 The Four Point Insurance
Inspection was created after Hurricane Andrew struck
Florida in 1992. It is performed on behalf of the
insurance companies and, typically, as a requirement
for the insurer offering insurance to the new
homeowner. After last year's barrage of hurricanes
in Florida, the Four Point Insurance Inspection has
taken on added importance. As insurance companies
are beginning to see the benefit of the inspection,
the program is spreading to other areas of the
country. The benefit to the insurance company is,
obviously, reduced loss risk on homeowner's
insurance policies. This is an area of business that
has, for many years, been a money loser for
insurance companies.
In 2002, the Florida Legislature passed a law that
combined the Florida Residential Property and
Casualty Joint Underwriting Association (FRPCJUA)
and the Florida Windstorm Underwriting Association (FWUA).
This resulted in the creation of Citizens Property
insurance Corporation (Citizens), which more
efficiently and effectively provides insurance to,
and serves the needs of, homeowners in high-risk
areas and others who cannot find coverage in the
open, private insurance market. It is funded by
premiums paid by the insured and from other
insurance companies paying into the program to
reduce their overall losses.
The Four Point
Inspection consists of the following four
systems:
* Roof inspection
* Electrical Inspection
* HVAC (Heat, Ventilation & Air Conditioning
* Plumbing
The insurance
companies are looking for the four systems to be in
generally good working condition and fulfilling
their intended function. If the home is an older
home the insurance companies want to see that the
systems have been updated. In most cases, the forms
are provided by the insurance companies to their
clients. The clients then ask the inspector to fill
the form out during the course of the home
inspection. |
