Finance, Inspections, Insurance
Insurance 101-The Learning Curve Series: Insurance Inspection, Why?
February 5, 2009 by Scott Richardson · 2 Comments
I just paid to have an inspector look at the home and the lender approved my home but the Insurance Company also inspected the Home and says I have to remove the moss, Whats going on?
Buyers please remember that the two inspections are for different reasons, For example the inspection for the loan might note there is excess wear on the roof or that there is moss on the roof. The roof will last a few more years but the chances of an insurance claim may go up dramatically.
The insurance looks at the moss and the used up roof as is there may be a future claim. The Insurance company is in business to pay for damage and the risk of the wind blowing off the roof and the water damage may be more than they are willing to take at a preferred rate.
The lender may be willing to loan because they dont have to pay for a wind damaged roof. These and many more questions about Insurance Inspections are just a phone call away.
Scott, good information. One point I would like to make is that the home inspector will not say there are three years life left in the roof. A roofing contractor wouldn’t say that either. We are not seers of the future. I will say that it appears as though the roof is past its useful life, or give a professional guesstimate of how long the roof has been in place.
Thank you David,
I will amend my comments to take that out. If anyone else catches something please let me know.