Why An Initial Insurance Inspection Matters

Why An Initial Insurance Inspection Matters
The initial insurance inspection may well be the only opportunity to catch serious problems before taking on the risk and claim potential of the residence or commercial property in question. A cursory inspection that only covers the bare minimum or skirts the standard in a superficial manner can truly hurt your bottom line.
Relevant and accessible property data aside, the in-person inspection still reigns supreme for an in-depth and thorough look into the state of any property under consideration for insurance coverage.

Here are 3 key areas that matter most during the initial property examination.

Roofing And Foundation
The status of a property’s roof remains one of the most integral pieces of information regarding risk that an inspection will pick up on. Overlooking or missing roofing condition problems leaves the door open to future damage claims that a well-maintained roof likely would have withstood. An exhaustive assessment of any roofing requires more than just aerial pictures captured by a drone. Therefore, partnering with an inspection provider that understands the importance of a hands-on, detailed roofing examination is important to the underwriting process. Evaluating the foundation of a home can sometimes be neglected despite having nearly as much importance as the rooftop. A foundation that is sagging, bowing, cracked or uneven is simply a future claim waiting to happen. Foundation problems must be identified as the risks they ultimately represent.

Plumbing And Electrical
There is a good reason that plumbing and electrical make up two of the four parts of a 4-point inspection. Both plumbing and electrical systems eventually need to be replaced and/or upgraded, with the age of the home drastically increasing the likelihood of this need. The more dated the plumbing and electrical system, the higher the risk of fires, leaks, and other damage or risk. These two distinct parts of a home can easily contribute to very expensive claims and loss in the worst-case scenarios. Avoid costly surprises by ensuring both systems are completely inspected.

Liability Concerns
The final key area is a check for liability concerns which is somewhat of a mixed bag. Examining the property and identifying any potential liability issues is paramount during an insurance inspection. Fall risks, dogs, and a wide assortment of other concerns should be noted during inspection. With dog bites making up a third of all homeowner’s insurance liability claims, the presence of fido is not something to be ignored. Property owners can be informed on ways to reduce the overall risk and given time to make the corrections needed to obtain coverage so that the underwriting process can continue.

While every part of the insurance inspection process is important, the aforementioned three areas hold some of the greatest claim potentials for property insurers. Giving special attention to every relevant part of the property in question can help keep predictable incidents from cutting into the profits of your business.

Insurance Risk Services has focused on delivering the finest insurance inspection and underwriting support services to our partners for more than three decades. We offer thorough property inspections that leave no stone unturned, allowing your underwriting team to make decisions with the most accurate and verified information. To see how we can help you reduce risk with our rigorous inspection process, contact our team today.