Hi all.
I am just starting my journey into becoming a home inspector. I have found a lot of information on this site to answer my questions. However, one that I could not find here or readily accessible elsewhere without going through an application process is: approximately how much will I be looking at spending per year on E&O/Liability insurance? NH only requires the liability insurance to get my license, but I feel it makes sense to get the E&O as a precaution. I called my current insurance agent for my sole proprietorship carpentry business and she was unable to provide me with home inspector insurance. She wasn’t even sure what I needed…? Seemed odd.
I’m not looking for exact numbers, just something in the ballpark so I know what to plan on. Our next licensing approvals aren’t til August, but I am planning ahead.
I would most likely need water and radon coverage as well, correct?
Thank you for any help.
Craig
Craig most of the E&O providers will provide you a quote and/or have an on line form to complete. Check out the Internachi newsletter for some companies. Here are some that I can remember
Home Inspector Pro Insurance
CH Insurance
Allen Insurance Group
Elite MGA
Hartford
Thank you for the reply. I was hoping not to waste an agents time, with a full application, as I’m only in need of a ballpark figure at this time. NH won’t be granting new licenses until August and therefore I won’t be purchasing insurance until then. I’m just curious of the cost, so I can be prepared. Oddly enough, it seems that it is more expensive than what I pay for 2 million in coverage for my carpentry business ($700 annual), where I’m actually building and demo-ing structures. Would have thought it would be the other way around… Unfortunately, the “search” feature on this board is not working for me. It keeps booting me out. I scrolled through many pages and only found one price mentioned and that was 1600 and for only 500,000 in liability plus e&o.
Craig, figure around $2,000.00 each year (give or take a couple of dollars). Another way to look at it is somewhere around $200.00 each month. Prices may vary but this will give you a realistic idea of what it’s going to cost you. Prepare to have a resume with work experience and your inspection contract ready. Look for a company that offers prior acts coverage, etc.
Thank you. I won’t do any inspections (and won’t actually receive my license) until I provide proof of insurance.
Hi Craig,
We have premiums starting at $1,250 for $300,000 in coverage limits.
The OREP E&O insurance program includes Errors and Omissions, General Liability, Radon, Termite/WDI/WDO, Lead Paint, Pool & Spa, EIFS/Stucco, Indoor Air Quality Testing, Green Building Inspections, Infrared Thermography, Rodent inspections and more. Mold and Septic/Water testing are available for a small additional premium (most states). The carrier is “A” Rated and Admitted in most states.
You can always give us a call if you have any questions: 888-347-5273.
You can read more about our program here: http://orep.org/home-inspectors-eo-insurance/