Four Point Insurance Inspection
A 4 Point Insurance Inspection is a required inspection for new homeowners. It is usually performed as a standard protocol for getting a homeowner's insurance coverage, without which, a policy cannot be granted. This type of insurance inspection proves very important for states like Florida, which is prone to hurricane and similar calamities. As a matter of fact, Florida's bad weather record for the past decade has led insurance companies to increase rate of most homeowner insurance policy premiums. Fortunately, law makers have made it possible for homeowners to have a chance to reduce their premiums through an accomplished 4 Points Inspection report.
What is the 4 Point Insurance inspection all about? As is suggested of its name, this inspection is a visual investigation limited to only four systems, which are:
Insurance companies expect that the conditions of these four systems work efficiently, as specified by the specifications of the manufacturer. The criteria used to evaluate the four points are as follows:
- The current operating conditions (i.e. plumbing, electrical)
- Scheduled maintenance requirements (i.e. HVAC system)
- Expected service life or life expectancy (i.e. roofing)
Why are 4 Point Inspections important for insurance companies? These days, insurance companies have become increasingly reluctant in issuing Homeowner's insurance policies, especially on older homes. Their main concern is that older homes (25 years old or more) may become a liability instead of an asset. Systems in the house may become unreliable after two decades of wear and tear, and damage to these while under coverage will mean thousands of dollars in expense to insurance companies.
Note though that the 4 Point Insurance Inspection is not to be confused with standard home inspection. Standard home inspections are a lot more comprehensive in terms of scope and details. Moreover, insurance companies usually have standard requirements of forms, which must be filled out by an ICC Certified inspector. Thus, if you need insurance home inspection services, it is important that you hire an Orange County home inspection provider that is duly certified by the state, and that they provide you with a licensed and qualified inspector.
"Can I have the report of my previous standard home inspection and submit it to the insurance company?" This is a very common question. Although it does not make sense, insurance companies usually do not accept reports of standard home inspection despite the mass of information they provide. Insurance companies only want specific information about the four systems mentioned in a short report consisting only of a page or two. In the same way, reports from a 4 Point home inspection are not intended as a comprehensive pre-purchase inspection. The limitations of this type of home inspection make it insufficient to allow an informed decision.
Furthermore, there is no guarantee that completing a 4 Point Inspection can assure you an approval from the insurance company. The insurance company will have their own investigation before granting you insurance.
