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Four Point Inspections and the Florida Realtor

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News flash for Florida RE agents.

Subsequent to record losses within the property & casualty industry, many insurance carriers are raising the bar on Four Point Inspections.  This inspection relating to the roof, electrical, plumbing and HVAC had been reserved for properties of 50+ years of age.  Recently, we have been fielding requests from primary carriers in the state for these certifications for properties of 30+ years of age.

For agents, this could mean scrambling at the last minute.  To head this off, we recommend for the agent to discuss the possible insurance requirements immediately after signing contract.

1.  Inform your client to make their contacts with independent agents immediately.  During these discussions, inquire as to whether that specific carrier will require a Four Point.  They will need the completed certification prior to binding policy.  In the event there are defects associated with the property, the carriers tend to give a 90-120 day grace period in order to make repairs.  But if the repairs are not conducted within this timeframe, the policy will be cancelled.  Also, a majority of carriers are also requiring this cert for investment properties, ie. duplex, etc.

2.  Most homes in Florida qualify for savings on the wind storm premium due to certain construction features.  But in order to receive these discounts, another certification is necessary (Wind Mitigation Survey).  These discounts are required by Florida law but the cert must be conducted and forwarded prior to binding policy.  These discounts are significant, in upwards of 56% of the total wind storm premium.

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