When it comes to wind mitigation and 4 point inspection, many homeowners may not realize how these impact their insurance and the closing of the house in general. Both aren’t required by law in Florida but are almost always required by a mortgage provider. Here the team at Florida Best Quote will be breaking down what exactly mind mitigation and 4 point inspection are, and how they can impact your property insurance.
What is Wind Mitigation?
Wind Mitigation is a specific type of inspection report that considers the stability of a home against strong winds. This type of report is necessary for an insurance provider to issue Windstorm Insurance. Windstorm Insurance insures a home against damages from strong wind events such as hurricanes or tornadoes. Like homeowners insurance, Windstorm insurance is not a requirement in Florida, but practically all mortgage providers will require it. A home with features that are intended to protect against wind such as hurricane shutters can significantly lower insurance premiums.
What Is a 4 Point Inspection?
A 4-point inspection is an analysis of the four core features of a home (HVAC, Roof, Plumbing, Electrical) for insurance purposes. The inspection of these portions of the home is to verify proper functionality and is graded on a pass-fail basis. The findings of this report are provided to insurance providers to determine whether or not a home is insurable for say, Homeowners Insurance. Like wind mitigation, 4 point inspections are not required by law but are almost always required by mortgage providers, and should always be considered even if not required.
How Wind Mitigation and 4 Poing Inspections Can Impact Your Insurance
Both Wind Mitigation and 4 point inspection can significantly impact your insurance, but both in very different ways. A 4-point inspection is graded on a pass-fail basis. If any portion of the 4 considered parts of the home is deemed “unsatisfactory” insurance cannot be issued until the issue is repaired. Wind mitigation, on the other hand, can directly impact your monthly premium. In Florida, wind mitigation costs can account for 20%-70% of your entire monthly premium! This is why additions such as Hurricane Shutters can be so important for Florida homes.
How To Lower Your Insurance Premium
When it comes to lowering your premium with wind mitigation and 4 point inspections, wind mitigation is the way to go. In fact according to Florida law, anytime you order a wind mitigation inspection, the results can never increase your current premium, only lower them! Meaning if you ever make an upgrade to your home that can help against storms, be sure to consider ordering a wind mitigation inspection.
If you would like help finding out what home improvements qualify for insurance deductions, feel free to click the link below. Not only can we help you in your process of finding insurance deductions, but we can also provide you a free quote on any insurance you currently have to help lower your premium.