Older homes tend to have more safety issues and need updates to major systems. When purchasing a house, you need to secure homeowners insurance. However, many insurance companies are hesitant to insure an older home and require a 4 point inspection report before they will write the policy. The 4 point inspection consists of 4 house components which we will go over in this article.
HVAC is Included in the 4 Point Inspection
The HVAC system is an expensive part of the home, as it includes the heating and cooling system and all the ductwork. Besides keeping the home at a comfortable temperature, the HVAC system also minimizes humidity and prevents mold.
For these reasons, some insurance companies won’t provide insurance if the house doesn’t have an HVAC system. HVAC systems can also cause water leaks and fire hazards, so the company wants assurance that the system is in good condition.
A failing roof leads to a domino effect of further issues and damage, resulting in costly insurance claims. If the roof cannot protect the rest of the home from the elements, other exterior and interior components are at risk, including your belongings. The 4 point inspection checks the soundness and condition of the roof, estimates the age, and points out any areas that need repairs.
The 4 Point Inspection Includes Plumbing
Leaking plumbing pipes can be a sneaky source of extensive water damage. Because pipes are often hidden behind walls, leaks can go on for quite some time with no noticeable signs. Some types of piping used in older homes, like polybutylene, are notorious for leaking. If your inspection reveals that you have these pipes in your home, the insurance company may request for you to re-pipe the house or exclude water damage from your policy.
Your homeowners insurance provider wants to mitigate the chance of a house fire. This is why the electrical system is checked in the inspection. In the 1960s, rising copper prices caused home builders to switch to aluminum for electrical wires. Over time, this material was deemed unsafe due to quick degradation. The inspection will check the wiring and the circuit panel to make sure it is safe and functional.