Insurance company wants to inspect the property - how to prepare for the inspection?

[Nir]

Hi All,

The insurance company (TD) who is insuring the property would like to send an inspector to inspect the property. The inspector mentioned she needs to check the electrical system (and take a look at the smoke/carbon monoxide detectors).

Is there any way to prepare for such a meeting other than informing the tenants (it`s a triplex) and ensure the smoke detectors are working?

The property is insured for an amazing price $65 a month(!) and I really hope the inspection will not change that. The property is more than a 100 years old though.

Any tip what this is all about and how to prevent the inspection from affecting the insurance premium (or canceling the policy) would be highly appreciated!

THANKS,
Neil

 

[bmittlefehldt]

QUOTE (investmart @ Feb 28 2008, 11:06 PM) Hi All,

The insurance company (TD) who is insuring the property would like to send an inspector to inspect the property. The inspector mentioned she needs to check the electrical system (and take a look at the smoke/carbon monoxide detectors).

Is there any way to prepare for such a meeting other than informing the tenants (it`s a triplex) and ensure the smoke detectors are working?

The property is insured for an amazing price $65 a month(!) and I really hope the inspection will not change that. The property is more than a 100 years old though.

Any tip what this is all about and how to prevent the inspection from affecting the insurance premium (or canceling the policy) would be highly appreciated!

THANKS,
Neil


The insurance company is looking at the electrical because they are worried about knob and tube wiring. Also, Insurance companies are always concerned about slip and fall exposures as slip and fall claims are the number one cause of insurance losses. Make sure that all sidewalks, stairs and parking areas are clear of ice and snow. Tell the inspector who is responsible for clearing away the snow.
You should warn the tenants as you suggested. I don`t know how long you have owned this property, but if you purchased it in the last 5 years and had any inspections done prior to purchase make them available (assuming they are satisfactory)
Bev Mittlefehldt FCIP
Insurance Specialist

 

[Nir]

Thank You Bev!

Great answer, I will you do as you recommend..

Regards,
Neil