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Will My Home Insurance Company Require an Inside Home Inspection to Start My Policy?
November 7, 2019
Generally no, however, there are exceptions
In New York State, home insurance companies don't usually order inspections of the interior of your home. If they do, the reason(s) will be unique to:
- Your home’s location.
- The age of your home and its electrical, heating, plumbing, and possibly roof updates.
- The company and the specific program’s underwriting requirements.
Every company’s underwriting guidelines and practices are different.
The purpose of an interior audit is to identify and address the potential for losses. If there are hazards that can be minimized through updates or changes following an inspection, you as the homeowner would be notified in writing. Some items that an inspection might uncover are that electrical circuits need updating, or the heating system requires cleaning. Additionally trip and fall exposures would be noted.
An inspection of your home would also be used to calculate a replacement cost estimate to compare with an appropriate amount of insurance for your home.
To sum up, an interior inspection of your home would be performed for two reasons:
- To find issues that increase the likelihood of loss, followed by recommendations you can use to eliminate the concerns.
- To determine if an appropriate amount of insurance is in place for your home.
In some cases, there are no recommendations. In others, there may be significant requirements.
What’s best practice? Work with your insurance agent or representative prior to putting a policy in place. Discuss whether (or not) an inspection will be required, and what recommendations are likely to be made.
If you have additional questions about your New York State homeowners insurance please feel welcome to call us at 607-324-7500. Or, if you are not a current client, you can request a quote from our agency right online here: https://www.ryanagency.com/request-a-quote
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“Am I covered if I drive someone else’s car?” Or, “Am I covered if someone else drives mine?”
Many don’t realize that the insurance industry is one of the country's most regulated business segments, especially in New York State. The New York State Department of Financial Services (NYS DFS) wields significant control over the insurance business and has a stated goal of protecting consumers.
Most property insurance companies offer Actual Cash Value or Replacement Cost settlement options. Typically, insurance companies will require that you insure the property to the settlement value you choose. If you select Actual Cash Value, the amount you may be required to insure the property for will be less than the corresponding Replacement Value.
In that spirit, the Ryan Agency is sponsoring a Stearns BBQ Dinner pickup at our office on 57 Broadway Mall in Hornell on September 12th from 3:00 PM to 4:30 PM.
Today, an individual’s credit history can play a more significant role than any one of those traditional factors. Good Credit Scores lead to a Positive Insurance score. A good Insurance Score greatly influences what someone will pay to insure their vehicles.
Insurance companies offer various discounts for which their policyholders may qualify.
Great Eight number Six (6) suggests taking a look at removing Comprehensive and Collision on Older Vehicles.
By reducing the number of claims in your insurance history, you can significantly affect your rates in the future.
Sometimes, this concept meets with resistance from policyholders. The thought of paying more in the event of a claim is off-putting to some. Even if that means I pay more for my insurance.
OK. Admittedly, this strategy doesn't benefit everyone, but it can be very beneficial for those it does. You may have unique home or auto insurance needs that prevent you from bundling with the same company. Alternatively… you might have a better rate without the bundle discount by splitting up your insurance between multiple carriers.
