Your best investment in '08 guaranteed: A Mitigation Verification Inspection.
So far, 2008 has not been a happy new year for my wife and me. The value of our home and stocks have decreased, and our taxes and insurance have increased. Sound familiar? Discouraged homeowners take heart, there is one sure fire way to minimize your home expenses in 2008. Order a "Wind Inspection" now!
A wind inspection is formally called a Mitigation Verification Inspection by the insurance industry. Insurance companies are required to give discounts on your insurance premium if your home contains features that make it less susceptible to wind damage. A qualified inspector will verify and rate eight different elements of your home's construction, each of which provide a certain percentage of discount off your premium:
1. Roof Covering 5. Gable End Bracing
2. Roof to Deck Attachment 6. Wall Construction
3. Roof to Wall attachment 7. Secondary Water Resistance
4. Roof Geometry 8. Opening Protection
Only a state approved inspector is allowed to perform a Wind Inspection. Approved inspectors must be a Licensed Professional Engineer (P.E.), Architect, General Contractor, or Wind Certification Entity. Only the licensed individual, not their employees, may perform the inspection. Be sure to verify their credentials to avoid problems. A cheaper inspection is not necessarily a better one; beware of unscrupulous individuals who lure you in with low prices then try to sell you expensive repairs or services. For this reason, avoid hiring inspectors who also do construction or remodeling.
A wind inspection saves most saves most homeowners $300 to $600 per year on their home insurance, and will save some homeowners more than $1000 per year.
With a return on investment greater than 200%, any financial worth their salt would recommend you sell some stocks and immediately invest in a Wind Inspection.
The last two wind inspections I performed saved one homeowner $915 on his annual premium and another saved over $1100 on hers. Those savings represent an average return on investment greater 500% in just the first year! There is no Wall Street investment that will do that for you in 2008. Your home is your castle, and it is wonderful how taking a little time to learn about it, and spending just a wee bit of money on it, will pay you so handsome a reward.
Greg Bertaux is a licensed professional engineer and home inspector. His company, ISLE management Corp., provides property inspection services along the entire Treasure Coast. For more information, visit http://www.imhomeinspector.com/ or call (772) 569-2141.
Copywrite 2008 ISLE Management Corporation
Top Three Wind Inspection Factors
Last week I wrote how every home owner can save money off their insurance by ordering a "Wind Inspection". The article was well received but generated a universal question: "How much will I save on my home?" The most direct answer is, it depends on your insurance company. However there are guidelines all insurance companies follow to determine your reduced cost.
Three of the eight elements examined in a wind inspection account for the greatest portion of your savings. Two are governed by the age and design of your home, and the third is one you may directly control and readily improve.
The largest savings (up to 45% of your wind insurance cost) comes by having a home that meets the construction standards established by the 2001 Florida Building Code. These codes went into effect March 1, 2002. So, if your home was built after January 2003, it likely meets these standards. The second largest reduction comes from having a "hip" roof. This style of roofs is similar in shape to a pyramid, in which all the sides slope toward the center of the home. Having this roof design saves up to 23% off your wind insurance.
The third most important factor in reducing your wind insurance, and one which YOU may readily improve, is protection for each of your home's wall openings: windows, doors, garage doors, skylights, etc. If the shutters and protection systems for those elements achieve a "Hurricane" rating, the highest of five ratings, your wind insurance may be reduced up to 33%. Products that meet the Hurricane rating classification must meet Impact, Wind Pressure, and Pressure Cycle testing requirements and be tested and approved under the Florida Building Code (FBC) Product Approval System. A label or stamp on each shutter and door will normally identify this rating. However, homeowners ought to request and retain any and all information and sales receipts for shutters, coverings, or garage doors they install to help certify and prove the product's approval rating. Shutters that may qualify for discounts include the following types:
Corrugated steel storm panels Awning style covers that lift up
Roll down Accordian style
Bahama style Swing or Hinged Colonial
Fabric types Perforated metal screen
FBC approved plastic panels.
While some older styles of shutters may not achieve a "Hurricane" rating, it is likely they meet a lesser rating which will still save money. Upgrading your protection system is a sure fire way to reduce insurance premiums. By ordering a wind inspection from a licensed, state approved professional who is not associated with the building trade, you can be sure you get good advice on how to increase your savings.
Greg Bertaux is a licensed professional engineer and home inspector. His company, ISLE management Corp., provides property inspection services along the entire Treasure Coast. For more information, visit http://www.imhomeinspector.com/ or call (772) 569-2141.
Copywrite 2008 ISLE Management Corporation
Comments(0)