Why Wind Mitigation & 4-Point Inspections Aren’t Transferable: What Homebuyers Need to Know
When buying a home in Florida, there’s a lot to think about: price, location, and of course, insurance. One important thing to consider is wind mitigation and 4-point inspections. These inspections help determine your insurance rates and cover essential aspects of your home’s safety. But here’s the catch: they’re non-transferable.
What Does Non-Transferable Mean?
You might assume that if the seller has already had a wind mitigation or 4-point inspection done, you can simply use those reports when securing your homeowner’s insurance. However, insurance companies require the report to be in the buyer’s name, not the seller’s. This means that even if the previous owner has a valid wind mitigation or 4-point inspection, you’ll need to get a new one done to ensure that your policy is in effect.
Why Insurance Companies Don’t Accept Transferable Reports
Insurance companies require new inspections to reflect the current condition of the home and to make sure that the information matches your specific policy. Whether it’s wind mitigation, which focuses on the roof, windows, and overall structural integrity, or a 4-point inspection, which covers the HVAC, electrical, plumbing, and roof, the insurance company needs an accurate, up-to-date report in the buyer’s name.
Don’t Risk It: Verify With Your Insurance Provider
If you’re in the process of buying a home and the seller has had these inspections done, double-check with your insurance provider to see if they’ll accept the existing reports. The last thing you want is to be surprised with a higher premium or delays because the reports aren’t valid. It’s always a good idea to verify upfront, so you’re not scrambling at the last minute.
CONCLUSION
When purchasing a home, make sure you have all your inspection reports done in your name. Wind mitigation and 4-point inspections cannot be transferred from the seller, and relying on an old report could lead to complications with your insurance. Stay proactive and ensure your home insurance is ready to go with the right reports, all in your name.
At Square 1 Home Inspections, we’re here to help with quick, thorough, and professional wind mitigation and 4-point inspections to give you peace of mind during your home-buying journey.
Contact us today to schedule your inspection!
