Request for E&O Insurance Information

[danny odom]

Texas has passed a law which requires liability and E&O insurance for home inspectors before they can receive their license or renew a license.

I would like for someone to give me some referrals to insurance companies which provide this type of insurance and with a fair market price. The legislature also requires 100,000 dollars for each incident.

Your assistance will be appreciated.

[hausdok]

Well,

There are two of this site's sponsors, OREP and BRP and then there's FREA. If you meet certain requirements, you may qualify for some initial discounts. I don't think there's any such thing as a fair market price when it comes to insurance. You can be sure that, whatever policy you get, the premiums will consistently go up once they've got their hooks into you. I started out at $1500 a year, within two years it had gone up to over $2000 and by the 5th year I was paying nearly $4000 a year.

OT - OF!!!

M.

OT

[Scottpat]

If you get E&O, you want more than $100,000

I use BRP. I shopped around and they just gave me more bang for my buck. My policy has Corporate coverage, Radon coverage, a GL policy just for the house being inspected and I pay around $2,700 a year. Their rates are not a blanket price, they depend on your state and past history.

E&O rates have gone down over the past couple of years. I had FREIA and they kept raising their rates to the point that I was paying around $3,400 for less coverage than what I get now.

[inspector57]

Danny, check with Robert, I understand he has some pretty good rates and has been marketing heavily to TREC inspectors. I have not used him since I don't have to renew until Oct. but I know him personally and he is a good guy.

http://agent.allstate.com/ROBERTDUPUIS/Welcome/

[Brian G]

I also left FREA for BRP this year. The rates are much better, depending on your history.

I was also not happy about an article in FREA's magazine, but that's another story.

Brian G.

Money Saved Is Money Earned [^]

[Nolan Kienitz]

You can also check with State Farm. They do write coverage in Texas.

And as noted above $100K is not what you should consider as most companies don't write that coverage ... save for many offering "now" in Texas for the TREC HIs ... they have devised a special $100K plan. By the time you pay the premium for that you are only a little ways away from pay for $1M coverage.

[Jesse]

Originally posted by Scottpat

they depend on your state and past history.

Is that different from current history? Or future history?

Couldn't help it. Pet peeve.

I'm with OREP. Happy thus far. Haven't had a claim, though, so no real test.