by Sarah Ashton, Broker Associate
Ashton Kirchner Group, Keller Williams Realty
Insurance is and has been a thorn in our side for a long time only now, the thorn is thorns and the long time is seemingly forever. The truth is that even before Hurricane Ian came to visit, insurance companies were tightening the requirements to get insurance and to keep it. In managing their risk, they evaluated which properties were most likely to cost them in the event of a storm and upped the requirements or dropped the property entirely. This is our unfortunate reality with insuring coastal area properties.
A possible positive result of the storm is that many of our island properties now have new plumbing, new electric, new roofs and new air conditioning, along with new windows, floors, walls, appliances and many other things. This actually creates an opportunity to re-inspect the property and receive documentation for the insurance company to either reduce an elevating premium or avoid being dropped. Getting a new Wind Mitigation inspection and a new 4-Point inspection can show proof of improvements that harden your property against damage going forward. Note: You should check with your insurance company for specific details on how this may benefit you in your specific situation
A Wind Mitigation inspection produces a report that documents, with photos, the wind-resistant features of your home. This inspection and report include your roof – age and material – and the type of fasteners used to connect your roof to the house, as well as what type wind protection you have on all the openings of your home – doors, windows, garage doors and skylights. This Wind Mitigation report is used by insurance company to give you credits on your Wind policy premium.
A 4-Point Inspection report is typically required on a property 20 years or older. This reports on the overall condition of the Electric, Plumbing, HVAC and Roof. More specifically the report looks at:
· HVAC operation: Run your air conditioning and heating units to verify they work. You’re not allowed to use fireplaces, oil furnaces or window air conditioning units as central heating and air conditioning.
· Exposed or ungrounded wiring: Double-tapped breakers, fuse boxes and aluminum wiring are also red flags. They’re considered fire hazards and must be upgraded or replaced.
· Signs of leakage, water-damaged walls and pipe deterioration: Because of the severe damage plumbing issues can cause, these issues will disqualify you from securing homeowners insurance.
· Broken or damaged shingles: Replace or fix any broken, missing or warped shingles. You must resolve any signs of water damage or patch any holes. (Note1)
It may be time to re-inspect – these reports save can money on insurance premiums.
Why don’t you write an article about the companies who are committing outright fraud on claims due to Hurricane Ian? That would be of timely interest to your audience.