Most first-time homebuyers are often baffled by the idea of a “4-point inspection” as they’re probably encountering the term for the first time, but it’s an important part of successfully buying a home and getting your money’s worth.
With this inspection, the homeowner’s insurance company can gain some insight into the overall condition of your home is in, with the focus being on roofing, electrical systems, plumbing systems as well as HVAC.
Once the inspection has been completed, the insurance company will have a general idea of the total liability they’ll be taking on if they do offer their coverage for the specific property.
This process is a formality that happens with most, if not all, property purchases, and you’d do good to know the ins and outs of how it works as well as what you can do to make the inspection as smooth as possible.
What is a 4-point inspection?
Similar to how certain value assessments are made when you’re putting your home up for sale, a 4-point inspection happens when someone is looking to renew or change their current insurance plan.
The inspection focuses on 4 key elements of the home, those being the quality of the roofing, the current state of the electric systems, plumbing, and HVAC systems.
In recent times, insurance companies have made their terms much more strict, as most of them no longer offer coverage for homes over 20 years old due to them being too great of a liability.
A home that’s nearing the age of 30 often has issues with the electric or HVAC systems, and these issues can pop up from out of nowhere, and while an insured homeowner is going to get reimbursed for these problems, it just makes it less than desirable investment for most insurance companies.
How to utilize it
At times, prospective homeowners use this service to determine whether the property they’re looking at is worth taking a mortgage out for, and if any major issues are found, they often mean a lot of headaches later on.
Some states don’t specifically require you to have this type of inspection performed on your home, but due to the overall benefit you receive from one, whether it’s the insight you gain or the guidance for any future repairs, there are more than a few benefits to actually going through with a 4-point inspection.
The main reason so many people are praising this is due to how incredibly cheap these inspections can be, and despite all that, they’re still performed by a trained professional who can finish the job in a matter of a few hours. If you’re in the market to sell, this inspection may also help you gauge what other repairs might be necessary on your home before proceeding, and this can be a godsend from time to time.
Finally, keeping up with the condition of the major systems in your home spares you the stress that follows an unexpected issue that may arise out of nowhere, and if Murphy’s law is to be trusted, issues will most certainly come up.
Before the inspector arrives at your property, you’ll want to analyze the entirety of your home thoroughly, taking note of any areas that would be of particular significance to the inspection.
One of the most common issues is faulty HVAC systems, and you’re best off checking the condition of the home’s air conditioning, which should never be used as the primary source of heat on the property.
You may also want to check for any exposed wiring, as it poses a fairly common risk that you’ll end up running into in most American homes that are in need of some attention.
You should also check your current plumbing systems, as one leaky joint can lead to incredible amounts of damage to the home’s structural integrity, and if even the smallest of leaks is found, you may become disqualified from receiving homeowners insurance.
Finally, you should get a trained professional to look at your current roofing situation, and they’ll show you all the shingles that are in need of restoration or even replacement, often along with repairing some minor water damage to the property.
Regardless of what approach you’re making, a 4-point inspection is a crucial step to convincing your insurer to take on the risk that comes with providing coverage for your home.
Most of the time, the inspection will only renew your insurance policy, and your home’s standing will remain untouched, but you may sometimes score less than optimal.
At times like these you’ll be shown what changes need to be made in due time, and while these renovation costs can fetch quite a high price, your and your family’s safety always comes in the first place.
Sometimes a 4-point inspection isn’t enough to determine the property’s current state, and you may want to contact a seasoned inspector fir aby additional info on the matter.