4 Point Inspection
This inspection is required in the state of Florida at any point when obtaining homeowners insurance on a home 30 years old or older.
THIS INSPECTION COVERS:
WHEN YOU NEED THIS INSPECTION
This inspection is required in the state of Florida at any point when obtaining homeowners insurance on a home 30 years old or older. Some insurance companies require this inspection as early as 20 years old and in some cases, this report can be requested from the insurance company before they provide an estimated premium for insurance coverage, at any age of the home.
ROOF
ELECTRICAL
HVAC
PLUMBING
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Age and the remaining serviceable life of the system
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Condition of the system and any notable damage or deterioration
WHY THE 4 POINT?
The 4 point inspection determines the eligibility of the home for an insurance policy. This means that there is a risk of the home being deemed NOT ELIGIBLE! If this happens, no insurance means no mortgage loan, which means you will be unable to purchase the home. Insurance companies will not insure homes that might be a risk to them. Problems like roof and plumbing leaks, electrical fires, mold, and non-operating Air Conditioning, are all reasons an insurance company might deny a home.
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Some insurance companies do offer discounts for a newer roof, electrical panels that are less than 20 years old, and other newer components or systems.
PRICING
Advice from us on the 4 Point Inspection
$75-300
Sellers, get a “Pre-listing Home Inspection”; Homeowners, get a periodic “Home Checkup Inspection
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Obtain low-interest financing to replace an old or damaged roof
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Budget $2,000 to $4,000 to replace electrical panels
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Be ok with fewer choices in insurance carriers, higher premiums, or less coverage on old homes; by the way, the risk is much greater so this outcome does make sense after all…
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Except that systems have an end of life; responsible homeownership can be averaged to a few hundred dollars per month budgeted to replace plumbing pipes, roofs, etc. Whether a responsible homeowner or not, these systems WILL REQUIRE REPLACEMENT at some point; and that “point” may just land on when you want to sell your home or renew your insurance policy.
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Many real estate transactions involve friendly negotiations over these items. Many sellers adjust their asking price with the knowledge that upgrades are necessary, and many buyers expect these things to come up when in search of the “charming old home”.
All this information is summarized in the advice “Be Proactive rather than Reactive”; and that is how one successfully navigates the Four Point Inspection.