Ok I tried to call this E and O insurance but it won’t let me soooo…
Fairly new qualified inspector here looking to get going in Florida and setting up everything. I’ve just been hit with quotes for E and O insurance and I’m thankful i was sitting down when I got them. Coming from the UK, I’m having to get used to the extortionate insurance premiums you guys pay for, but starting out a new business I was a little taken aback by the upwards of $2000 for the year asked for. It sort of means that the first 7 jobs pay for the insurance lol. That’s an uphill battle for a newbie to get established
I’ve spoken to a few brokers and been told that HI is a litigious business and thats why the rates are high and it got me thinking.
In the UK, our building industry is not as regulated as here in FLorida re licensing and such yet the build quality of the housing here is very much poorer than Britain. Products used are low quality, consistently outlets break, stop valves fail, sanitary fittings cause flooding and houses that are only 5 year old have problems that in the UK we would still consider new.
And that got me thinking more about our industry of inspections that we are supposed to catch everything wrong with a property whether it be a new house, or 60 yr old.
How about the construction industry tighten up on the products, standards and codes it uses so that when a client buys a house they are getting a worthy value for money product that isn’t full of potentially expensive failures built into it. That way insurance companies would need less premiums and less get out clauses ie. inspectors.