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.
The Four Point Insurance Inspection or Insurance Inspection was created after Hurricane Andrew struck Florida in 1992. It is performed on behalf of the insurance companies and, typically, as a requirement for the insurer offering insurance to the new homeowner. Four Point Insurance Inspection has taken on added importance. Insurance companies require this Insurance Inspection / Four Point Inspection to help determine the level of risk associated in writing a policy on the property. Just a few years ago insurance coverage could be obtained without an Insurance Inspection / Four Point Inspection report, but today they have pretty much become mandatory especially on homes over 30 years old.
The Four Point Insurance Inspection consists of the following four systems:
HVAC (Heat, Ventilation & Air Conditioning