Nowadays, insurance companies are holding back on writing new home policies, especially on homes that are over 25 years old. They will only offer insurance policies on homes over 25 years old if a four-point inspection has been carried out on it. If you want more insurance options, then you’ll need to find a home inspection company that provides a four-point inspection for insurance approval.
The four main areas that are covered in a four-point inspection are the roof, HVAC, plumbing, and electrical wiring that’s in place. As you can imagine, if a house is constructed over 25 years ago, then there is a very high chance it doesn’t meet current construction and building standards.
A four-point inspection covers these four areas and makes sure everything is safely up-to-code and in working order. A completed report includes the age and the condition of all four major areas in the home.
Insurance companies are well aware of resident claims on their home damages and contents. Today, insurance companies are stricter on what they are willing to insure. Older homes are simply higher risk of having to pay out a claim. That’s why insurance companies are requiring four-point inspections.
It gives a clear indication of what needs fixed, upgraded, or replaced, in an older home, and if it’s up to suitable standards. Unfortunately, this may leave a homeowner with a long repair list. If homeowners want insurance coverage, then the repairs are necessary.
Insurance companies are more liberal in the case of insuring newer built homes, as the property is deemed up to current safety standards. If you received a notice in the mail from your insurance company requiring that you submit a four-inspection, contact a local home inspection company for a free consultation.
