When you own a property, it’s important to know what your insurance covers. Building inspections are a key part of maintaining and protecting your property.
Homeowners insurance
Homeowners insurance is the most usable type of property insurance. It usually covers damage to your home from fire, storms, or theft. However, home owner’s insurance often falls short regarding building inspections, and they need to catch up.
Most homeowner’s policies don’t cover routine inspections. These are part of regular home maintenance, which is the owner’s responsibility. However, there are some cases where your homeowner’s insurance might help with inspection costs.
If your home suffers damage, your insurance might pay for an inspection. This inspection would be part of the claims process to assess the damage. In this case, the insurance company often sends you their inspector at no cost.
Commercial property insurance
Commercial property insurance is similar to insurance for business owners. It protects your business property from damage and loss. Like homeowner’s insurance, it usually doesn’t cover routine building inspections.
However, commercial policies might cover inspections in certain situations. The insurance might pay for an inspection as part of the claims process. Some commercial policies also offer more comprehensive coverage options, including regular building inspections.
Builder’s risk insurance
Builder’s risk insurance is a policy for buildings under construction or major renovation. Depending on the specific policy, this type of insurance might cover inspections.
Some builder’s risk policies include coverage for inspections required by local building codes. Others might cover inspections needed after damage occurs during construction.
Home warranty plans
While not technically insurance, home warranty plans are worth mentioning. These plans cover repairs and replacements for home systems and appliances. Some home warranty plans include annual inspections of covered systems, like heating and cooling.
However, these inspections are usually limited to specific systems and do not include complete building inspections. They also don’t typically cover inspections required for buying or selling a home.
Specialised inspection coverage
Some insurance companies offer specialised coverage for home inspections. These policies are often designed for home buyers or sellers. They might cover the cost of a pre-purchase inspection or protect if problems are found after a sale.
These policies are rare and may only be available in some places. They’re also different from standard homeowners or commercial property insurance.
When inspections might be covered
While routine inspections are rarely covered, there are times when your insurance might pay for a building inspection.
- After a covered loss – If a covered event damages your property, your insurance might pay for an inspection to assess the damage.
- During repairs – If your insurance pays for repairs, they might cover inspections to ensure the work is done correctly.
- To prevent further damage – Some policies cover inspections to avoid more damage after an initial problem is found.
- Code compliance – Some policies might cover this cost if local laws require an inspection after certain events.
- As part of a claim investigation – If you file a claim, your insurance company might have an inspector to evaluate the situation.
Why inspections matter
Even if your insurance doesn’t cover routine inspections, they’re still important
- Find problems early before they become big and expensive
- help you maintain your property properly
- Potentially lower your insurance costs by reducing risks
- Provide peace of mind about your property’s condition
How to get inspection coverage?
If you want insurance that covers building inspections
- Review your current policy to see what it covers
- Talk to your insurance agent about adding inspection coverage.
- Look into specialised policies for property inspections
- Consider a home warranty plan for system-specific inspections
- Save money for routine inspections as part of your home maintenance budget. have a peek at this web-site.
However, inspections might be covered in some situations, especially after damage or during the claims process. Specialized policies or add-ons might offer more inspection coverage. It’s always best to check your policy and talk to your insurance provider to understand what’s covered. Whether covered by insurance, regular building inspections are essential to property ownership and maintenance.
