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Insurance for Real Estate Appraisers

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Real Estate Insurance
Real Estate Appraisers Insurance

What Insurance Do Real Estate Appraisers Need?

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Errors & Omission (E&O)

Errors & Omission Insurance (E&O), is a type of professional liability insurance. It protects you from being legal claims that you made a mistake when offering your services. E&O covers your defense fees & settlement costs.

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Commercial Auto

Commercial Auto Insurance covers your cars, trucks, and vans used in your business. It covers the costs from vehicle damage in collisions, theft, vandalism and weather damage. It also covers medical expenses for to injured parties.

General Liability

General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.

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Cyber Liability

Cyber Liability Insurance protects you from the theft of sensitive data. If you suffer a data breach or software attack, Cyber Liability Insurance will cover the costs of notifying and restoring affected customers, recovering data and repairing security systems.

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.