What are home insurance inspections? Home insurance companies may request a home inspection for various reasons, such as purchasing a new home, switching insurance providers, or completing renovations.
These inspections are usually used to assess the risks associated with a home, especially if it is older, hasn’t been inspected recently, or has a history of insurance claims.
If an inspection reveals issues, you may be required to complete major repairs to restore your home to an insurable condition.
During a home insurance inspection, a certified inspector evaluates your property for potential risks, providing a detailed report and a valuation. This helps ensure your dwelling coverage is sufficient in the event of a loss.
How Does Home Insurance Inspection Work?
Home insurance inspection is different from a standard home inspection. During this inspection, inspectors assess the home’s appliances and structure to determine risks.
Just like a standard home inspection is used to decide whether or not you should purchase the property, insurance companies use it to make adjustments to your premiums, repair your home damages, and even cancel your policy if your level of risk is too high.
Who Needs A Home Insurance Inspection?
As previously stated, insurance companies carry out home inspections for older homes, new homes, and homes in locations prone to major natural disasters like wildfires, hurricanes, and tornadoes.
If your home has not had any insurance inspection recently, you may likely have one when next you will be renewing your policy. However, the following are those who need a home insurance inspection:
Mortgage Lenders
Although lenders do not require home insurance inspections, they do require borrowers to have home insurance coverage for loan approval.
Before you move into your home or refinance your existing mortgage, you will be required to show proof of your home insurance.
However, purchasing a new home insurance policy or updating an insurance policy may require a home insurance inspection.
Insurance Companies
Just as it has been said earlier, home insurance companies commonly require home insurance inspection within the first 30-60 days of the policy’s effective date.
This is to ensure the policy is accurately and truthfully evaluated based on the home value and risks. The result from the inspection can be used to make changes to your home coverage. It may also require you to fix up some things in your home identified during the inspection.
What To Expect From A Home Insurance Inspection?
Generally, home insurance inspections do not require the homeowner to be available for inspections like exterior-only inspections.
The inspector takes photographs and measurements of the home’s exterior to complete their inspection report.
However, for an interior inspection, the homeowner is required to be present. The inspector will be taking pictures and measurements of the interior of your home also.
After this is done, your insurance providers will review the report and determine their next line of action based on your home’s condition.
What Home Insurance Inspection Assesses In Your Home
Home insurance inspectors assess the condition of the following structures and appliances in your home:
- Appliances like ovens, stovetops, microwaves, refrigerators, etc.
- Water heater.
- Porches/decks.
- Security system.
- Smoke detectors.
- Infestation signs.
- Garage doors.
- Exterior structures like barns, garages, sheds, pools, etc.
Every home insurance inspection’s primary consideration is the kind of maintenance upkeep and liability risks presented with your home and property.
How To Prepare For A Home Insurance Inspection
There are several ways to prepare for a home insurance inspection. Taking a walk around your home exterior and interior may help you spot issues that need fixing before the inspector arrives. The following are a few areas to assess while preparing for a home insurance inspection:
- Missing shingles on the roof.
- Unbolted gutters or waste in it and is visible.
- Cracks in your home’s chimney.
- Leaks and cracks around windows, doors, and siding.
- Hanging branches over your home’s structures.
- Chipped stairs or uneven sidewalks.
- Smoke detector functionality.
- Water damage or pest in the basement or attic.
- Leaks around plumbing fixtures.
- Filter condition and HVAC performance.
Does Home Insurance Inspection Affect My Home Insurance Policy?
Home insurance inspections are usually used to help the insurance company determine the level of risks related to insuring your home.
If your home requires repairs or work, a home insurance inspection may cause your insurance premiums to rise more than average.