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A home inspection is a limited, non-invasive examination of the condition of a home, often in connection with the sale of that home. Home inspections are usually conducted by a home inspector who has the training and certifications to perform such inspections. The inspector prepares and delivers to the client a written report of findings. Commercial inspection company Miami Homestead.
The client then uses the knowledge gained to make informed decisions about their pending real estate purchase. The home inspector describes the condition of the home at the time of inspection but does not guarantee future condition, efficiency, or life expectancy of systems or components. Commercial inspection company Miami Homestead
A home inspector is sometimes confused with a real estate appraiser. A home inspector determines the condition of a structure, whereas an appraiser determines the value of the property. In the United States, although not all states or municipalities regulate home inspectors, there are various professional associations for home inspectors that provide education, training, and networking opportunities.
A professional home inspection is an examination of the current condition of a house. It is not an inspection to verify compliance with appropriate codes; building inspection is a term often used for building code compliance inspections in the United States. A similar but more complicated inspection of commercial buildings is a property condition assessment. Home inspections identify problems but building diagnostics identifies solutions to the found problems and their predicted outcomes. Commercial inspection company Miami Homestead
The first known home inspection company, Home Equity Loss Protection Services dba/H.E.L.P.S.(Glen Ellyn, IL), was founded by Christopher P. Nolan and Loyola Professor, Mark Goodfriend. Mr . Nolan was initially inspired by Coldwell Banker Realtor, Carole Kellby, a top producer from Wheaton, IL. He first trained DuPage County Deputy Sheriff, George Wick, as H.E.L.P.S. first official Home Inspector.
Years later, the company was officially incorporated in the early 1980s by Jane Garvey, surviving wife of Professor Mark a Good friend of Glen Ellyn, IL following its purchase from Christopher P. Nolan. As founder of the home inspection business and entrepreneur, Mr. Nolan was inspired to create a comprehensive system of home inspections. He found because as an investor of the distressed real estate (then a nationally recognized real estate expert and speaker for Lowry Seminars) he realized a need to have skilled professionals inspect key areas of the home prior to his purchases in order to mitigate the risk of his investments. Commercial inspection company Miami Homestead
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In Canada and the United States, a contract to purchase a house may include a contingency that the contract is not valid until the buyer, through a home inspector or other agents, has had an opportunity to verify the condition of the property. In many states and provinces, home inspectors are required to be licensed, but in some states the profession is not regulated. Typical requirements for obtaining a license are the completion of an approved training course and/or a successful examination by the state’s licensing board. Several states and provinces also require inspectors to periodically obtain continuing education credits in order to renew their licenses. Commercial inspection company Miami Homestead
In May 2001, Massachusetts became the first state to recognize the potential conflict of interest when real estate agents are selling a home also refer or recommend the home inspector to the potential buyer. As a result, the real estate licensing law in Massachusetts was amended to prohibit listing real estate agents from directly referring home inspectors. The law also prohibits listing agents from giving out a “short” name list of inspectors. The only list that can be given out is the complete list of all licensed home inspectors in the state. Commercial inspection company Miami Homestead
Ancillary services such as inspections for wood destroying insects, radon testing, septic tank inspections, water quality, mold, (or excessive moisture which may lead to mold), and good private inspections are sometimes a part of home inspector’s services if duly qualified. Commercial inspection company Miami Homestead
In many provinces and states, the practical standards for home inspectors are those enacted by professional associations, such as, worldwide, the International Association of Certified Home Inspectors (InterNACHI); in the United States, the American Society of Home Inspectors (ASHI), and the National Association of Home Inspectors (NAHI); and, in Canada, the Canadian Association of Home and Property Inspectors(CAHPI), itself an Association of Associations, and the Professional Home & Property Inspectors of Canada (PHPIC). Commercial inspection company Miami Homestead Commercial inspection company Miami Homestead
In Canada, there are provincial associations which focus on provincial differences that affect their members and consumers. Ontario has the largest population of Home Inspectors which was estimated in 2013 as part of a government survey at being around 1500[ The majority of these are, in Canada, members of the Ontario Association of Certified Home Inspectors Commercial inspection company Miami Homestead
Currently, more than thirty U.S. states regulate the home inspection industry in some form whereas in Canada only Alberta and British Columbia have implemented government regulation. The province of Ontario is currently going through the regulatory procedure to license Home Inspectors in that province Commercial inspection company Miami Homestead
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In most countries, life and non-life insurers are subject to different regulatory regimes and different tax and accounting rules. The main reason for the distinction between the two types of company is that life, annuity, and pension business is very long-term in nature – coverage for life assurance or a pension can cover risks over many decades. By contrast, non-life insurance cover usually covers a shorter period, such as one year. Commercial inspection company Miami Homestead
Insurance companies are generally classified as either mutual or proprietary company Commercial inspection company Miami Homestead
Mutual companies are owned by the policyholders, while shareholders (who may or may not own policies) own proprietary insurance companies.
Demutualization of mutual insurers to form stock companies, as well as the formation of a hybrid known as a mutual holding company, became common in some countries, such as the United States, in the late 20th century. However, not all states permit mutual holding companies. Commercial inspection company Miami Homestead
Other possible forms for an insurance company include reciprocals, in which policyholders reciprocate in sharing risks, and Lloyd’s organizations. Commercial inspection company Miami Homestead
Insurance companies are rated by various agencies such as A. M. Best. The ratings include the company’s financial strength, which measures its ability to pay claims. It also rates financial instruments issued by the insurance company, such as bonds, notes, and securitization products. Commercial inspection company Miami Homestead
Reinsurance companies are insurance companies that sell policies to other insurance companies, allowing them to reduce their risks and protect themselves from very large losses. The reinsurance market is dominated by a few very large companies, with huge reserves. A reinsurer may also be a direct writer of insurance risks as well. Commercial inspection company Miami Homestead
Captive insurance companies may be defined as limited-purpose insurance companies established with the specific objective of financing risks emanating from their parent group or groups. Commercial inspection company Miami Homestead
This definition can sometimes be extended to include some of the risks of the parent company’s customers. In short, it is an in-house self-insurance vehicle. Captives may take the form of a “pure” entity (which is a 100% subsidiary of the self-insured parent company); of a “mutual” captive (which ensures the collective risks of members of an industry); and of an “association” captive (which self-insures individual risks of the members of a professional, commercial or industrial association).
Captives represent commercial, economic and tax advantages to their sponsors because of the reductions in costs they help create and for the ease of insurance risk management and the flexibility for cash flows they generate. Additionally, they may provide coverage of risks which is neither available nor offered in the traditional insurance market at reasonable prices. Commercial inspection company Miami Homestead.
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