Many companies in the Coastal Market are requiring a favorable 4-Point Inspection be submitted on homes older than 30-40 years on average. Without this 4-Point Inspection these companies (that typically have lower rates) will not even look at the home to quote! So, WHAT IS A 4-POINT INSPECTION?
A 4-Point Inspection is an inspection done on the four main systems in the home to show their condition and expectant life ahead among other things. Broken down, this is the typical information you will see requested on a 4-point:
(1) Roof: What is the Roof Material? What is the Age of the Roof? What is the Condition of the Roof? Estimated Remaining Life? Any Damage or Deficiencies?
(2) Electrical: Amps? Wiring Material? Any Knob and Tube or Aluminum Wiring? Age? Condition? Estimated Remaining Life? Any Damage or Deficiencies?
(3) Plumbing: Does the plumbing incorporate any PEX or Polybutylene materials? Any known leaks? Age? Estimated Remaining Life? Any Damage or Deficiencies?
(4) HVAC (Heating and Air): Age? Condition? Estimate Remaining Life? Any Damage or Deficiencies?
You can see, the 4-Point inspection is nothing to shy away from if your agent recommends this be done. If you are buying a new home, home inspectors can do this while doing your home inspection. You simply need to ask your agent for a copy of the 4-Point Inspection form prior to the home inspection to give to the inspector. If you have done a major renovation, the contractor that completed the work could complete this easily and quickly. If you currently reside in the home or are not getting a home inspection, any licensed inspector could complete this for you.
What are the benefits of providing your agent with a 4-Point Inspection? Insurance in the Coastal Areas, such as Charleston, are more expensive to insure in and have more limited markets than other areas. This 4-Point inspection form could open up many more markets on your home leading to a significant decrease in premium.
Any questions? Give one of our professional a call! 843-881-2229.