subject: Mistakes You Can Not Afford: Busy Home Inspectors Need Errors And Omissions Insurance [print this page] Professional home inspectors are experienced in identifying possible problems, deficiencies, as well as recommending and referring these to professionals. There are more than 500 parts and items in a home that may need replacement or repair.More often then not, home buyers and sellers neglect or fail to notice certain home problems or situations and remain convinced their homes are in perfect condition to sell,or a home they are considering is in good enough condition to buy.
Typical homeowners may neglect as many as 50 to 100 potential home problems that a professional home inspector would easily be able to visually identity.The majority of the time, these places tend to be out of the way""attics,crawlspaces,and roofs.These areas must be accessible for a visual inspection, but typically cannot be done by the homeowner.
Home inspectors are pros when it comes to identifying water damage near showers, bath tubs, and excess moisture,defective water heaters, roof problems (missing shingles, damage),improper repairs, disconnected, open, or damaged HVAC ducts in attics,and more.However,even the best home inspectors can miss signs of damage and defect, which is why Errors and Omissions Insurance is necessary.
This could cost your company anywhere between $20,000 and $100,000 dollars or more!
In the event that during the visual inspection something is missed,,Errors and Omissions insurance can offer protection.If you have been a home inspector for a while, you know well that should any instance or problem go wrong after an inspection, the blame will fall first to you. Professional home inspection insurance (E&O) can be tailored to your business is necessary for your business to protect you in the event of a potential claim caused by an accidental error or failure. Errors and Omissions Insurance can cover you, your company, and employees from claims, lawsuits, or in the event that any mistake is made.
Errors and Omissions insurance is useful regarding claims against home inspectors that accuse them of failing to identify a potential problem or item that later resulted in damage or harm. Home Inspection claims may be inaccurate at times,in cases that seek compensation for items that were damaged that the home inspector was not responsible for or an item that was unknown or hidden from their view at the time of the inspection.In some cases,inspectors are unable to access areas of the home and therefore not responsible for those related problems.
But there are scenarios where the inspector maybe at fault.We have found that the majority of inspectors are very busy,many conduct between 500 and 600 inspections a year.But because home inspectors are busy and because of the sheer number conducted yearly, inspectors become victims of claims. Errors and Omissions insurance can protect home inspectors from instances of negligence,in cases of cluttered attics, hard to detect water stains, roof problems, and more.
Every home inspector will make mistakes at one point or another.Protect and prepare yourself with Errors and Omissions insurance to cover and ensure these mistakes. We would like to remind you that a lot of lawsuits and claims occur from trainees and independent contractors.We also encourage all home inspectors to be diligent and carefully supervise all trainees and contractors to ensure that the quality of their own work is not compromised by inexperienced inspectors or other outside help.
by: Erica Ronchetti
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