When you’re deciding to buy a new home and you intend to factor in the insurance for a more accurate computation, there are two options that you can choose from. The first is letting your insurer’s in-house inspector do the task, or you can subscribe to a 3rd party professional home inspector to give you the information you need.
For first-time buyers, the task of ensuring that they’re buying their money’s worth can be overwhelming. With so many things to consider, the tendency of going for the smooth and easy way to acquire the property can truly be tempting. But for an experienced or well-informed buyer, they know better. The insurance policy and the premiums greatly depend not just on the cost of the property but on any underlying risks as well. Far too many times, the underlying risks define the rate of premium, disapproval, or even cancellation of policy.
In any case, if you’re buying a home or renewing your home insurance policy, your knowledge of what to look out for will spell the big difference. Whether you intend to let the insurer’s representative do the home inspection or your 3rd party home inspector, having your home insurance inspection checklist assures you of the best outcomes. Remember that a home insurance inspection is intended to identify any possible risks that can lead to filing a claim. It is also undertaken to make sure that the value of the insured property is well within the acceptable range.
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What to look out for?
The roof provides protection for the home and its contents against the elements. Any damage or potential risk that can lead to water seepage, entail a greater chance that anything under it can be damaged as well. Water can damage wood panels, ceilings, electrical circuits, and every appliance or furniture within your home. As such, you can expect that a home insurance inspector will meticulously go through every inch of your roof to look out for any damages or signs of an impending leakage.
If your policy is up for renewal and your roof is over 20 years old, renewing your policy can be quite a challenge. Depending on your insurer, sectional repairs, or even total replacement may be required. It is in a case like this where a 3rd party contractor will be worthy of your consideration. With advanced information from your home inspector, you can deal with the possible deficiencies that the insurer’s inspector will throw at you.
Your home exterior includes your outside walls, windows, pavements, swimming pool, garden, or gazebo. Any damage will be considered for risk assessment. Thus, affecting your home insurance rates or coverage. Drain pipes and drainage systems are likewise included. In the case of policy renewal, your insurer can demand that you address certain issues first before your policy can be renewed.
The structural integrity of your home safeguards you and your insurer against the threat of any major disaster. Structural damages take some time to manifest and are mostly hidden, so be prepared to have your inspector crawl into the smallest and hidden spaces within your home. Any damage on the foundation, termite infestation or faulty construction is a major concern that you should address promptly. Your failure to do so may result in the cancellation of your policy.
Plumbing and electrical systems
Any damage to the plumbing and electrical wirings on your home pose a risk that you certainly want to avoid. Busted pipes can lead to major water damage, while any potential glitch on your electrical systems predisposes to an electrical accident or even fire.
A home inspector will see to it that your appliances are in good working condition. Any unit that does not conform to the standards of its proper usage poses a risk of damage to your property and even to your family.
Conformity with building codes and other regulations
As in any location, the government enforces certain mandates that are aimed to keep the quality of buildings at par with government standards. The materials, the design, and the manner of construction need to conform with regulations that are aimed for the safety of the owner and as well as the people around the property.
To decrease the chance of any surprise from your home insurer, the checklist we provided is designed to help you prepare for an inspection. Starting with our list, it’s apparent that inspectors are looking for possible outcomes that can lead to an insurance claim which insurance companies will most certainly want to avoid. To get the best results from any home inspection, always prepare and know your house well.