Home Inspectors should be covered with Home Inspection Insurance or Errors and Omissions Insurance to protect them from lawsuits. Coverage should include protection for defense costs and all employees and hired contractors. E & O Insurance is offered by Elite MGA through InspectInsure! Check us out at www.eiipro.com.
Home Inspectors are crucial to the real estate process providing objective expertise on the condition of a property. However, they are vulnerable to lawsuits, and home inspectors should be protected with appropriate Errors and Omissions Insurance coverage. Errors and Omissions insurance helps to protect home inspectors against claims and lawsuits for mistakes or omissions that caused a financial loss for a client. Suitable coverage for home inspection insurance should be purchased to protect the company.
Most claims that arise from new homeowners, are from their property liabilities that were not properly documented or visible at inspection. Most homeowners' claims seek payment for property damage and/or bodily injury. Mistakes can be made by even the finest of professional home inspectors, or a client misunderstanding or miscommunication can lead to a lawsuit. Even if a home inspector is not at fault, defense costs can be very high, and on a worst case scenario some even pay a settlement when they were not at fault.
The Home Inspectors Insurance Coverage, should should cover the possible settlement but also should cover expenses incurred defending the case including court fees, attorney fees, expert witnesses, and legal administration fees. Proper coverage can also help protect the individual home inspector, the company and employees, and even hired contractors.
Errors and Omissions insurance should comply with state and local licensing requirements. Optional coverage can include radon inspection, termite inspection, and pool and spa inspection. Some Home Inspector Insurance can also be extended to include referring real estate agents and brokers.
Elite MGA and Elite InspectInsure, LLC provide Errors and Omissions Insurance That can help protect a home inspector from unforeseen losses. Eiipro.com policies cover defense costs and legal fees, and protect the company, its employees, and its contractors.
Bio: Grace Enderlein is a freelance writer and editor. "How to Develop Proper Errors and Omissions Insurance Coverage for Home Inspectors" notes the importance and details of E&O Insurance and Home Inspection Insurance.
