A â€œFour Point Inspectionâ€ focuses only on four main areas of interest in a home:
- HVAC (Heating, Ventilation and Air Conditioning)
- Electrical wiring and panels
- Plumbing connections and fixtures
The inspection and report describes the condition and age of these elements.Â
Why do I need a four point inspection?
The four-point inspection is often required when obtaining a new homeowners insurance policy or renewing an existing policy.The four point inspection can reduce your premium substantially.Â
Insurance companies have become increasingly reluctant to issue Homeowner Insurance Policies on older homes (usually 25 years old or more).
Their common concern is that there may be conditions in an older home that could become a liability to them. For instance; a home with a roof nearing the end of its reliable service life may fail while under the policy and the homeowner may seek reimbursement from their insurance company for damages to the home or its contents. Similar concerns extend to the condition of the HVAC, electrical and plumbing systems in an older home. If these elements are in poor condition, in need of being updated or replaced or were improperly installed, they may fail and cause fire or water damage to a home.
Newer homes are assumed (by the insurance companies) to not have these problems as frequently as older homes.
Source: Home inspection company
A number of household items will no longer be eligible for coverage by Citizens Property Insurance after the state-backed company announced a series of cuts that will take effect next year. Awnings, gazebos and tike huts, along with carports and other similar structures will no longer be covered, in a change that will affect both new and existing policies. What's not certain is whether coverage exists for other structures, like fences and cottages. "Will people have to get a separate dwelling-fire policy to cover those?" said Dulce Suarez-Resnick, an insurance agent in Miramar. "In today's economy, I don't know how many people can actually do that." [Sun Sentinel]
Homeowners across Florida who are up for an insurance policy renewal with the state's insurer of last resort are receiving letters about their roofs.
Anyone with a home 25 years old or older must get an inspection and prove to Citizens Property Insurance Corp. that their roof is expected to last at least three more years.
Robert Brown says he thought he had a few more years to save money to put new roofs on his rental homes. But Citizens told him the roofs must be replaced now, or it won't renew his policies.continued here
Seven insurers proposed increasing their statewide average rates for varied reasons: projected increases in reinsurance costs, sinkhole claims costs and other expenses.
||Rate hike requested
||Residential insurance policyholders statewide
||Residential policyholders in South Florida|
|Universal Insurance Company of North America
|United Fire Group
|Castle Key Indemnity Co.
|Castle Key Insurance Co.
|Gulfstream Property and Casualty
|Tower Hill Preferred Insurance Company
|Omega Insurance Co
Source: Office of Insurance Regulationâ€™s online rate filings database
Regulators have 90 days to reject the request, approve it, or approve a smaller increase. Individual policyholders' premiums can change by more or less than the average statewide rate change that regulators approve.
State law requires regulators to hold rate hearings for rate hikes that exceed 15 percent and are based partly on data from a computer model.
When there are rate hearings, consumers interested in weighing in can send comments to firstname.lastname@example.org with the insurerâ€™s name in the subject line