Will The Home Insurance Company Inspect Your Home?
A home insurance company will likely want to send a home inspector to evaluate your property. The inspection is different from what you would do when buying a new home. The insurance company needs to inspect your property in order to identify potential risks and your home's replacement cost.
Can You Turn Down an Inspection Request?
Yes, you can decline entry into your property. It's your home, and you have every right to decline or grant access to insurance inspectors. Similarly, insurance inspectors can cancel your existing home insurance policy or choose not to insure your property.
The company can also agree to insure your home but at a higher cost than necessary. This is because the insurance inspectors can't access your home to identify the risks and potential value.
Can the Inspection Affect Your Rates?
Yes, the rates can change, especially if the insurance inspector discovers additional liabilities. The rates can also change if the replacement value is higher than expected. Similarly, the insurance company can lower your rates if they discover home improvements, such as a roof replacement.
There is a possibility of cancellation if the inspector discovers any safety hazards. You'll be given a period to remedy the safety hazard, but if you don't, the home insurance company can cancel your policy.
Can the Inspection Lead to Insurance Issues?
Typically, an insurance inspector is sent to verify the information you provided. If everything is as expected, you shouldn't have an issue. If some problems or risks need immediate remedies, the insurance inspector will make a few recommendations.
These recommendations tend to fall into three categories: suggestive, necessary, and urgent recommendations. If you get any recommendations, talk to your home insurance agent to understand what to do. If you can adhere to the urgent and necessary recommendations, you shouldn't have anything to worry about.
What Happens If the Insurance Company Cancels Your Policy?
If, after the inspection, your home insurance company cancels your policy, you'll need to complete the repairs suggested and find a new insurance company before the official cancellation.
Can You Hire an Independent Inspector?
Yes, you can hire an independent building inspector to perform the inspection as needed. You'll have to pay the inspector, but it's better than waiting for the company inspector to point out everything wrong to your company, leading to cancellation.
Working with an independent inspector means you get an unbiased inspection that reflects the true state of your property. If your home needs repairs, you can schedule repairs early to avoid issues with the home insurance inspection company. Contact a local home insurance company, such as Best Insured, to learn more.