Have you recently purchased a home and looking for insurance?
If so, then there is one thing you must think about. And that is how much you should ensure your property for?
People often consider the purchase price as the value they want to insure. And of course, it makes sense to ensure for the price you have paid already.
Agencies like the insurance, brokers, and other agents often have some tools that help them estimating the reconstruction value of your property. But if there are special features or the materials used in the construction of that home, then it will be a good choice to get an insurance home inspection.
This ensures you to have the right amount of insurance.
However, whether it is about getting a hiad inspection was done or inspection for home insurance, you must check the credentials of the agency properly.
Benefits of an insurance home inspection
- These professionals help you identify potential risks that could cause safety issues or loses. In this way, you will be able to address such problems and avoid claims.
- The home inspectors may also identify the areas of your property that are eligible for discounts on the insurance policy.
- It will help you make sure that the insured dwelling value is not very high or low. This saves your money.
What home inspectors look for?
These professional home insurance inspectors will look for three basic things during the inspection.
- Opportunities to increase security, safety. And also they will look for potential fire hazards or liability risks in how the property is maintained.
- They will take measurements of the building and look for special features. Such as homes with high ceilings, dormer windows, additional structures. Even they will also let you know if you need any architects or interior designers as this is helpful determining the reconstruction cost.
- They will check if there are updates on the electrical system, plumbing, heating, windows, roof and if they are well maintained or not.
Prepare for an insurance home inspection
Here are a few things that you need to have handy for a home inspection.
- Documents that will show the square footage of your home.
- Details about the costs that you have invested for renovations or any other designing work.
- Proper information about your alarm system, water sensors, water damage prevention devices or other security features.
- List of the updates that you have made with plumbing, heating, electrical, windows and roof.
You need to make sure that your property is tidy. You should take time to look at the living environment and also think about fire hazards and prevention.
In some cases, after an insurance inspection is done, insurance could be canceled if you are not following the recommendations.
Normally, the dwelling insured value remains the same even when the real estate marketers are high or low because it depends on the construction, not the selling.
What if you find the recommendations are unreasonable?
In such situations, you can try to negotiate with the company you are dealing with for this work.