Four Point Inspection
What is a Four-Point Inspection?
The four-point inspection is also known as the ‘Insurance Quote’ inspection. Once a home reaches a certain age, many insurance carriers would like to take a peek at the four main sources of insurance claims: the roof, plumbing, electrical, and HVAC. This inspection identifies their components, determines their age, and assesses their overall condition. Insurance underwriters and insurance companies use this report to determine risk before they approve a homeowners insurance policy for the home.
Attend Your Property Inspection
It’s inspection day! You do not have to be there- BUT YOU SHOULD! Even if it’s only for an hour at the end of the inspection. Even though you’ll receive a report summarizing the findings later on, being there gives you a chance to ask questions, and to learn the inner workings of the home. Ask the inspector how long you should plan on being there in advance.
You May Be Able to Negotiate Repairs with the Seller
Items that will prevent you from getting insurance, and therefore closing on a loan, will likely be negotiable to a seller who has accepted your financing terms. Once you receive the inspector’s report, review it with your agent.
Most sales contracts (ask your agent) require the seller to fix:
- Structural defects
- Building code violations
- Safety issues
Ask your agent to guide you through this process, and never be afraid to ask questions before and after. Make sure you are satisfied and understand the entire inspection report before you move past your inspection period.