By now, you are familiar with the fact that a Tampa home inspection is not required when buying a house, though it is highly recommended. Many buyers choose to waive the inspection as a means to save money up front, but this same inspection can reveal damage or necessary repairs that could total in the thousands. What you also may not know, is that inspection includes a 4-Point inspection, something that in many states is required in order to get homeowners insurance.
If you are buying a home, reach out to multiple homeowners insurance companies for quotes. They will get the home’s address and help build you a quote to know what your monthly payments are. They will look at things like the age of the home, the location, list price, etc. in order to price your insurance. Depending on certain home factors and certain companies, they may require an inspection to determine the risk factor. For example, if your home is more than 50 years old, chances are your insurance company will want an inspection to determine things are up to code and not fire/safety hazards. A brand-new house in the same neighborhood using the same insurance company, however, may not require an inspection.
This is where the 4-Point home inspection comes in. This determines how much of a risk the insurance company will be taking on by insuring your home. The higher the risk, the greater your insurance prices will be. This inspection looks, as you might have guessed, at 4 main points of the home: roof, HVAC, plumbing, and electrical. The great news is, if you have a home inspection and negotiate repairs into your contract, this can help reduce risks, therefore lowering the cost of your homeowners insurance.
Getting a home inspection is beneficial for a number of reasons, and we can’t recommend it enough. Not only will you get peace of mind knowing your house is safe, but you will get costs savings in the form of reduced repairs and lower homeowners insurance and/or better coverage. If you need more information, call Radiant Property Inspections today.