Fire Insurance And Home Inspections: Ensuring Accurate Coverage – Written by Shannon Martin Written by Shannon MartinArrow Correct Writer, Insurance Shannon Martin is a licensed insurance agent and content writer for . With a Bachelor of Science degree from the University of Louisiana at Lafayette and 15 years in the insurance industry, he enjoys helping others navigate the world of insurance by cutting through the complex jargon and empowering readers to make strong financial decisions independently. Connect with Shannon Martin on LinkedIn Linkedin Shannon Martin
Edited by Maggie Kempken Edited by Maggie KempkenArrow Right Senior Editor, Insurance Maggie Kempken is the Insurance Editor for . She helps manage the creation of insurance content that meets the highest quality standards for accuracy and clarity to help readers navigate complex information about home, auto and life insurance. It also focuses on ensuring that insurance content represents and adheres to the brand. Maggie Kempken
Fire Insurance And Home Inspections: Ensuring Accurate Coverage
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Home Inspector Checklist & Tips For Sellers
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Inspection And Testing Of Fire Alarm Systems
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The purpose of the home inspection is to identify likely safety risks and exposures for potential homeowners or current home insurance holders. Those looking for a new home can use the results of the report to negotiate a lower sales price, and insurance companies use the information to require policyholders to make upgrades that help mitigate the risk of loss. It is common for home insurers to request a home insurance inspection when they issue a new insurance policy or when a homeowner has made repairs or alterations to the home. Failure to comply with the results of the insurance home inspection may result in changes or limitations in coverage or cancellation of the policy. The Insurance Editorial Team explains when you might need a home inspection to get homeowners insurance.
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In many cases, a home inspection is required to obtain a homeowners insurance policy. Insurance companies need to understand the level of risk they are taking on when insuring your home in order to set their premiums. The best way to assess this risk may be through a home inspection. Not only is this helpful for insurers to assess the likelihood of you filing a claim, but most insurance professionals highly recommend a home inspection when buying real estate, as it can help you identify hidden problems that you might not otherwise be aware of. revealed
Remote Inspection Solution
Not all insurers require a home inspection to obtain coverage. Some scenarios can increase the likelihood of a home inspection for insurance:
In addition, other entities involved in your real estate transaction may require an inspection. If you are working with a lender, they may stipulate that a home inspection be completed before they approve your mortgage loan. If you are selling your home, a home inspection is usually not required. However, sellers are often required to have an appraisal done to determine the value of the home.
Your homeowner’s insurance provider may accept an appraisal in lieu of a formal inspection, but this is at the carrier’s discretion. Typically, the more recent and detailed the appraisal, the more likely the insurance company will accept the appraisal in lieu of a home inspection. However, assessments do not serve the same purpose as inspections and are often much less thorough in uncovering potential risks. Especially if the home you’re looking to buy is particularly old, you probably need a full inspection rather than an appraisal.
If your insurance provider accepts an appraisal, the seller will have this information available, as they usually need to pay an appraiser to appraise the home before putting it on the market. Instead, home inspections performed during the home buying process are the responsibility of the buyer. In many cases, home buyers will submit an offer on a property conditional on a home inspection, meaning they can legally back out of the contracted sale if the home inspection doesn’t meet their expectations.
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Home inspections are thorough assessments of your home or property that aim to identify any underlying problems that may exist. A home insurance inspection allows insurers to understand the level of risk they would be taking on by offering you a homeowners insurance policy. During a home insurance inspection, inspectors generally use the 4-point inspection method to evaluate key areas of the home.
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