Since all homeowners must insure their homes, the time will come for you to either acquire homeowners insurance or renew your policy. The insurance company may request a special inspection for your home to determine the risk of insuring it. Trident Inspection Group offers these inspections, known as home insurance inspections, that will help you keep your home safeguarded. Now, let us explore the particulars of these inspections and provide you with some valuable insights.
What Is a Home Insurance Inspection?
Insurance companies don’t always mandate inspections, but they may require one if you reside in an older home, are switching insurance providers, cannot determine the replacement value of specific components, or more than a decade has passed since your last inspection. The home insurance inspection could be a certified inspector driving by your property to evaluate the exterior, or it might be an interior evaluation of your home. Keep in mind that these inspections are not as extensive as the comprehensive home inspections that take place during a real estate transaction but instead provide a snapshot of your property’s condition. If your home requires an insurance inspection, it will typically occur within a few weeks of the start of your policy.
How Can You Prepare for the Inspection?
The best way to prepare your home for the inspection is to check areas around your property before the inspector does and address any outstanding plumbing, electrical, and HVAC issues. You should search for evidence of a pest infestation and any water damage in your attic and basement walls and ceilings, as well as for mild and mildew. Check your roof, chimney, and gutters, clearing debris and making small repairs as necessary. Lastly, verify that all safety measures, such as smoke and carbon monoxide detectors, are operable with working batteries.
What Does a Home Insurance Inspector Look For?
The inspector will prioritize the major components of the home, including the plumbing, electrical, and HVAC, but they could check safety features as well. The inspector will search for any red flags that could result in the filing of a claim, like water damage, structural cracks, rot or decay, pest infestations, mold or mildew, or inadequate ventilation. They will assess whether your home is free of any visible signs of damage and safety risks inside and out. While the inspector is at your residence, they may also verify items that can qualify for policy discounts, such as security systems.
What Happens After the Insurance Inspection?
Initially, you will be covered under a tentative policy while your insurance provider awaits and assesses the inspection results. After your inspection, the insurance provider will determine whether they will make any changes to your policy based on the inspector’s findings. Your rate may increase based on uncovered liabilities or a steeper replacement value. On the other hand, they may lower your rate if you made any improvements like a roof replacement. While the company could choose to cancel your policy, they would likely allow you to repair the issues within a deadline first.
What Should You Do if Your Policy is Cancelled?
Before you even initiate the homeowner’s insurance process, it would be wise to address any issues with your house that could hinder your coverage. If your home insurance inspection does not result in a favorable outcome, it’s not too late to remedy the situation. You should make all of the recommended repairs and then apply for another policy. Just be sure to secure your coverage before the cancellation date to avoid a lapse in your insurance.