eXp Realty LLC
What’s the difference between a home insurance inspection and a standard home inspection? While homeowners might be familiar with the idea of home inspections in general, it’s crucial to know how an insurance inspection can differ.
Here is a basic guide comparing home insurance inspections and standard inspections:
Home insurance inspections are required and carried out by the insurance company providing the homeowners insurance policy. Standard inspections, by contrast, are required by mortgage lenders during the homebuying process.
Lenders might not require homeowners insurance inspections, but you do need proof of insurance for final mortgage approval.
Insurance companies use inspections to determine the amount of risk associated with the client’s home. The inspectors examine the property to find potential liability issues associated with its condition or features. They can also use the inspection results to create an accurate valuation of the home to determine the correct amount of insurance coverage to recommend.
Standard inspections are more broadly used, but are most often used to influence and educate a homebuying decision. A standard inspection reports on the quality and condition of the home in many of the same ways. However, these inspections are more concerned with informing the potential buyer of any maintenance issues they otherwise wouldn’t discover until after moving in.
Home insurance inspections are typically free to the homeowner. The insurance provider pays the bill for the inspection itself, but the overall cost may be wrapped into the policy itself.
In the homebuying process, the buyer pays for the home inspection. In some cases, the seller might offer to pay for the inspection as part of a negotiation.
Both of these types of home inspection are something every homeowner is likely to deal with over the life of the property. The more you know about the differences, the more confident you’ll be in discussing the options with your provider.
Hello, I'm Abbey, a lifelong resident of the growing Charlotte area! My joy stems from sharing this wonderful region with my young son and being an integral part of the community.
With a degree in Psychology from UNC Charlotte, I've seamlessly applied my academic knowledge to my fulfilling Real Estate career. My foundation in psychology has enabled me to understand the unique needs and preferences of my clients, fostering strong, lasting relationships in the process.
My journey in real estate has been shaped by unwavering integrity, diligent work ethic, and the meaningful connections I've forged with the incredible individuals who share the privilege of calling the Carolinas their home.
As a resident of Tega Cay, SC, my family and I delight in an active lifestyle, enjoying things like pickleball, yoga, lakeside adventures, and the Tega Cay outdoor concerts. Embracing the heart of this community, I am inspired to assist you in finding your dream home and loving where you live.
Let's embark on this exciting journey together, creating cherished memories and finding the perfect place you'll be thrilled to call home.
