Recommendations for Appraiser E&O Insurance?

[mychelle33]

It's that time of year again and I've not made time to research E&O Insurance providers so I tend to renew w/ the same provider each year - at a steep cost. Does anyone have information related to good E&O Insurance at a fair/good price? Any specifics to look up regarding terms of the insurance? TIA for any input and suggestions.

 

[TerryRohrer]

I purchase through RESSI.com. They can quote from a bunch of insurers and get you the best rate. In my view, the only considerations should be price and the level demanded by your clients. I only carry E&O as it has become necessary to get residential (mostly) work. Other than that, it is on par with USPAP classes in the "useless but necessary expenditures" category.

 

[Fernando]

My E&O is like $975 every year.
Only option is $1 or $2 million.
Does that amount indicate the house value or the loan value?
I never looked into the details. It's just the lender always want proof of E&O.

 

[mychelle33]

I purchase through RESSI.com. They can quote from a bunch of insurers and get you the best rate. In my view, the only considerations should be price and the level demanded by your clients. I only carry E&O as it has become necessary to get residential (mostly) work. Other than that, it is on par with USPAP classes in the "useless but necessary expenditures" category.

Thanks. I'll check into them for options.

 

[mychelle33]

My E&O is like $975 every year.
Only option is $1 or $2 million.
Does that amount indicate the house value or the loan value?
I never looked into the details. It's just the lender always want proof of E&O.

Who do you go through and have you been with them for a while? Mine is $1,090 and I do $2 million coverage. I'm not sure how much less I can find it for but thought I'd seen mention of $750 range in recent months. Yet would have to see if coverage and terms are similar. Ugh, researching insurance is never fun. Thanks for your input.

 

[Fernando]

Who do you go through and have you been with them for a while? Mine is $1,090 and I do $2 million coverage. I'm not sure how much less I can find it for but thought I'd seen mention of $750 range in recent months. Yet would have to see if coverage and terms are similar. Ugh, researching insurance is never fun. Thanks for your input.

Mine is with Landy Insurance. Maybe certain States are more expensive. Let me know if yours is better with more coverage and I'll switch.