Thoughts on the price of insurance

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Hi, new Florida based home inspector here. Florida requests that each inspector have 300K in general liability insurance prior to licensing. I’m curious if anyone has any ideas about how much 300K general liability insurance should cost monthly/annually? Also, if anyone could recommend a company that provides general liability to home inspectors, it would be fantastic.

Thanks in advance! I am grateful that the community is always willing to assist know little newbies like yours truly :slight_smile:

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I sincerely doubt you will find better pricing.

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

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I am in Florida as well. I shopped a lot. I found Jessica Ledbetter at BNK insurance to have the best rates. I have a 500k policy for a little more than $100 per month. Everyone else was twice that. The policy is with Hartford, I believe. Jledbetter@bnkins.com.

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Hi william im also relatively new and in florida and also shopping for insurance. I was under the impression that we needed $1,000,000 in coverage (which seems high to me) but where does it say 300k? in the DBPR site or elsewhere?

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It’s been 300K for General Liability since the inception.
Statutes here:
http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&Search_String=&URL=0400-0499/0468/0468PARTXVContentsIndex.html

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Dom is correct.
I have $1,000,000 incl E&O because it is required for mold assessors.
Just had a bogus claim from NINE years ago…?..
I was retro covered back to 2011.
The carrier acted the same day notified & told them too bad, go away, have a nice day.
Even though it was baloney, the statute of limitations is 4 years & they told the scammers so.
I was impressed they handled it so fast.

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I’ve been licensed in FL for a few years now and pay $400 a year for 300k general liability

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Welcome to our forum, Eric!..Enjoy! :smile:

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Hi, William.

InterNACHI® members receive exclusive discounts and enhanced coverage through our members-only insurance program at https://www.nachi.org/insurance.

In relation to Florida, we have a ton of inspection business resources, including insurance, on our FL page at https://nachi.org/florida.

If there’s anything else you need, feel free to reach out to me our your Education Team at education@internachi.org.

I also recommend taking our free, online Master Class for Home Inspectors at https://www.nachi.org/masterclass.htm. Play the short introduction video on that page.

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I went to orep.org yesterday and they had a “100k/300K aggregate” option i’m assuming that covers the 300k minimum. they include E and O as well as coverage for a number of ancillary services by default. I will continue shopping but they seem pretty legit. @wmccormick2 good luck brother

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Marc,

Thanks so much! I took a look at the link you generously posted, it looks like a great company for home inspectors to work with. I didn’t know that some insurance agencies had different specialties.

Thanks very much!!!
:slight_smile:

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Kip,

Thanks so much for your suggestion and the information. I really appreciate it. I wrote Ms. Ledbetter an email looking for a quote. Also, thank you very much for sharing her email address.
:slight_smile:

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Alexander,

Thanks for your comment! I was looking at the Florida licensing site and this what they said:

https://www.myfloridalicense.com/CheckListDetail.asp?SID=&xactCode=1030&clientCode=0401&XACT_DEFN_ID=13061

It looks like they require $300 K in general liability.

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Dominic,

Thanks so much for the clarification! It’s really helpful!!
:slight_smile:

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Marc,

Wow! You sound like you thought your policy out well. TBH, it never occurred to me to even ask if a policy covers retro claims. Thanks for sharing a great idea!!!

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Eric,

Thanks so much for your post! That sounds like a competitive price for insurance!! Might I inquire what insurance company you use?

Thanks!
:slight_smile:

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Thanks, Alexander! I looked at that site, thank you! It looked like it was $1,200 per year for the minimum $100K / $300K - EO/Gen Liab, if we were looking at the same thing. TBH, I’m not sure what makes a good insurance policy to a home inspector. I am not certain that I’m very competent to pick a good one. I guess maybe I should ask for their insurance language and compare plans?

Thanks again for your post! :slight_smile:

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You are welcome! I looked and the policy is with Hanover, not Hartford. Good luck!

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My local agent ran me through Auto-Owners group

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Kip,

Thanks for the correction. I appreciate it.
:slight_smile: