Home Inspections and Insurance

Charles Goodman Group: Trusted Bedford Insurance

Insurance agencies want a clean bill of health from all their covered properties, especially as homes transfer between owners. The required home inspection is one of the most important factors of the property transfer. A home may have been off the market for decades, but now all its systems are up for evaluation and scrutiny. Work with a home inspector to understand their findings and then create a relevant policy with help from a Bedford insurance agent.

Find an inspector who is comfortable with people. Many professionals want to work alone, creating the possibility of a missed issue. Home buyers should walk around with the professional during the inspection, but only speak up if an obvious issue concerns you, such as faulty central air ductwork. The inspector should make a written note and even snap a photo of any major concerns to reference later.

Take video or pictures of any major issues or beneficial upgrades. Although some inspectors perform this service on their own, home buyers want to have their own images. These can be used as bargaining chips with the sellers or to prove to the insurance that an HVAC system is brand new, for example. Pictures also help home buyers avoid certain exclusions. Every system in the home should be covered by insurance, but questionable components may be turned down by the insurance company.

A trusted Bedford insurance agent from the Charles Goodman Group can assist you with any questions regarding life insurance or property insurance.

Many home inspections are completed with no major issues, but any glaring repairs or replacements must be brought up to the seller. Real estate agents may draw up a contract rider stating a certain system must be fixed for the deal to be sealed. Sellers have the choice to agree to repairs or decline them, and they are not required by law to fix anything before a sale unless it’s a dangerous issue, such as leaking gas. If sellers decline a repair request, home buyers must decide if the repairs are extensive enough to drop the sale altogether or if they’ll put up the funds for repair.

Home buyers facing a repair with a real estate deal should confer with their insurance agency before the transaction. Some repairs will make the policy premiums lower, but other major issues could increase the insurance costs. Weigh all options before agreeing to a sale without repairs intact.

Shop around for both homeowner’s insurance and inspector expertise. If one inspector appears to have lax evaluation standards, contact another professional for a second opinion. An experienced inspector directly influences insurance costs for the entire household.