Insurance Thoughts

Hi All,

I have another quick question before kicking things off - do most of you go through the InterNACHI template for insurance? Also, what types of coverage do you all have? In SC, they supposedly don’t require insurance for HI’s but it seems extremely foolish to not carry any coverage. From my research, it seems like E&O as well as General Liability are highly recommended. I have also read about programs like the Buy Back program and seen posts about claim assistance for members. I’m unable to post in the Legal Advice Member section since I just recently joined and I know people have to be careful what they say when discussing legal advice so I am just more curious on what people typically carry and what they think of the various other programs offered.

Thanks in advance!

Hi Brian, I carried 1 Mil E&O and 1 Mil General Liability (maybe more in the years before quitting inspections) because I wanted to keep what I earned before retiring. YMMV :smile:

I just switched from the carrier used for seven years.
I now pay about $600 a year less for the same $1,000,000 E&O/liability coverage.

https://orep.org/home-inspectors-eo-insurance/

Risk Management and Pre-Claims Assistance Included at No Charge. No premium surcharge for claims that do not incur an expense. Low deductibles from year one.

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How much we talking annually, ballpark?

It depends on your experience, how many inspections you’ve done, if you have had continuous insurance coverage since you started, if you’ve had any claims, etc., etc., etc. But, if you are new and want 1 mil/ 1mil w/$2,500 deductible, you can guess about $2,500.00 to $3,000.00 + or -. THAT IS A GUESS!

Call several insurance providers and fill out their application and see what they say. :smile:

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$2300 but that is calculated on my licensing, experience & no claims record.

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That definitely makes me feel better about the quote I received! :sweat_smile: