subject: Advice on Home Inspectors Insurance That Covers Errors and Omissions [print this page] Advice on Home Inspectors Insurance That Covers Errors and Omissions
Many states require Error & Omission Insurance before a home inspector can get a license to perform inspections in their approved state. Sometimes this is referred to as Home Inspectors Insurance. However, even in states where the insurance is not required, it makes sense for home inspectors to purchase it as possible protection in the event of a lawsuit. Home inspectors need two types of insurance, general or premises liability and errors and omissions insurance. General liability insurance can protects them from events occurring during the course of the inspection, while errors and omission insurance protects home inspectors from problems that may occur as a result of an error or omission in their inspection.
Insurance firms that provide error and omissions insurance also provide additional valuable links to resources such as information on training, schools and certifications. Your insurance specialist can work as your partner in both your insurance coverage and help the inspector network toward their education.
Home inspectors need professional liability insurance to address risks specific to their scope of work. When buying or selling a home people partially rely on an inspector to complete a comprehensive inspection to help identify potential home issues and submit a home inspection report. Even the most experienced inspector can miss issues in the home that could result in a lawsuit where damages exceed $100,000. Even home inspectors who use best practices and have solid reputations can be sued. Law suits can even happen when home inspectors are not at fault for any problems that occurred. Therefore it is important that home inspectors protect their businesses and themselves with error & omissions insurance. There are a number of ways to decrease the risks of a law suit including to continually educate and stay up to date on current building trends and education. Many of these options are offered through the home inspectors state associations or national education with an accredited school.
Sometimes the inspector's insurance agent, broker or company will provide links to seminars, conferences and education classes for home inspectors. Many insurance companies that specialize in home inspectors insurance also offer information obtaining best practices and industry standards to help in avoiding potential lawsuits.
In addition to purchasing insurance, home inspectors can protect themselves from damaging lawsuits by documenting the inspection with home inspection software, checklists and photographs that they include in their report. This can be used as a reference about the condition of the home if the inspection is ever questioned.
Educating the homeowner about the inspection process and the results of the inspection can go a long way toward preventing lawsuits too. In any case, home inspector insurance including error & omission can provide peace of mind.
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