$25 to $35 dollars per inspection is somewhat cheaper cheaper I think. I know a company that spends $50 to $60 per inspection and I think they’re getting good quality of reports on that.
The amount paid for the inspection is not nearly as important as the quality of data. Over-reliance on public data mining is a problem associated with a desire to rate risk at a low cost to avoid inspections. Impersonal drive-by inspections are not much better since these are generally performed in 10 minutes or less. While these solutions are generally acceptable for many markets, areas with higher exposure to wind, water intrusion, and wild fire damage need an experienced evaluation to identify the critical construction features that can increase claims well beyond modeling assumptions.
Hurricanes in the 2004 and 2005 season have proven that low cost inspections have little value in determining potential loss from catastrophic events. For coastal markets and high wind exposure areas a more thorough inspection by knowledgable construction professionals is required to reduce exposure and identify properties that are worthy of coverage. Risk based premiums to address weaker structures is certianly one way to combat this. Risk based premiums also influence communities to adopt strong building codes. Unfortunately strong enforcement takes much longer (5-15 years)and mere adoption of codes does not significantly reduce losses, especially for existing homes and businesses.
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$25 to $35 dollars per inspection is somewhat cheaper cheaper I think. I know a company that spends $50 to $60 per inspection and I think they’re getting good quality of reports on that.
The amount paid for the inspection is not nearly as important as the quality of data. Over-reliance on public data mining is a problem associated with a desire to rate risk at a low cost to avoid inspections. Impersonal drive-by inspections are not much better since these are generally performed in 10 minutes or less. While these solutions are generally acceptable for many markets, areas with higher exposure to wind, water intrusion, and wild fire damage need an experienced evaluation to identify the critical construction features that can increase claims well beyond modeling assumptions.
Hurricanes in the 2004 and 2005 season have proven that low cost inspections have little value in determining potential loss from catastrophic events. For coastal markets and high wind exposure areas a more thorough inspection by knowledgable construction professionals is required to reduce exposure and identify properties that are worthy of coverage. Risk based premiums to address weaker structures is certianly one way to combat this. Risk based premiums also influence communities to adopt strong building codes. Unfortunately strong enforcement takes much longer (5-15 years)and mere adoption of codes does not significantly reduce losses, especially for existing homes and businesses.