I think part of the reason e/o is so much cheaper for realtors is that there are so many of them compared to inspectors. More realtors paying the premium drives their costs down.
But paying 20 times what a realtor pays is not reasonable either!
I hope what NACHI is working on is not just several hundered dollars cheaper, I think all feel several thousands cheaper is what is needed. I don’t mind paying $2500.
I mind it. I have E+O, but I feel even $2500 is being gouged
After looking around and making loads of calls I finally found a company that would offer me E&O, G&L at $3500.00 CDN. I looked here to see if there was any help and I see we are all PO’d about the situation. I then called back an insurance agent I had struck a rapport with and said “why don’t you get someone with the B*#LL’s to offer this at a really good rate, say around $1,800.00 (CDN) and I assure you I know of close to 500 inspectors that would be calling you within no time flat”
He is going to talk to his ‘guy’ and get back to me. Failing that, he may offer a contact for me to follow.
Stay tuned, I will repost if something comes of it.
Darren
I think HI’s should only be paying $1,000 to $1,500 a year tops for E&O. If you charge $300.00 an inspection, you have to do about 15 inspections just to cover the $3500 fee. Then you figure one more inspection to cover the Nachi membership cost, and another one to cover your license fee. not to mention your website, SEO, and everything else. So when all is said and done, we have to do about 30 inspections just to cover our costs. I don’t know about you guys but I am new at this, I havent even done 30 inspections yet. Appraisers only pay around $650.00 a year here in Illinois for E&O. Around the same amount for their license but they can do around 8 inspections a day at $275-$300 each. We can do maybe 2 or 3 inspection a day tops. And from what I understand most are lucky to get one a day or a one a week for that matter. The industry is definately taking advantage of the HI!!!