to know the specifics of the home they are insuring; besides, wouldn’t you do that if you were in their shoe?
Here’s what you must understand about this inspection:
- When do I need an insurance home inspection?
You will need this kind of inspection when the insurance company requests it. This means it may not just be a one-time thing.
Since your home insurance also covers liability or any damage, the insurance company may also want a report from damage inspections.
That is, when your property has been damaged by a storm or something of that sort, you will file an insurance claim, which the insurance company will respond to with a property inspection.
- How do I gain from the inspection?
The insurance inspector will assess the extent of damage and take note of any concerns that may impact your insurance policy coverage; the findings will be used to calculate your settlement.
If your home is older, the insurance company will probably require a more comprehensive inspection done. They will want to know the inherent risks of insuring your home.
Other times only partial inspections will be done if the house appears new.
he bottom line is, the inspection is geared towards minimizing the increased liability risk for the company.
- How does the inspection work?
Like any other general inspection, expect the inspector to record a report detailing most specifics of your property, from the HVAC system to the landscape.
- What’s the outcome of an insurance inspection?
The results can take three possible outcomes;
- Your insurance application can be rejected
- It can be approved
- Or it can be accepted, but with increased rates to take care of some potential liabilities
If rejected, the issue may be because your home is riskier or is old. However, you can still file another insurance with a different company able to take homes with bigger liabilities.
Need an Insurance Inspection?
We can help. At 330 Inspection Services, we are qualified to perform insurance inspections for different buildings. We take pride in our exceptional ability to deliver accurate information to our clients.
If you own a building in Jacksonville, FL, and other areas in Florida, give us a call, and we’ll be glad to help.