E&O Insurance rate jumped over $100 (20%) this year

[metrowideMN]

I've only been with Intercorp for a year and think maybe they just reel people in with a lower rate the first year. Did anyone else have this happen to them? A 20% rate increase the first year seems high.

By the way, I searched around a bit and found a firm that has the same rate as what I paid last year with Intercorp. They are also local (Minnesota) so that's always a plus in my book. Hopefully they don't hike their rates next year. If anyone is interested, check out J.A. Price E&O Insurance.

 

[The Warrior Monk]

I would expect the rates to increase for two reasons. One is that I expect the number of claims to go up, and the other is that I expect the number of appraisers leaving the business to increase (thus dropping their E&O).

 

[ZZGAMAZZ]

If the rate is based to some extent upon the volume of an appraiser's business, might those who's business voume is way off in 2007 expect the fee to drop next renewal?

I, too, have ITops and paying way over $1,000 for $1M coverage with no claims and keep seeing ads for $400 - $600 policies from over companies.