You are probably familiar with the standard buyer’s inspection that is performed when a house is purchased. A home is a big investment and it is to everyone’s advantage to make sure the property is in great condition. Depending on the age of the home, some buyers will need a 4-point inspection in order to get homeowners insurance. This is different from a traditional home inspection but it is essential for the insurance provider to know the condition of the property.
What is a 4-Point Inspection?
A 4-point is different from a traditional home inspection because it only focuses on four main systems in a home: the roof, the HVAC system, plumbing, and electrical. This type of inspection helps an insurer to determine whether any of these systems are failing or in need of repair.
Why Would You Need This Type of Inspection?
A homeowners insurance company wants to understand what type of repairs might be necessary. Your bank may only require a home inspection to approve the mortgage, but the insurance company may require a 4-point before issuing a policy or before your renewal date.
This type of home inspection is an opportunity for insurance companies to make sure that the most costly systems within a home are in good working order. After all, if the roofing proves to be damaged, it could cost thousands to replace the roof, and tens of thousands to repair any underlying structural issues. A defective HVAC unit, faulty plumbing, or poorly wired electrical system could also lead to insurance claims.
Advantages of a 4-Point Home Inspection
When compared to a traditional home inspection, the biggest advantage is the cost. A 4-point inspection takes less time and typically costs less than a standard inspection.
Most homeowners will order a complete home inspection when purchasing a home. Your inspector may also offer the option of completing a 4-point home inspection at the same time.