If you buy an older home in Florida, especially one built more than 30 years ago, you’ll almost certainly need a 4-point home inspection before purchasing a homeowners insurance policy.
Four-point inspections have become industry standard because they enable insurance firms to check properties prior to insuring them, reducing risk for all parties involved.
These important 4-point inspections aid in identifying poor construction practices that have been updated or phased out over time. Homes built in the 1950s, for example, were equipped with breakers that have since been revolutionized and practically re-invented.
You’d be hard-pressed to find a builder today who embraces these systems due to their lack of built-in safety features. Insurance companies want to know if homes still have these systems or similar construction practices that have been phased out over the years.
Why? Because of the many claims that accompany these residences, they are considered riskier to insure. So, what can you anticipate from a four-point home inspection? We’ll go through everything you need to know in detail.
What to Expect From a 4-Point Inspection
A 4-point home inspection, as you might expect, focuses on four critical aspects of your property. These are the four most vital (and expensive) components of every home, and they’re also the ones that cause the most home insurance claims each year.
The most important thing to know about a 4-point home inspection is that it only covers the parts of each system that can be seen with the naked eye. Inspectors can immediately tell how effectively the home was maintained throughout time by looking at the observable components of each system.
1. HVAC System (Heating, Ventilation, and Air Conditioning)
The age and condition of your HVAC system are the major items inspectors will look for (and insurance companies will want to know). Is it the same age as the house, or have components been replaced over time? Do you have central air conditioning and heating in your house? Is there any evidence that the system is leaking?
All of this data is useful to insurance firms since it aids in the investigation of house insurance claims. The older the system, the more chances there are for mistakes — and claims.
2. Electrical
Electrical wiring that is more than ten years old might cause major problems in your home. Property insurance providers will need to know if your home is up to current safety standards.
Even aluminum wire, which was popular in homes from the mid 1960s to the early 1970s, has subsequently been declared too dangerous for residential use and has been phased out.
If the house you’re buying contains any of these electrical systems, it’s more likely to be the subject of a homeowners insurance claim. A 4-point inspection also looks at the electrical panels and the system’s general appearance.
3. Plumbing
A 4-point inspection will look at the types of drain and supply lines in your system, in addition to doing plumbing checks on your own home at least once a year (whether it uses copper, galvanized, lead, polybutylene or another material).
Finally, it will inspect the visible pipes and locations for leaks, as well as the condition of your hot water heater. You can inspect your hot water heater on your own, but it won’t be enough to satisfy a 4-point home inspector.
4. Roof
The condition of your roof is the last but certainly not least item on the 4-point inspection professionals’ to-do list. Since replacing a roof costs many thousands of dollars, it’s arguably one of the most important items on the list.
Before agreeing to insure your home, insurance companies want to know the age and condition of your roof. They want to know whether there are any missing shingles, what type of shingles are missing, and how much it would cost to repair or replace the roof if it was damaged, destroyed, or needed to be replaced.
How Long Is a 4-Point Inspection Good For?
How long is a 4-point inspection good for? It depends on the insurance carrier. Your agent can answer any questions you may have. If a 4-Point is required, You’ll want to complete the examination as soon as possible and send the accompanying documentation to your potential homes insurance provider.
Is it possible to receive insurance if your house fails a four-point inspection?
If your home has any hazards or deficiencies, inform your insurance agent right away so you can get an accurate quote. When it comes to properties with problems, insurance companies have varying answers. Some insurance firms refuse to cover these risky properties, while others take a different stance.
There are some insurance companies that will provide coverage, but not for the faulty system. Most insurance companies, for example, will not cover a home with polybutylene plumbing. Water damage is not covered by the few insurers who will cover a home with polybutylene plumbing. This means that if the plumbing explodes and floods the house, you will be responsible for the repairs. Obtaining insurance for a home is frequently the only option.
Consider updating your home’s systems if they haven’t been updated or if they’re old and ineffective. Before you buy an older property for the first time, make sure you can get reasonable insurance. We recommend receiving a four-point inspection and consulting with a reliable independent insurance agency before purchasing an older home. They can assist in determining insurance costs and determining whether the home is insurable.
Expect to pay extra for insurance or have a harder difficulty getting insurance if your home has not been upgraded.
