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General Inspection Discussion This is a place for general discussion about the home inspection industry. Try to keep the posts topical, but they need not be as specific as the other areas of this board.

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  #1  
Old 2/14/06, 7:15 PM
Billy Clark's Avatar
Billy Clark Billy Clark is offline
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Location: Mustang, OK
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Question Best E&O Insurance

I am up for renewal and my previous insurance lost there contract. They are now wanting to charge me $1400 more then what I was paying. I need help and am looking to save some money.
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  #2  
Old 2/14/06, 7:32 PM
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Todd S. Schwalbe Todd S. Schwalbe is offline
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Default Re: Best E&O Insurance

It is all a scam we pay $6k a year and there is so many outs for the insurance company not to pay. The only reason I have it is the realators like the refferal coverage. There is no such thing as good insurance its like vegas and the odds are in their favor. Good Luck.
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  #3  
Old 2/15/06, 6:46 AM
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Russel Ray Russel Ray is offline
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Default Re: Best E&O Insurance

Check out FREA. I think they have the best coverage for the individual inspector.
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  #4  
Old 2/15/06, 7:34 AM
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David P. Valley David P. Valley is offline
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Default Re: Best E&O Insurance

Quote:
Originally Posted by rray
Check out FREA. I think they have the best coverage for the individual inspector.
I must agree...

I just re-newed with FREA, simply because there are no other insurance proposals out there that'll beat FREA's. I recently contacted several major Insurance carriers before I decided to re-new and not one carrier could come close to what FREA offers.

The choice is yours...
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  #5  
Old 2/15/06, 8:59 AM
Blaine Wiley Blaine Wiley is offline
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Default Re: Best E&O Insurance

6 K per year Todd??!!

Do you get 20 referrals per year simply because of the Realtor coverage just to cover that?

Realtors E&O covers them anyway, and they pay a bunch less and get sued more. Go figure!
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  #6  
Old 2/15/06, 10:32 AM
Kelley Fulton Kelley Fulton is offline
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Default Re: Best E&O Insurance

Quote:
Originally Posted by dvalley
I must agree...

I just re-newed with FREA, simply because there are no other insurance proposals out there that'll beat FREA's. I recently contacted several major Insurance carriers before I decided to re-new and not one carrier could come close to what FREA offers.

The choice is yours...

Ditto... I have been shopping for two months. FREA is the dollar for dollar best deal. Not to say it is a good deal, just the best one I have found.
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  #7  
Old 2/15/06, 3:29 PM
Bill Emelander Bill Emelander is offline
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Default Re: Best E&O Insurance

I've heard allot of good about FREA. I'm with Allen and up for renewal, I checked with FREA they were close. Only $200.00 higher. When you pay $3372.00, $200.00 isn't much higher if it's the policy your looking for.

Bill
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  #8  
Old 2/15/06, 4:37 PM
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David P. Valley David P. Valley is offline
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Default Re: Best E&O Insurance

Quote:
Originally Posted by bemelander
I've heard allot of good about FREA. I'm with Allen and up for renewal, I checked with FREA they were close. Only $200.00 higher. When you pay $3372.00, $200.00 isn't much higher if it's the policy your looking for.

Bill
It may be an additional $200.00, but check the deductibles.

FREA is has lowered there's to $1,000.00.
Allens is approx. $2,500.00

Hopefully, (if your thorough) you'll never have to worry about deductibles anyways.
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  #9  
Old 2/15/06, 7:38 PM
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Leonard E. Ungar Leonard E. Ungar is offline
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Smile Re: Best E&O Insurance

Hi! Everyone;
Did any of you people check the E&O that you can get thru NACHI ??????????
I think it's very resonable compared to Allen and Frea.
Since you are all Nachi members why not take advantage of it or am I missing something ????????????????????

Regards Len
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  #10  
Old 2/15/06, 7:53 PM
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Kevin P. Williams, RETIRED Kevin P. Williams, RETIRED is offline
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Default Re: Best E&O Insurance

Best E&O Insurance Is there such a thing ??





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  #11  
Old 2/15/06, 8:02 PM
Kelley Fulton Kelley Fulton is offline
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Default Re: Best E&O Insurance

Quote:
Originally Posted by lungar
Hi! Everyone;
Did any of you people check the E&O that you can get thru NACHI ??????????
I think it's very reasonable compared to Allen and Frea.
Since you are all Nachi members why not take advantage of it or am I missing something ????????????????????

Regards Len
Len,
1. It is still not available in most states.
2. The deductible is $2,500
3. The FREA $1,000 deductible is only a few bucks more.
4. The tail insurance adds to the bill if you switch.
5. FREA customer service is pretty good.

Just FYI. I'd jump ship if there were a reasonable raft to land on. But I haven't been able to find one. My friend is an electrician, he carries $1M Professional Liability for $500 per year. So what gives? His exposure is way more than an inspector's.

Kelley
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  #12  
Old 2/15/06, 8:11 PM
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Joe Ferry Joe Ferry is offline
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Default Re: Best E&O Insurance

Quote:
Originally Posted by kfulton
Quote:
Originally Posted by lungar
Hi! Everyone;
Did any of you people check the E&O that you can get thru NACHI ??????????
I think it's very reasonable compared to Allen and Frea.
Since you are all Nachi members why not take advantage of it or am I missing something ????????????????????

Regards Len
Len,
1. It is still not available in most states.
2. The deductible is $2,500
3. The FREA $1,000 deductible is only a few bucks more.
4. The tail insurance adds to the bill if you switch.
5. FREA customer service is pretty good.

Just FYI. I'd jump ship if there were a reasonable raft to land on. But I haven't been able to find one. My friend is an electrician, he carries $1M Professional Liability for $500 per year. So what gives? His exposure is way more than an inspector's.

Kelley
1. It is available in 25 states and will soon be available in 50 states plus Canada.
2. There is a choice of deductibles: $1500, $2500 and $5,000.
3. If you want a lower deductible, call me.
4. You do not need tail coverage if you switch. The retroactive date covers your ... well ... it covers your tail.
5. The more NACHI members take the NACHI program the more influence we will have.

A. I doubt that what your electrician friend has is Professional Liability. What he had is general liability. He's not giving a professional opinion on the systems in a home, he's wiring a house. Not rocket science.



Joseph A. Ferry, Esquire
Two Penn Center Plaza
Suite 200
Philadelphia, PA 19102

215-854-6444 tel.
215-243-8202 fax
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  #13  
Old 2/15/06, 8:16 PM
Russel Ray's Avatar
Russel Ray Russel Ray is offline
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Default Re: Best E&O Insurance

Different exposures for different companies in different states will result in different rates. So it always pays to price shop, just like our Clients do when they go searching for a home inspector.

I had a home inspector hang up on me, yelling into the phone, "You get what you pay for!" Anyone had an insurance company tell them that? Or the gas station? Or the grocery store?
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  #14  
Old 2/16/06, 1:13 AM
Bryan Wooddell Bryan Wooddell is offline
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Default Re: Best E&O Insurance

Joe - Any thoughts on when the NACHI E&O will be available in Idaho?

FYI... I received a bid of $2600 for $100K w/$5K deductible from Swett & Crawford.

As a FNG (Frickin New Guy as I am called by the locals), it is a bit confusing whether or not to actually carry E&O. Has there ever been a poll done on the site about types of insurance carried (i.e. E&O, Gen. Liability, Bond, etc.)? Or does everyone pretty much carry E&O?
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  #15  
Old 2/16/06, 1:21 AM
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tneumann tneumann is offline
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Default Re: Best E&O Insurance

Bryan go here....

https://www.nachi.org/forum/showthread.php?t=1555

Looks to be about 50/50 right now.....only about 60 votes though....sigh.
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