I think that I will keep it short and sweet today from a writing standpoint. We have had some longer blogs in the past so why not get to the point!
Has anyone ever told you about a Real Estate Risk Assessment? What is the first thing that comes to mind when you hear it? I know in my previous life before running this agency and selling insurance I'd think you were talking about an Home Appraisal, or Home Inspection. Well your close BUT not right. A Real Estate Risk Assessment is something that only a few companies complete when there is a potential purchase of a new home. It is completed by an Insurance Company i.e. Mission Insurance Agency!
A Real Estate Risk Assessment(RERA) dives into the prior loss history and risk rating for property at hand. We are able to see prior losses and improvements for the home. A RERA does not always show bad things it can also be an indicator of good history with the home. It is what we would consider completing the full assessment that should be done with any property that is going to be purchased.
For Example: Your inspector might not be able to tell if the home had water damage previously in the basement, we are able to pull loss history records and C.L.U.E. reports for a home and see what claims have been reported in the past. Often times people will report some damage but not have it fixed/replaced by the insurance company because it falls below their deductible.
In the next blog I will dive deeper into the Real Estate Risk Assessment (RERA)....