Ryan Phelps, Big Brother Inspections, has been providing detailed home inspections in Arizona since 2003. Big Brother Inspections are experts in the home inspection industry and understand how the home’s systems function and work together. This understanding and approach allow them to perform the most complete inspection of the home, educate their clients about the current conditions, and make recommendations for the future.
The Only Insurance Provider & Carrier Dedicated to Home Inspectors
Featured Home Inspector
Why do Home Inspectors need Insurance?
A home inspector who takes great care in his or her work and has all the professional experience in the world can still be the target of a lawsuit. Legal defense costs and damages could financially cripple an uninsured home inspector. That is why it is important to invest in insurance for home inspectors, including errors and omissions (E&O) insurance and general liability insurance coverages.
Choose EliteMGA for your Home Inspectors Insurance Needs
EliteMGA is 100% dedicated to the professional home inspector. We specialize in your specific needs:
- We sell insurance. We do the billing. We settle claims! We have our own carrier for Home Inspectors! No nonsense dealing with a third-party insurance carrier – just us!
- Our team of in-house attorneys (led by the pre-eminent expert in Home Inspection, Joe Denneler) create the Risk Management tools (to keep you out of a claim) and manage the claims (once you have a claim).
- We strive to have the most competitive rates in the market.
- Our experience counts in underwriting- writing business responsibly so as to ensure a product for inspectors for years to come.
- We offer unique coverage – Whatever you need for your business we can provide.
- Group discounts for multiple inspectors.
EliteMGA Created A Carrier For Home Inspectors Called EliteRE
EliteMGA has been a leader in providing insurance and risk management for years in the Home Inspector industry but there was always one piece missing – Total Autonomy. Who knows the experience of inspectors better than a leading provider of insurance and risk management in the country? So, EliteMGA created a carrier just for Home Inspectors – EliteRE. What are the advantages of us owning our own captive?
- Complete underwriting authority – we decide who to insure.
- Absolute pricing authority – we decide the pricing.
- Tailored Policy – we create the policy’s coverages to fit the needs of our inspector clientele.
- Risk Management – we create the tools to keep you out of claims.
- Absolute Claims Authority- we handle the claims in-house with our inspector’s best interest at heart.
State by State Insurance Requirements
Home inspector E&O coverage indemnifies the home inspector for claims/lawsuits alleging negligence of professional services. The coverage applies to expenses related to the investigation and defense of claims including sums that you become legally obligated to pay as damages. Home inspector E&O insurance is a vital tool in the inspector’s business toolbox, and it protects the inspector as well as his assets, his family’s assets, and his clients from any possible damages caused by unforeseen errors and frivolous lawsuits.
Home Inspection E&O policies cover judgments, settlements and defense costs that may be brought against the inspector. Even if the allegations are meritless, the cost of defending your professionalism can be daunting. As an example, the Congressional Budget Office has determined that in 2002, the average unmeritorious medical malpractice claim—a claim that did not result in a payment to the claimant—cost $22,000 to defend. In short, E&O coverage provides protection for you, your company and your employees in the event that a client of yours alleges that an error or omission on your part has caused a financial loss for the client regardless of whether or not the allegation has merit.
If you actively perform professional home inspection services for a fee, it is strongly recommended that you invest in errors and omissions insurance. Although most professional liability claims are without merit, and professionals win over 90% of cases that come to a verdict, the trials and tribulations can be easily avoided. Most jurisdictions have made it a requirement for all home inspectors to have Errors and Omissions Insurance in addition to their inspector’s license. In fact, the following states have made it part of having a license: Washington, Massachusetts, Arizona, Texas, Mississippi, Tennessee. Nevada, Pennsylvania, North Dakota, and New Jersey. Additionally, many businesses have made it a requirement of their franchisees to have E&O insurance coverage as well. It is also a smart option when looking for referrals, as real estate brokers, reputable relocation businesses and real estate attorneys prefer to refer clients to inspectors who are fully insured.
Insurance forms and advertisements are often filled with words that have the same or similar meaning. This question is a case in point. Professional Liability coverage and Errors and Omissions (E&O) coverage are synonymous. This type of insurance indemnifies the policyholder for allegations of negligent acts that result in financial loss. A negligent act could certainly include an error or omission in performing a home inspection service so you could very well state that professional liability insurance cover errors and omissions and that Errors and Omissions insurance covers professional liability claims. In either case, the wise Home Inspector professional will want to make sure they have adequate E&O insurance to protect their assets and business from financial loss.
This endorsement provides coverage to a referring party—any referring party, not just a real estate agent—for any claim that alleges that the referring party negligently referred business to the insured home inspector for home inspection services.
No. The endorsement is automatically included at no additional charge to all home inspector E&O liability policies with EliteMGA.
Yes. You can obtain coverage regardless of your tenure in the profession. EliteMGA requires our new inspectors provide previous proof of education, training or certification prior to issuing a policy.
There are various limit options available: $1,000,000; $500,000; $300,000, $250,000 and $100,000. Many states have minimum limits of $500,000, as do many franchisors and many referring parties, such as, real estate agents, relocation companies and real estate attorneys. Some builders may require limits of $1,000,000 in order to enter onto their premises.
Yes, changes to limits of liability can be changed mid-term with undwriter approval. Term and conditions may apply.
Yes. There is no premium adjustment for adding an inspector mid-term. Neither is there one for dropping an inspector mid-term. Premiums are based on the number of inspectors at the beginning of the policy term. The only requirement is that you provide proof of training, education, certification or licensing prior to them inspecting for your firm.
At EliteMGA, typically policies are issued within 1 business day of the receipt of your completed application and other subjectivities. No payment is due up front and installments are available without outside financing. Many of our competitors force payment in full, or financing with additional fees up to 12.5%.
You will be covered for any claim covered under this policy that is presented after you switch insurance companies, if you have had continuous E & O Insurance in your name from the date of the inspection that gave rise to the claim. This is known as Prior Acts Coverage. For example if you have had continuous E & O Insurance in your name since 1/1/2002, that would be your prior acts date or, retroactive date, as it is sometimes called. Your current Insurance carrier will respond to a claim for work you performed from 1/1/2002 forward, assuming you have had continuous E & O Insurance with no lapses in coverage.
Prior Acts Coverage is only available to Home Inspectors who have maintained continuous Errors & Omissions Insurance in their name. EliteMGA will need a copy of the Declarations Page of your prior policies together with the completed application to determine if you are eligible for prior acts coverage.
No. Prior Acts Coverage is only available to insureds who have had E & O Insurance continuously in force.
What Our Customers Say About Us!
“The folks at EliteMGA are just that – elite. I have used them for insurance for several years now and really can’t speak highly enough. First, the responsiveness: emails and calls are returned not just the same day, but often in minutes. Second, the professionalism and thoroughness: I have been late making a payment or made an error on paperwork, and they go the extra mile to cover over mistakes or explain things well. For inspectors looking for E&O and general liability, EliteMGA is just the best.”
~ Home Inspector – Kansas City, Missouri
“EliteMGA has been a pleasure to work with. They have guided me through the process and have been extremely understanding and patient as I learn my way through the business. I would highly recommend ALL new home inspectors check out EliteMGA! Having the certificate of liability insurance from EliteMGA readily accessible for agents and customers has helped me earn new business.”
~ Home Inspector – Fort Morgan, Colorado
Home inspector insurance can be especially confusing. Luckily, we can help you determine your needs and connect you with a program that fits your individual insurance requirements. Just give us a call today at 800-355-1185 or email us at email@example.com, and our professional EliteMGA team will help in any way we can.
Thank you for placing your trust in us – we are excited for the opportunity to provide you with one of the “Elite” home inspector’s insurance programs!