The Florida Insurance Crisis Means You Need a Four-Point Inspection and Wind Mitigation Inspection
Hurricane season started just in time for several Florida insurance companies to send cancellation notices to thousands of homeowners. Unfortunately, homeowners have a quick turnaround time to find new insurance coverage. Many homeowners will need a four-point inspection and wind mitigation inspection to secure new coverage.
At Kenco Home Inspections, we are here to help. We offer both types of inspections with the clear and detailed reporting your new insurance company requires. Contact our inspection coordinator today to schedule an appointment.
What Is the Home Insurance Crisis in Florida?
Due to specific laws in Florida regulating homeowner's insurance, many insurance providers face a difficult financial situation. Specifically, FedNat Insurance Company, Maison Insurance Company, and Monarch National Insurance Company, which all fall under the same holding company, received agreement from the State Office of Insurance Regulation to cancel policies due to hazardous financial conditions.
The cancellations impact almost 70,000 policies. These policyholders only have 45 days to find new insurance coverage. The timing is especially critical as Florida's storm season threatens homeowners.
Canceled policies aren't the only problem. Other insurance companies have raised premiums by up to 20%. Many homeowners must turn to Citizens, a last resort insurance company offered by the state. Too many homeowners on Citizens policies puts taxpayers at risk.
What Can Homeowners Do?
Unfortunately, homeowners cannot stop these companies from canceling their policies or raising their premiums. Lawmakers are working on solutions to stop the exodus of homeowner's insurance companies from Florida.
In the meantime, homeowners with lost coverage need to secure new policies quickly. Be prepared by scheduling the necessary inspections now. Then, when you find new coverage, you will have what you need in place.
Four-Point Inspection
Most insurance companies require a four-point inspection for homes over 30 years old. However, this varies by company. If you own a house around this age range or older, consider scheduling a four-point inspection now.
The inspection determines the home's insurability and only focuses on four primary areas.
HVAC
Electrical wiring and panels
Plumbing connections and fixtures
Roof
The inspection report describes the condition and age of each of the four features.
Wind Mitigation Inspection
The windstorm mitigation inspection identifies any protective features installed in the home to prevent wind damage. This inspection may entitle you to discounts on your new insurance policy.
The inspection covers seven areas.
Determines whether the house follows the 2001 FBC building standards
Identifies whether the roof covering type and installation is compliant with the 2001 FBC
Lists the type of roof deck attachment system
Identifies the type of roof to wall attachment system
States the roof shape
Determines if the roof has a secondary water resistance
Identifies the kind of opening protection the home has
Our team can send these reports to insurance agents on your behalf.
Kenco Home Inspections Is Here to Help
Now is the time to review your homeowner's policy and update your wind mitigation and four-point inspections. We strongly advise you to contact your insurance company and take the time to analyze your options with your insurance agent.
We know the insurance crisis is scary, but we are here to help you get the necessary information. Contact us today to schedule a wind mitigation inspection or four-point inspection.