Buying a home soon in Florida? Get ready to hear the term “4-Point Inspection” so you might as well learn about it now. Insurance companies require a 4-Point Inspection to be able to get homeowners insurance and to get a mortgage you need homeowner’s insurance. When I am working with investors or flippers they favor homes that will not pass a 4-Point Inspection because you can’t insurance, no mortgage so cash sale only. The biggest culprit is the roof, today insurance companies look at age of roof and I hear of companies wanting a roof after 15 years. Florida did pass legislation about insurance companies and age of roofs but the insurance companies are finding ways around the law.
So, what are the 4-points the home inspector checks:
Roof - Type of Roof Covering (shingles, tile, rolled). The age and condition of the roof. Are there missing shingles or leaks?
Electrical System - The type of the wiring in the home (copper, aluminum, knob and tube). The brand of the electrical panel. The condition of the homes electrical system.
Heating and Cooling - Is there central heat and air in the home? The age and condition of the system. Are there signs of leaking?
Plumbing System - Type of supply and drain lines found in the home (copper, CPVC, galvanized, lead, polybutylene, etc. Is there evidence of current leaks? The age of the hot water heater.
Not only the roof is causing us problems with insurance but age of water heaters, recently I had a closing and the seller needed to replace a 10-year-old water so the buyer could get insurance. Get a Wind Mitigation and a 4-point Inspection and save money on your homeowners insurance.
Dick Betts, REALTOR®
The Betts Team
Touchstone Real Estate
The Villages, Florida
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