Insurance underwriting process involves a home inspection, which can last for about 30 minutes to 2 hours. Depending on the size and location of your property, it typically happens from one month to three months.
During this period, your insurance company may withdraw your application if they find out any risk that was not clearly stated on the list. Also, if there is inaccuracy in the estimated replacement cost or not enough coverage, they may do some adjustments in your policy.
Before the policy of your insurance becomes active, your insurer may order a home inspection. They will inform you about it via a phone call or email. Rest assured that they will show up in your property without prior notice.
The inspection typically focuses on certain risks in your home. When asking information about your homeowners’ policy, the inspector is not the ideal person to talk to. This is because your insurer most likely hires them as a third-party contractor.
Types Of Home Inspections
Home inspection and evaluation are necessary to help identify the risks that are present in your property. Therefore, the inspection from your last home is different from the one in your current residence.
Common contributing factors to the results of your home inspection are the cost, age, location, and size of your home. While an old house usually requires an inspection, an interior inspection with a new house may not be necessary.
Also, your insurance company may want to know about your home construction, which can help them determine if you need a policy supplement such as flood or earthquake. If your home’s value is more than $1 million, it is considered a high-value inspection that needs a specialist and could take much longer than a regular inspection.
You may not like the idea of accepting unfamiliar faces into your home, but it is an important process in your underwriting policy if you want to know the correct condition and value of your home.
At Independent Executive Insurance Brokers, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (805) 624-4815 or Click Here to request a free quote.