While it may seem time-consuming to a homeowner, a residential inspection for insurance purposes does not only benefit insurance carriers. Most insurance policies do not cover things such as gradual damage, which may only be detected by the trained eye of a home inspector.
The benefit of alerting insureds to signs of gradual damage and underlying problems is immense. It can also reduce the risk of future covered damages from worsening due to present and undetected vulnerabilities. The price of ignorance to gradual damage is steep for homeowners, with many problems resulting in thousands of dollars of unexpected repairs. This possibility alone makes thorough autumn inspections valuable to customers who value their property.
The Largest Threat
It is well-known that one of the most common claims for residential property are for wind and hail damage, with the latter continuing to grow more expensive and frequent over the past decade. With fall bringing the worst of hail season to a close it presents an opportune time to assess any damage to home roofing. An autumn inspection leaves time for insureds to perform any necessary repairs and maintenance to prepare their home to weather the worst of late fall and winter. A roof that is confirmed to be in good condition is the best defense against the risk of damage and an eventual claim. An inspection will not only verify the state of the roof but also enable the inspector to educate insureds on proper maintenance to keep it in shape. Insuring properties requires carefully monitoring and balancing risk, an action that is hard to achieve with the level of unknowns in a rarely inspected residential property.
Risk Reduction
Residential inspections primarily serve the purpose of helping to gauge overall risk for insurance carriers. In order to keep insurance profitable, a discerning eye is needed when it comes to extending or continuing to offer coverage to homeowners. Residents who do not properly maintain their homes present further risk, especially if such actions are not detected. Fall inspections offer the ideal opportunity to analyze the level of care residents put into maintaining the property due to the higher level of maintenance tasks needed for the season on average.
While damage as a result of negligence and failure to maintain isn’t often covered, even the smallest chance for this to result in an accepted claim is one too many. When risk is involved, taking only the bare minimum necessary steps can disadvantage carriers in this fiercely competitive market.
Autumn residential inspections provide the biggest benefit to insurers looking to reduce risk and claims ahead of a troublesome season. A seasonal inspection schedule also delivers value to insureds and further encourages property upkeep. Whether your needs are for residential or commercial properties, Insurance Risk Services provides personalized and thorough inspection services that are always in-person, respectful, and professional. Contact us to see how our insurance inspections and underwriting support can help your business lower risk in this competitive industry.
