If you can find E&O for 1K or less for even 250K in coverage let me know please
I know that doing inspections for $50 is not worth it I was just talking hypothetically is all. Good advise to know about my current insurance tho. I was hoping that it would be easy to convert it over, but after thinking about it, it does make sence why I would’nt be able to do that.
On the other hand, anyone have any leads on inspector insurance companies in PA areas that have decent prices. I go through Allstate right now for my electrical insurance and I was told that my agent has to have me fill out papers to go outside ins office to get me a quote on E&O insurance.
If you are just starting out and don’t have a lot of inspections coming in to make paying for a policy that is a couple of thousand bucks a year, I would suggest you consider Allen Insurance and their Pay Per Inspection policy. It winds up costing about $50.00 per inspection from what I can remember. If you think you can do enough inspections in a year that would make it worth while paying for a full policy, then that would be a better way to go. It all depends on your volume of inspections and the amount of coverage you want.
Personally, I went with FREA because they offer pretty good coverage for the money. I do some largre commercial inspections that require contractors to have a 1 million coverage policy. I also chose to pay for a 10K fidelity bond as well as a bunch of other riders. They aren’t the cheapest for basic coverage, but when you start adding in all the extras they balance out and are cheaper than some of the other quotes I have recieved.
Don’t forget in PA you need E&O and General Liability.
Thanks for the advise. Yes I am just starting out. I have my 3 mock inspections lined up already to finish out that requirement for NACHI. But one thing, after that is completed am I able to begin inspecting homes or do I have to tag along with someone this is where I get confused on. And considering I get my insurance in place before I begin to inspect that is. Anywhere to go to get info on what I will need prior to doing my first paid inspection.
Thanks
OK Jim,
From my recent experiences, here’s the current PA requirements. First, as of this post, we are currently to comply with PA Act 114. This was passed in 2001 and can be read in its entirety at the bottom of the Attorney General’s website at http://www.attorneygeneral.gov/consumers.aspx?id=299 . There is a NEW bill, PA Senate Bill 149, which if/when passed, will supercede Act 114. Again, as of this post, the last action taken on this new bill was in April '09 (referred to Appropriations). This bill may/will affect us “Newbies” as follows:
an applicant who meets all of the requirements of former 68 Pa.C.S. Ch. 75 and this section may be licensed as a home inspector without having to complete a board-approved training program or course of study involving the performance of home inspections. The applicant must:
(1) Be at least 18 years of age.
(2) Have passed a written examination to test competence in home inspection practice.
(3) Have completed no less than 250 fee-paid inspections over the three years immediately preceding publication in the Pennsylvania Bulletin that the regulations required under section 5 have been adopted and are in effect.
(4) Show proof of professional liability insurance consistent with [FONT=Times New Roman]68 Pa.C.S. § 75A09.[/FONT]
You can keep track of whether or not this new bill has passed by going to: http://www.legis.state.pa.us/cfdocs/legis/CL/Public/cl_view.cfm
Hope this helps. Don’t get frustrated. Save THAT for when you complete your PA WDI/WDO certification and find out that you have to purchase additional insurance at the cost of a pesticide applicator, even though you may more than likely be only doing WDI/WDO inspections. What a ripoff. This, from a state that took more than 100 days to pass a budget. Rich
Yea, don’t be a damn lowballer.
WooHooo…Someone agrees!!!
Yeah I am still wondering about the WDI/WDO cert. I looked around for it but have’nt seemed to find out where to get that info from. I did get a quote not sure if it is good or not: $250,000/$500,000 E&O Plus General/Premises Liability $2,500 deductible for $1,998.57. Is this good or should I shop around still.