• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Which E&O insurance company are best?

Status
Not open for further replies.

Daniel Su

Thread Starter
Freshman Member
Joined
May 19, 2008
Professional Status
Appraiser Trainee
State
California
Currently I have FREA E&O insurance. but they have to charge me every 6 months for 850$ which I think is too much. But in the other hand....Of course I don't want get an insurance company that cheap on $ but bad on police too.
 

Randolph Kinney

Elite Member
Joined
Apr 7, 2005
Professional Status
Retired Appraiser
State
North Carolina
I see that you are a trainee. Many E & O carriers will not insure a trainee.
 

BRCJR

Elite Member
Gold Supporting Member
Joined
Sep 20, 2005
Professional Status
Licensed Appraiser
State
Virginia
Currently I have FREA E&O insurance. but they have to charge me every 6 months for 850$ which I think is too much. But in the other hand....Of course I don't want get an insurance company that cheap on $ but bad on police too.

General Star National Insurance

$520 (annually) for 500,000-1,000,000 coverage

Trainees are accepted
 
Last edited:

starmansf

Sophomore Member
Joined
Jan 2, 2006
Professional Status
Certified Residential Appraiser
State
California
Talk to your supervisor. Maybe you can split the cost if he's not willing to cover you. But he'll probably be making more $$ than you and should cover that. Anyway, get the cheapest you can get and just do honest appraisals. You should never need to talk to your carrier.
 

ZZGAMAZZ

Elite Member
Joined
Jul 23, 2007
Professional Status
Certified Residential Appraiser
State
California
It is possible with some companies to be identified as a trainee within your supervisor's policy, for a fee of approximately 50% that of a fully licensed appraiser, although the limitation is that your coverage extends only to assignments that you work with that supervisor.
 

Em Tee

Senior Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
Insurance costs differ if you're doing residential vs. commercial. Get quotes from several different companies. LIA, General Star, Landy, OREP (that's all I can think of off the top of my head).
 

The Sheriff

Member
Joined
Mar 21, 2007
Professional Status
Certified Residential Appraiser
State
Arizona
Landy is pretty decent as Em Tee stated... I believe I'm at $620 a year with $1M to $2M coverage. FREA is too expensive, especially if you are brutally honest in your work. If your work lacks some character, maybe a higher premium will get you better coverage. I don't know... and really don't ever want to know.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Most of my work is commercial and FREA charges me less than $1000 a year...½ million...
 

Ray Miller

Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
Just did a rewrite of all my insurance needs. My base policy is $2M for each occurrence and $5M combined with at $20M umbrella. This policy is for General liability, commercial auto, wrongful acts, e & o, product libility. It is with a company call INEX/Prime Insurance Syndicate, Inc./EIB International, LLC My total Premium with workers comp is around $3K a year.

This cuts my insurance cost about $4K a year.

Does not cover my crop insurance or livestock insurance. They are under a different ag program.

This covers my:

Appraisal, Auction, Ranch, Produce Store, REO Preservation.
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks