If you own a home in Florida, there are multiple benefits to scheduling a wind mitigation inspection, not the least of which is saving money on insurance premiums.
Florida insurance companies have grown increasingly strict about home insurance requirements. They set premium rates directly correlating with a home’s structural status – or lack thereof. A wind mitigation inspection provides precisely the type of information insurance agents want to know about your home when pricing your policy.
3 Ways Wind Mitigation Inspections Optimize Homeowners Insurance
Wind mitigation refers to both structural features, as well as other home and landscaping features, that protect a home from wind-related damage. In our state, insurance companies must provide discounts to homeowners who take steps to protect their homes from wind damage.
These discounts are called wind mitigation credits and are offered for proof of features like:
- A correctly sloped roof
- High-quality roofing materials and insulation
- Plenty of life left on the roof
- Code-specific fasteners, attachments, and tie-downs
- Secondary water-resistance
- Proper protection of the home’s openings (doors, windows, garage doors, skylights, etc.)
- And so on
If you’re unfamiliar with Florida’s legislation and the measures taken to protect insurance companies from unnecessary payouts and fraud, we recommend reading What You Need to Know About SB 76.
The short version is that in addition to the right to deny insurance coverage altogether or to refuse payouts or damage compensation for poorly maintained homes (specifically roofs), insurance companies can also charge you extra premium rates if homeowners fail to prove their homes have proper wind and storm mitigation protections in place.
An inspection report from a licensed home inspection company, including specific information about wind mitigation, is one of the most powerful forms of proof you can offer.
1. Wind mitigation inspections provide critical information affecting premium prices
A wind mitigation inspection report offers a detailed look at your roof and home’s ability to withstand high winds and dramatic storm conditions. If you’ve already passed a 4-point or roof inspection, a “negative” wind mitigation report doesn’t affect your insurance. In that case, you’d use it as a step-by-step resource to bring your home and roof up to where it needs to be.
If you pass the inspection with flying colors OR have proof that you’ve addressed each of the red flags we noted, submitting the inspection and proof of repairs typically results in a recalculation of premium rates, saving you money each month.
2. It can help you shop for better insurance deals
Most people never change their home insurance carrier once their loan is in place, but you could be missing out on significant savings. If you’re planning on shopping around for better quotes, the combination of 4 point and wind mitigation inspections can provide exactly what you need to shop for a better policy with competitive rates.
If you are able to find a company with better coverage and lower rates, start by sharing their quote with your existing insurer. In many cases, they’ll match the better quote to keep your business. Either way, lower premium prices add up to savings of hundreds or even thousands of dollars depending on the results of the report or the resulting updated repairs or replacements you’ve made.
3. Building inspection reports can make or break your ability to have insurance
First, without passing a 4 point inspection, there is a good chance your home may not be insurable at all or that you’ll lose the coverage you’ll have. This makes it harder to find new insurance, and any issues or repairs that arise in the meantime are yours to pay out of pocket.
Even more alarming, your lender can begin to take action once they’re notified about any insurance lapses – or the insurer’s cancelation of your policy. At that point, the lender can purchase a policy for you and tack that fee onto your monthly mortgage payment. However, if you’ve failed a home inspection or a roof/wind mitigation inspection has significant red flags, the bank can begin to take action toward foreclosing on your loan.
Super Inspection Pros Can Help You Save Money on Insurance
The team at Super Inspection Pros is here to do all we can when it comes to saving you money on insurance. Schedule a wind mitigation inspection to see whether your home qualifies for credits or to learn what steps you need to take to get the lowest insurance premiums on the market.
Contact us to schedule a wind mitigation inspection, and you’re guaranteed to have a final inspection report in your hands within 48 hours or less.
