Lowest down payment E&O insurance?

The housing market is very tough here in the Detroit area, and I think I’m losing a lot of business to insured inspectors – less market activity implying more “shopping around.” I’ve had a few callers ask me if I had insurance who ultimately didn’t hire me – a high % of the non-referral calls I’ve been getting. It stands to reason that even more must visit the web site and go elsewhere to find an insured inspector.

The “discounted” E&O insurance through NACHI has a very front-loaded payment plan: 40% down, and 20% more in 30 days. I’d rather pay a higher premium with less initial cost.

Anybody find anything with a better payment plan, e.g., monthly and a much lower dpwn payment?

Am I correct in thinking I’m losing a lot of business for lack of insurance?


Allen Insurance allows you to pay by the month.

I don’t know what your cost is, it depends on numerous factors, but you can pay as you go.

Mucho thanks, Dale.

I called them and it appears what they offer not only has a lower down payment, but is much less expensive overall as well. They said it shoild run about $1600 total, with 25% (~$400) down and the remainder over 11 payments ~ $110 each. Much, much better!

Our (FREA’s) “installment option” requires you to put $350 down with the application and will send you 8 subsequent invoices for the remainder of the premium. For new inspectors, it’s $750 down with the app.

Or it’s the insurance agents drumming up business. :stuck_out_tongue:

Frank, If you don’t mind me asking how did you get a plan for only $1600 total? My last Phone call with them (ALLEN) had me at about $3200 total. Were you once a contractor?

Wow! $1600 bucks is a deal. I think I paid 3650 plus another couple of hundred for G.L. :roll: I am using Target Ins., but thinking about switching in June.

$1600 annual? Is that for a $10,000 policy limit with deductible of 5K ???

Make sure that quote is firm.