A home insurance inspection is the process of an insurance company assessing the replacement cost of a home or property. If you're buying homeowners insurance, the insurer may perform a home insurance inspection to help determine the risks of future claims. The inspection can also be used to calculate your 澳洲幸运5官方开奖结果体彩网:monthly premiums and approve or deny coverage.

The insurer may review the home's exterior and interior, including the roof, foundation, and plumbing. Homeowners can prepare their homes for an insurance inspection by reviewing the typical areas of concern.

What Is a Home Insurance Inspection?

Buying a home means checking off a long list of to-dos, including the mortgage application process and getting an 澳洲幸运5官方开奖结果体彩网:appraisal to determine the home's value. These s🍬teps can ensure that the home is worth the amount you plan to borrow for it.

澳洲幸运5官方开奖结果体彩网:Mortgage lenders usually require borrowers to buy homeowners insurance to protect the lender's financial interest since the home is used as collateral for the mortgage loan. If the borrower defaults, 𝐆the lender can sell the home to recoup the money lent to the homeowneꦍr.

The lender doesn't request an insurance inspection. Instead, the insurer will usually order the inspection as part of the application process for buying by the homeowners insurance policy. However, the lender will require an appraisal since it helps establish the property’s value.

When a Home Insurance Inspection Is Common

A home insurance inspection allows the insurance company to gauge the home’s 澳洲幸运5官方开奖结果体彩网:replacement cost. The inspection also helps the insurance company assess risk to determine the likelihood that you’ll need to file a claim for damages and calculate your estimated premium costs. The inspection may be more common if you’re buying an older home or a home in an area 澳洲幸运5官方开奖结果体彩网:prone to na💟tural disasters, such as hurricanes, earthquakes, or forest fires. 

For example, in Florida and some Gulf Coast states, homeowners can go through a wind mitigation inspection. This type of inspection looks specifically at what efforts are in place to mitigate wind damage to a home that’s being covered. Insurance companies can offer discounts on coverage for homeowners who undergo this type of inspection and show that they’ve mitigated wind damage risk.

Home Inspection

A 澳洲幸运5官方开奖结果体彩网:home inspection is different from a home insurance inspection. When you schedule a home inspection, 澳洲幸运5官方开奖结果体彩网:it’s usually for your own pea🐬ce of mind. For example, you may want to ensure the home has no major structural issues, such as a cracked foundation or damaged wiring. A certified home inspector can examine the home inside and out to look for any issues and summarize them in a report.

Whether you’re getting a regular home inspection, a home insurance ins🔯pection, o🐭r an appraisal, you’re responsible for paying the cost out of pocket.

What a Home Insurance Inspection Covers

In most cases, your homeowners insurance company inspector performs a visual inspection of the home’s exterior. This allows them to check out the condition of doors, windows, roofing, and additional structures on the property. If the insurance company decides that a more detailed inspection is necessary, it will also look inside the home.

Every inspection is different, but geꦕnerally, the inspector will be assessingꦗ:

• The condition and age of the roof
• Any exterior hazards that could potentially lead to damage, such as overhanging trees 
• Exterior items that could be damaged, such as sidewalks, lighting fixtures, or separate buildings on the property
• Interior and exterior drainage systems
• The condition of the basement, if you have one, and the foundation
• Plumbing systems
• The age and condition of the home’s electrical system
• Home appliances
• The condition of the flooring and walls
• Attic spaces and crawl spaces
• Anti-theft measures, such as a home security system or deadbolts
• Smoke and carbon monoxide detectors
• The age and condition of the HVAC system
• Chimneys and fireplaces, if you have them

Overall, the goal is to assess both risk and replacement cost if the home ends up being damaged. You may not need to be at home for the exterior part of the inspection if the insurance company only wants to look at the outside, but you'll need to be present for the interior inspection if one is requested. The time frame can be as much as two hours.

How to Prepare for a Home Insurance Inspection

If you’re scheduled for a home insurance inspection, there are some things you can do to get ready for it. By doiꦆng a little prep work, you can spot any issues that are likely to show up in the inspection, so you’re not caught off guard.

To prepare for a home insurance insp꧋ection on the exterior: 

• Check your roof for any loose or missing shingles.
• If you have gutters, check to see if they’re secured to the home properly and clear out any debris.
• Check the foundation for cracks or other signs of weakening.
• If you have a chimney, check it for cracks or loose bricks and consider getting it professionally cleaned. 
• Trim any overhanging branches or dead limbs that could present a hazard to roofing or other parts of the home. 
• Check your siding, doors, and windows for cracks, leaks, and signs of water damage. 
• Look for any potential hazards, such as an uneven sidewalk that could cause someone to be injured on the property. 

To prepare for a home insurance inspection of your home's interior: 

• Check your smoke and carbon monoxide detectors to ensure they’re working properly.
• Check your home’s fire extinguisher to make sure it’s operational. 
• Clean out your fireplace and its flue if you have one. 
• Check around windows and doors to look for leaks or signs of termite damage. 
• Look in the attic and basement for signs of any water or pest damage. 
• Consider cleaning your HVAC system and testing it to make sure it’s working properly. 
• Look under sinks and around faucets, showerheads, and toilets for signs of leaks.
• Inspect the walls to look for cracks or bowing, which could suggest foundation or roof issues. 

What to Do If You’re Denied for Home Insurance

If your home insurance inspection turns up some serious issues with the property, the insurance company may decide that it’s too much of a risk to co🔯ver you. In that scenario, you may have a few options. 

First, you could make any necessary repairs the insurance company requests as a condition of getting covered. That could mean replacing the roof or hot water heater or rep𓆏aving the driveway. 

If that doesn’t work, you can look for coverage through a company that specializes in high-ris💜k properties. You’ll likely pay more for homeowners insurance than you would ordinarily, but it may be the only way to get coverage for a home with damage or stಞructural issues. 

A third possibility is getting the home covered under Fair Access Insurance (FAIR) Plans. These plans are state-run programs that offer insurance for high-risk homeowners or help them find coverage. This could help you get covered if you’ve exhausted all other options. However, not every state offers a FAIR plan.

Frequently Asked Questions (FAQs)

The Bottom Line

A home insurance in🧸spection involves an insurance company evaluating your home to determine the replacement cost of the property and its contents. A home insurance inspection might be required before getting approved for insurance coverage. A home insurance inspection is different from a home inspection, which checks for structural issues with a home.