Wind Mitigation Versus 4-Point
These insurance inspections can be crucial elements to your home-buying experience. It’s important to know what they are and if you need them.
Wind Mitigation
This state form is used by the insurance company to rate the protection attributes of the home (for example: roof age, roof shape/geometry, impact windows/storm shutters, roof tie-downs, the type of nails used for the roof decking, etc.), which can help you qualify for significant discounts on your homeowner’s insurance.
4-Point
This insurance form is used by the insurance underwriter to evaluate the property’s four main components of the structure: roofing, electrical, plumbing and heating/cooling system for a structure 30 years of age or older. Essentially, the insurance company (and in some cases, the lender) wants to ensure these elements are up-to-date and suitable for living conditions.
Cash May be King, but …
Cash buyers, even though you are not mortgaging your purchase, your insurance quote may be supremely high without a Wind Mitigation and/or 4-Point.
FHA & VA Buyers Beware
For those first-time homebuyers getting a mortgage insured by the Federal Housing Administration (FHA) and veteran buyers getting a mortgage loan issued by approved lenders and guaranteed by the U.S. Department of Veterans Affairs (VA), depending on your property, you may need both the 4-Point and the Wind Mitigation inspections. Your insurance agent and/or relator can advise you.
Our friends at Brightway Insurance shared their infographic below to help simplify potential homeowner’s insurance obstacles that may result in higher premiums.
You can also see from two recent Quotes (courtesy of Brightway) how significant the Wind Mitigation can be. Both properties had protection elements, but property B had a better rating for a premium-savings of nearly $1,000.
QUOTE/PROPERTY A
QUOTE/PROPERTY B
Feel free to contact Ray J. Megginson at 772.408.4498 (rayj.megginson@brightway.com) to request a quote or to ask insurance questions you may have about your potential new home.
IMPACT Home Inspections is your resource for residential home inspections as well the insurance inspections. We offer a discounted rate to buyers who include their insurance inspection with their general home inspection.
For those clients who are refinancing or recently completed renovations and are now looking to complete/update either a 4-Point or Wind Mitigation for insurance purposes, please contact us at 561.444.8670.
