How Does My Home Inspection Affect My Home Insurance?
Posted by Legacy Insurance Group on
So you are in the process of buying a new home? Congratulations! Whether you are a first time home buyer or seasoned investor in real estate purchasing, it is always recommended to have the property you are purchasing inspected for potential hazards, defects or items in need of repair or replacement. Being diligent on the front end could save you thousands of dollars in headaches and repairs after purchasing your home. Hire a reputable home inspector that is 5 star rated on Google and use the results of the inspection report as potential leverage in your negotiations with the seller or to make the difficult decision to walk away from the purchase of that property altogether.
Home inspection reports serve many valuable purposes. Read on and we’ll educate you on what you need to know about having your home inspection completed before you purchase your home insurance.
Why Is Home Inspection Important?
First time home buyers in Virginia may be unfamiliar with home inspection & home insurance. Home Insurance will ensure the home can be rebuilt or repaired after catastrophe. Home inspection can reveal structural problems or identify issues with the home’s maintenance. As previously mentioned, having a home inspection thoroughly completed can identify major or minor issues with the home that can be used as leverage in your negotiations with a seller to 1) ask for a credit on closing costs, 2) have repairs completed or costly items such as the Roof or HVAC replaced 3) reduce the agreed upon sales price of the home 4) have the seller acquiesce to purchase a home warranty for the new buyer, among many other potential outcomes.
What To Look For During Home Inspection?
For most insurance carriers, the major concerns are the roof, HVAC, plumbing & electrical systems. Outdated systems may prevent you from qualifying for home insurance or increase your likelihood of having a home insurance claim.
Donofrio & Associates, LLC recommend you check the following:
• Electric panels: Some brands should be replaced due to safety issues, including Federal Pacific, Zinsco, & Bulldog Pushmatic. All of them have issues w/ excess current causing short circuit
• Decks: Most are built to last 12–15 years. Older decks may present issues w/ the fasteners, which can corrode & lose their hold
• Chimneys: If a chimney is cracked & is beginning to separate from the house, it may need to be taken down & rebuilt
• Trusses: Broken/altered trusses are always an expensive problem because they can affect the structural integrity of a home
• Environmental hazards like asbestos insulation or floor tiles, termite damage, mold, or lead paint need to be addressed
Be engaged during the home inspection and ask plenty of questions to get a better understanding of how your home inspection can affect your home insurance.
Learn more about home inspections from one of the leading home inspection companies in Northern Virginia, Maryland & DC Metro area, Donofrio & Associates, LLC
Learn more about Home Insurance by calling us at 703-430-1200 and speaking with an insurance expert!