Is it common for insurance companies to require a home inspection?

My insurance company is requiring a home inspection and I want to know, is this usual? My husband and I bought a new home that was built in 1923 and the insurance company is worried about lead paint. They were aware of the age of the house before we bought the policy and I don't want to be forced to make costly updates just to keep the insurance. Will every insurance company make me do the same?

Answer
“Home inspections are very common and are required by most, if not all, insurance companies. Don’t worry; this is not automatically a bad thing!
A home inspection can be beneficial because the inspector can help find additional discounts for preventative measures like alarm systems and storm shutters that lower your premium. They will also take note of higher-end materials and fixtures to make sure you are adequately covered.
Your insurance provider also wants to make sure they aware of any risks your home might pose to you or others. The following are a few items they will look out for:
  • Fire hazards
  • Out of date electrical wiring
  • Asbestos
  • Lead paint
  • Water damage
  • Liability risks
If the inspector finds lead paint in your home, they will provide you with contacts and information on how to have it removed, or if good maintenance like a fresh coat of paint will be sufficient. Most homeowners policies have an exclusion for lead abatement and liability claims.
If you see an increase in your policy after the home inspection, it may be a good time to re-shop both your home and auto insurance policies. You can search for home and auto quotes online or work directly with an insurance broker like Jerry.
Jerry is a free app that helps you compare rates from the top 50 companies in under a minute, saving you time and money.”
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Shannon Martin
Answered on Jul 27, 2021
Shannon is an expert in personal lines liability insurance with 13 + years of insurance industry experience. She also served as a special insurance liaison to AARP members for 6 of those years. She is a graduate of UL Lafayette and currently resides in NY with her family. Shannon is also an amateur juggler, ukulele player, and is a time travel paradox theory enthusiast.
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