There are a lot of different reasons that a home might undergo an inspection. Sometimes it’s due to an impending sale, and other times it's in order to give an insurance company a good idea of the condition and value of the property. The latter of these is referred to as an insurance inspection. There are different types of inspections that fall under the general umbrella of insurance inspections, but one you hear of most often is the 4-Point Inspection.
Did you know that Insurance Risk Services offers a full range of inspection services and field underwriting support? Along with our traditional services, we also utilize homeowner self-inspections and drone technology.
Any property that you own, commercial or residential, ought to be insured. And in order to secure property insurance, most companies require an insurance inspection. This process provides up-to-date information to the insurer about the state of your building so that they can make an informed decision about how much to insure it for. This is a routine practice and one that benefits you by pointing out areas and issues that may be diminishing the value of your investment.
Risk is inherent in property ownership, but not all risk is necessary and some can be mitigated with the proper risk management strategies. Speaking specifically about commercial property, there are dozens of insurance factors that property owners must consider. Not all can be planned for, but some can. Here are three primary ways to handle potential risk as a commercial property owner, and specific examples of how you can apply it to your own properties.
Whether you’re purchasing a new property or updating your homeowner's insurance, most property owners will find themselves in need of a property inspection a couple of times in their lifetimes. If it’s been a while for you, you may be surprised at the way new advances in technology has modernized and standardized the inspection process.
While our main focus in doing home insurance inspections is meant for the benefit of insurance underwriters with whom we've partnered, homeowners can also reap valuable benefit from a properly conducted inspection. It's not uncommon for a homeowner to feel somewhat uneasy about having an insurance inspector coming in to evaluate the condition of their home. This is especially true when they realize that what's uncovered can impact their insurance premium costs.
To get or maintain homeowners’ insurance, your insurance company will want to see that you’ve had a recent inspection. The purpose of this inspection is to help the insurer reduce their risk by alerting them of current or potential issues that may decrease its value. If you’re about to undergo an insurance inspection at your home there are a few categories of issues that you may like to address in advance of your inspection.
Any bank or home insurance company will require you to have a residential inspection performed on your property. Given those statistics, it’s safe to assume that a majority of homes in America will be subject to inspection at some point. In all of those inspections, several common themes have arisen and many home buyers will find themselves needing to address at least one of these during the process. Of course, some homes will have more uncommon issues that you’re not familiar with, but for the most part, you shouldn’t be surprised to see one of the following during your residential inspection.
The first time you try anything new there is bound to be a learning curve. This is true of everything from taking on a new hobby to buying a home for the first time. Unfortunately, with the practice of homebuying, the risk is significantly high. One line item in the home buying process that new buyers tend to muck up is the hiring of a property inspection team.
Each trip around the sun brings its own set of challenges, opportunities, successes and stories that will be told for years to come. And 2019 was no different. For the insurance industry, it was 365 days filled with risks and rewards.