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Do I Need an Inspection to get Home Insurance?

Do I Need an Inspection to get Home Insurance?

Do I Need an Inspection to get Home Insurance?
News from Fox Business:

Dear Insurance Adviser, 

We are in the process of purchasing a home. Do we need to have the home inspected in order for the insurance company to give us a quote on homeowners insurance, or would they do their own inspection to arrive at a policy premium? 


Dear Matt, 

You will not have to pay to have your own inspection done. In most cases, an insurance agent will determine the cost of replacing your home using a computer program designed for that purpose.

The goal of this exercise is to estimate, as closely as possible, the cost of rebuilding your home. In the event of a major storm or fire, you want the insurance company to pay for the full replacement cost of the damage without any deduction for depreciation.

Like all computer results, the output is only as good as the accuracy of the input. Make sure you check over the replacement cost estimate to be certain it’s accurate. Make sure the square footage and all the home features are correct.

If your home is architecturally unique and/or of high value, the insurance company might request and pay for an independent outside appraisal. Here again, take a close look at the accuracy of the data. I estimate that at least 15% to 20% of these appraisals have some significant errors.<…………… continues on Fox Business

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