A home inspection is pretty common when buying a property. It’s one of the essential steps to take in determining the house’s final price. It also identifies what existing or potential problems the property has and what must be done to address them before a sale can proceed.
Another reason why a home inspection is important is that it determines home valuation and how much a lender will be willing to let you borrow.
Many know that a home inspection is important. However, there’s still one type of inspection that homeowners need to think about. It is as essential as a home inspection. This inspection tells you what kind of homeowners insurance you need and how much it will cost.
Enter, homeowners insurance inspection.
Most people who own a property will have to take a homeowners insurance plan. This policy protects the home from possible financial damages brought about by varied problems and hazards. This policy is designed so that you can sleep peacefully at night.
On the insurance providers side, your home is an opportunity for them to make business. Meaning, they need to make money out of providing protection for your home. This being said, insurers will most likely require a homeowners insurance inspection.
They want to know what type of property they are insuring, what state the house is in and what possible future problems can arise from this. This helps them determine the probability of you filing claims in the future.
The inspection will determine in the home is too risky to insure. This is also one way of determining how much premium you will need to pay.
As a homeowner, you must prepare for a homeowners insurance protection. Keep these things in mind and pass your inspection with flying colors.
Draft Out all Your Maintenance Projects
Why is this important? This document will come in handy when the property inspector visits. It will detail all the maintenance and home improvement projects you did throughout the property in the past.
Note down what has been repaired, updated or changed and when these projects took place. Aside from showing the inspector a detailed report, it will also show him or her that you are serious about keeping your home in tiptop shape.
Be Alert for Potential Risks
Liabilities can make a homeowners insurance expensive. So before the inspector knocks at your door, make sure you’ve already checked your property for potential risks.
Any little damages can become huge problems in the future. Unkempt and overgrown trees may smash down on your roof or windows. Also, look for potential instances where people can be injured while on your property.
A squeaky staircase may mean that the wood as aged and may pose serious safety hazards. Off-leash dogs are okay. However, you will need to show the inspector that they can be tamed. Otherwise, you will need to put them in a cage or temporarily put them on a leash.
Check the Electrical and Plumbing Systems in your Home
Faulty electrical wiring, overcrowded wires, as well as leaking pipes and dripping faucets can be red flags to a homeowners insurance inspector. Why? Because they pose a hazard to people and/or potential damage to the house.
Glaring issues on your property will make your insurance more expensive. However, inspectors are trained to spot even the smallest problems. If you don’t have the know-how on these aspects, hire a professional electrician and plumber to take a closer look.
Make Sure Your Alarm Systems are Working Well
It isn’t enough that you have smoke and carbon monoxide detectors, they also have to work fine. You have to have enough number of alarms in relation to the home size. Furthermore, upgrading to modern safety alarm systems will help you secure discounts on your homeowners insurance rates.
Consider having a fire extinguisher in your kitchen located in a conspicuous place. More than impressing the inspector, these things are set in place to keep all persons inside the house safe.
Find out if Your Property is Burglar-Proof
A property that’s vulnerable to break-ins will have a more expensive homeowners insurance. For the same reason, you can even be denied an insurance in some cases.
To find out if there are weak spots in your house, pretend to be a burglar and test if your house is break-in proof. Try forcing doors and windows open. Try unlocking doorknobs without a key. If you can do this very easily, you may want to work on fixing these problems as soon as possible.
These tips are easy yet effective ways of preparing for a homeowners insurance inspection. Your lender may require you to get this insurance when you buy a house. Always ask a lender about this aspect of homeownership. They will also be able to help you find a good homeowners insurance provider.
If you consider your home as an asset, make it a point to protect it from any loss.