Insurance Company Requesting Home Inspection
But this might not be the last home inspection you need.
Insurance company requesting home inspection. People often have the home purchase price in mind but that value is not adequate. So don t be surprised if your insurer plans a home inspection. Federal pacific panels have a failure rate over 20 they are obsolete dangerous and real hazard for starting an electrical fire. A well written insurance policy will protect your home from all sorts of risks like theft injury and natural disasters.
For those who require a home inspection this is part of their underwriting process to determine what premiums to set for your home. An underwriter reviews the building coverage and will outline concerns hazards that need to be addressed with the homeowner. Called inspector who is an employee for the company and he said it was to identify any problems or hazards etc. To provide that kind of security insurance carriers rely on property assessments.
Requests by the insurance company for you to do a repair or provide evidence of a repair will usually come following one of three things. Recommendations made after a home inspection these can relate to liability issues or general maintenance prevention and safety. Fortunately you can ask your insurance company to conduct a home inspection in order to determine the right value and ensure that you have the right amount of insurance. What makes an insurance company require repairs on a home.
The insurance company discovers that a home builder xyz used federal pacific electrical panels in the homes he built in 1972 because a fire in one of those homes caused a million dollar loss. Even though insurance applications seem comprehensive your insurer will likely need more information. However some insurers may accept a recent appraisal in lieu of a home inspection. My insurance company wants to do interior and exterior inspection on my home.
Most carriers utilize an independent home inspection company to conduct an insurance inspection. For average homes it is common to simply conduct an exterior or drive by inspection. If you ve bought a home you know what a home inspection is all about and you will have a clear view of what shape the building is in. The first inspection depends on the insurance company.
Additionally if a mortgage lender or insurance provider requires a home inspection they may request certain renovations be done before they offer you a loan or insurance coverage. However for larger and more customized homes an appointment may be necessary for a full inspection. When the home inspection is complete it goes to the insurance company. If action is needed it is forwarded to the agent who communicates any changes or concerns or requests from the carrier to the customer.
Don t be surprised if your insurance company wants to pay a visit too after you move in and get home insurance. Never filed a claim or had inspection ever by insurance company.
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