How Are Inspections For Insurance Going To Change?
Most insurance companies will require and ask for a home inspection to be performed before granting a home insurance policy. The purpose is to help mitigate risk. It's no secret, insurance companies try to avoid risk as much as possible. Getting an inspection done by a certified home inspection company is the best way to do this. For insurance providers, a home inspection can help them avoid losses from the liabilities not listed on any application. Furthermore, many insurance companies in Florida are either dropping insurance policies or raising premiums. Over the last five years, insurance rates have more than doubled. In addition, insurance companies are becoming more strict about insurance for inspections requirements. This is likely due to the increase in homeowner claims for primary systems such as plumbing and electric.
Inspections For Insurance Are Becoming More Strict
Here at Solid Rock Inspections Group, we are discovering some insurance companies are requiring a ten year life expectancy certification on any roof. Otherwise, they refuse to insure the property. Unfortunately, this leaves many home owners in the costly situation of having to replace their roof. Plus, Insurance companies don't care if it is much earlier than is actually needed. A lot of these changes can feel overwhelming and frustrating. However, you can just stay updated on the new requirements. When you do, it is easy to stay compliant with your home insurance provider.
Predictions For Insurance Requirements
There are some changes to insurance inspections that you will want to be aware of. We have compiled a short list of what those changes are. Read more to learn how they will affect home owners in the future.
You Will Need To Provide More Paperwork
It is very possible that your insurance provider will be changing the 4 point inspection form to include full exterior and attic inspections. This is going to increase the amount of documentation needed to complete an insurance application. Unfortunately, it will also likely increase the cost of the inspection as well. Insurance companies typically ask for more documentation and images than is currently required by the form. They will often ask for pictures of the water heater, as well as, any pictures of pools and trampolines. They do this to mitigate unnecessary risks.
Requirements For Approval Are Becoming More Strict
Unfortunately, it looks like as new types of insurance policies are created for home owners, the approval process will becomes much more strict in order to have a policy written. There will be an ongoing need to provide proof of new roof installations, roof repairs, secure electrical and functional plumbing systems in place. All this information is necessary to prove to insurance providers that any home you may be buying or living in is up to par with state code. Also, it helps the insurance company avoid insurance fraud.
Expect Major Insurance Policy Changes
You can expect insurance companies to become more detailed in their requirements for determining the lifespan of insurable building materials. Insurance companies will be basing claims on the prorated value of building materials instead of replacement costs. For example, an insurance company likely will not be paying 100% claims on a 23 year old roof when the building materials are designed to last only 25 years. Inspections for insurance on your roof will help to ensure that your roof is compliant in order to get the most coverage possible. Sadly, insurance fraud is extremely common in the state of Florida and is the major driver of high costs and policy changes.
How Will Home Owner Insurance Changes Affect You?
Above all, these policy requirements and policy changes are designed to protect the insurance companies. As a result, insurance will be more expensive and challenging to get for home owners. Inspections for insurance will be required more often to provide proof and documentation. Also, inspections will be needed more often even for homes that didn't need an inspection in the past. Likewise, the increased demand for inspections will likely drive up the cost of home inspections. Keep in mind, however, that while there will be an increase in the cost of home maintenance, it is critical to to keep your home insured in order to protect your most valuable assets.
Call Solid Rock Inspections Group When You Need Home Inspections For Insurance
If you are looking for a InterNACHI® certified and state licensed home inspector in Clearwater, Florida, look no further than Solid Rock Inspections Group. Our inspectors are equipped with the latest technology in order to provide the most detailed snapshot of the condition of your home. Tools such as moisture meters, drones, metal detectors, infrared cameras and reporting software enable us to provide the fastest and most accurate reporting when providing inspections for insurance companies. If you need a 4 point inspection, wind mitigation inspection or roof certification, call the experts at Solid Rock Inspection Group today at (727) 386-8627 or contact us on our website here. We look forward to serving you.