Insurance for Real Estate Appraisers

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Coverage Plans for All Your Needs

BASIC

Protect your business against service errors

Appraiser E&O Insurance

From
49
Month
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Includes:

  • Professional negligence
  • Retroactive claims (previous contracted work)
  • Subcontractor errors
  • Duty to Defend
Get BASIC plan

STANDARD

Essential coverages to meet client demands

Errors & Omissions (E&O) + General Liability (GL)

From
59
Month
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All Basic plan benefits and:

  • Coverage against claims from bodily injury, property damage and personal injury
  • Coverage for products/completed operations
Get STANDARD plan

PRO

Get protected against employment-related issues

GL + E&O + Workers Compensation*

From
59
Month
Instant quote »

All Standard plan benefits and:

  • Coverage for work-related accidents and disease and subsequent:
    • Ongoing medical care (such as rehab)
    • Missed wages during recovery

*plus Workers Compensation

Get PRO plan

CUSTOM

When you have specific requirements

Including Commercial Auto, Equipment Breakdown, etc.

From
___
Month
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General Liability

General Liability insurance is typically thought of like a slip and fall policy. In addition to that, it also covers any damage you cause to an individual's or business's property while performing services.

Commercial Auto

Commercial Auto covers accidents when you are driving for work. It pays to repair your vehicle as well as another person’s property. If you use personal vehicles, make sure you have Hired and Non-Owned Auto as well. Personal policies won’t pay claims if a vehicle was used for business purposes.

Errors & Omissions (E&O)

Appraiser Errors and Omissions (E&O) insurance is also referred to as Professional Liability. This policy pays to defend you when a customer alleges you made an error or gave bad advice. It also pays any required settlement costs that result from a lawsuit.

Cyber Liability

Cyber Liability insurance is crucial if you store sensitive client information on your network. It assures you abide by state notification laws, pays for investigations, and covers expenses that a third-party accumulates when your files are breached.

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Frequently Asked Questions

Why do Real Estate Appraisers need insurance?

There are more than 80,000 real estate appraisers across the United States, and The Bureau of Labor Statistics predicts that number to grow. Real estate appraisers assess the value of homes, buildings, and complexes and have the power to make or break any sale. Actively working with the public and realtors to determine the value of homes the doors risk, lawsuits, and claims. The only way to fully protect yourself is to buy real estate appraiser insurance.

Companies in this industry estimate the fair market value of real estate.

What risks do Real Estate Appraisers face?

At first glance, some may think real estate appraisers face little or no risk, but that is not the case. Risks you face include:

  • Unhappy Customers: You are an expert at determining real estate value. But, you’re not perfect. If you calculate a home value that causes a seller to lose money and they file a lawsuit alleging miscalculations, you can be required to pay their loss.
  • Bad Recommendation: The basis of your business is to give advice. In some cases, appraisers offer advice to sellers on how much they can list their home for on the market. If your advice is wrong, you can be accountable for the difference in listing price and actual value.
  • Injury: Appraising homes and buildings requires you to visit the property and analyze what you see. If, during a walkthrough, you trip and break a valuable heirloom. You are responsible for replacing the damaged items.
  • Auto Accident: Roadways, highways, and other drivers are unpredictable. Sometimes you are careful when driving, but can end up in a car accident. If you are at fault for the accident, your business can end up responsible for the expenses.

How much does Real Estate Appraiser Insurance cost?

Calculating insurance costs for real estate appraisers varies from company to company. They each have a unique set of insurance requirements, but most underwriters want to review your experience, past claims history, and what types of appraisals you offer. You can calculate insurance costs including Errors and Omissions (E&O) insurance cost by filling out our online application today.

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