4- Point Inspection
A residential 4-point inspection is a quick assessment of a home’s major components which insurance carriers review in order to assist in making a decision on whether they will provide you an insurance policy for your property.
- The HVAC System. In addition to the condition of the equipment, some insurers will deny coverage on homes without central air conditioning and heating.
- The Electrical System.The inspection includes the panel, circuit and type of wiring. Faulty wiring is a major cause of house fires.
- The Plumbing System. The condition of the pipes and the material from which they’re made are part of a 4-point inspection. Polybutylene pipes are prone to bursting, and although some insurers may provide coverage, it normally will exclude water damage.
- The Roof. Most insurance companies won’t insure homes with roofs that are more than 25 years old. Damaged roofs and water leaks are other reasons for denying coverage.
Four-point inspections provide a snapshot of a property’s condition. They’re frequently ordered by insurance underwriters before issuing coverage for a homebuyer or homeowners renewing their insurance policy. This is inspection is mandatory.
Four-point inspections are often called for when insuring older homes. In recent years, insurers have become increasingly reluctant to provide coverage on older homes. Most insurance companies now require 4-point inspections for houses more than 20 years old or for rental properties older than 25 years.
Four-point inspections can be completed in as little as 20 or 30 minutes, whereas a full inspection typically takes two and a half to three hours or more. Not surprisingly, 4-point inspections cost less than full inspections since they take less time to complete. A typical 4-point inspection runs between $150 and $300.
