The 4-Point Inspection is required to get insurance coverage for older homes. This type of report gives a clear understanding of the house structure to insurance companies. That’s why when you are buying home in Florida, you Real Estate Agent or Mortgage banker will recommend you to get 4 point inspection.
A 4-Point Inspection is comprised of four main components: Electrical, Plumbing/Water heater, A/C, Roof.
Some insurance companies have certain rules when it comes to the forms and age of the house but usually 4- point inspections are required for older (30+ years) single family homes (HO-3). 4-point inspections are not required for renter’s insurance policies (HO-4) or condominium policies (HO-6), regardless of the age of the property.
It is possible to fail an inspection which will makes it harder to get an insurance or impossible.
Few reasons on why 4 point inspection fail:
- A roof with any leaks at all, or an older roof, typically over 15-years old.
- An electric panel with fuse boxes
- Exposed, unprofessional electrical wiring, especially open electrical splices.
- An older water heater, typically more than about 19-years old or one with visible deep corrosion.
Don’t panic if you got a bad 4 point inspection report, there are always solutions!
Seller understand that he won’t be able to sell a house to anyone else without clean report. However, it can be a cash offer and buyers won’t beed 4 point inspection report but what a chance it will happen?! We had multiple cases where inspection failed and the seller was willing to fix all the things to pass an inspection. Then, inspector would have to come back to reinspect the property and provide you a clean report! This problem can be fixed easily!
If you are thinking to buy a property in Tampa Bay, call Tampa Bay Home Experts team and we will find solutions to any problems!