Why Home is Insurance Important for Home Inspections?
Home insurance protects one of your most important assets, your home. Should your house suffer damage, the cost of repair can be immense. A homeowners policy ensures that the repairs do not come out of your pocket. Homeowners insurance is not required by law, but there is next to no mortgage lender that will give you a home loan without one. A first step in getting home insurance is a home inspection.
What is a home inspection?
Simply put, a home inspection is an in-depth look at the current state of home and lets you know its structural integrity. It will also let you know what current and future problems can arise with it. This is a great way to make sure you’re not buying something that will cost you time and money better spent elsewhere.
Again, home inspection is a vital part of the home buying process because most mortgage lenders will not loan you money with a homeowners insurance policy. This policy reduces the insurance companies risk and the home inspection is required before buying this homeowners insurance policy. There are many first time home buyer tips and subtleties that need to be taken account of to protect your investment.
When you hire a certified home inspector, they’ll look at the bones of the home including plumbing, wiring, roofing, and structure. They will then help you understand what problems if any, the house has. This is important when you’re insuring your home. The condition of the house is one of the key factors insurers use to calculate your premium. Not having full knowledge of your potential home’s condition could lead to not having enough insurance. Should a problem arise that an inspection could've caught, you could find yourself out a lot of money.
When you’re looking at an inspector, make sure to get one that can also do a 4-Point Inspection. Its name comes from the fact it covers looking at the visible parts of the following:
Most insurers will require a 4-Point Inspection in order to find what kind of coverage the house will need. If you’re looking at an older home, knowing the status of the home at all points is crucial.
Keep in mind that the 4-Point inspection is for insurance purposes only. It only relies on the state of the above parts that are visible, and by no means replaces a full inspection. Better to get an inspector out once than twice.
Roofing is a good example of why a thorough inspection is important. The roof is the shield of your home. If you want to move into an area that has a record of harsh weather, knowing the status of your roof is crucial. Rest assured, your insurer will want to know the state of your roof before they offer you a policy.
How is the roof to foundation anchoring? If there is reinforcement in the walls of the house from the roof to the foundation, the outer structure of the home will be able to withstand strong winds better.
In all, having an inspector for home buyers is essential. You want to understand what you are getting into, and your insurance company also needs to understand the value and risks in insuring you and your potential new home.