When Do I Need An Insurance Inspection?

Any property that you own, commercial or residential, ought to be insured. And in order to secure property insurance, most companies require an insurance inspection. This process provides up-to-date information to the insurer about the state of your building so that they can make an informed decision about how much to insure it for. This is a routine practice and one that benefits you by pointing out areas and issues that may be diminishing the value of your investment.

Most property owners prefer to be prepared for such an inspection so they can tackle as many projects as possible beforehand. Here are some events which might provoke an insurance inspection at your home or office building.

A New Property Purchase
Nearly any time you make a purchase of property, be it commercial or residential, you’ll undergo an inspection. Often this inspection (which you’ve ordered to make sure that this property is worth your investment) will suffice as an insurance inspection. And not all insurance companies will require their own inspection depending upon how recently the property has been inspected, the age of the house, and the condition it was in at its last inspection.

After Additions Or Upgrades
No matter how recently you’ve had your home inspected you should alert your insurance company of any significant additions or upgrades. It’s up to them to determine whether or not they’d like to have an additional inspection performed, but it’s worth it to know that your property insurance covers all of your investments.

New Or Updated Policy
Any updates to your actual insurance policy may trigger and insurance inspection. Whether you’re seeking to include new property additions as mentioned above or searching for more comprehensive coverage a new policy frequently will prompt a new inspection.

Changing Insurers
And finally, if you choose to switch to a new insurance provider altogether it’s very possible that you’ll be asked to undergo a new inspection. It’s up to the provider to determine, and the date of your last inspection as well as the age and condition of your property will play a role in the decision.

An inspection performed for your insurance company will ultimately benefit you, the property owner, as well. It’s a great way to make sure that your property is covered in all the ways it needs to be, as well as alerting you to potential issues that are of concern to your insurer. If you’re in the market for a new inspection, contact us today.