Inspecting houses can be profitable and rewarding work, but the responsibility of checking houses comes with some risk. Inspectors may be held liable for the consequences of any mistakes they make, and they face a number of other potential risks. Home inspector insurance helps Massachusetts inspectors shield themselves from a range of covered perils that they’re exposed to.
Home inspector insurance policies are commercial policies that have been specially designed to meet the risk mitigation needs of home inspectors. These policies usually come as package policies, and inspectors can often adjust the exact mixture of coverages that are in their selected policy.
Massachusetts state law generally requires professionals who offer home inspections in the state to carry certain levels of insurance. This insurance, as well as any additional protection that inspectors may want, is most often obtained through a residential home inspector insurance policy.
Professionals who inspect non-residential buildings will likely find that they need more coverage than a standard home inspector policy provides, and many home inspector policies exclude inspections performed on non-residential buildings. Therefore, inspectors of commercial and industrial buildings usually need to get a slightly different insurance policy.
There are several different coverages that a residential home inspector insurance policy may provide and inspectors may want. A few common coverages include:
Some policies may offer other coverages as well. An insurance agent who specializes in this type of policy can help inspectors decide which coverages they want.
E&O coverage, as it’s often abbreviated, is widely used across professionals but often tailored to a particular profession. Thus, E&O coverage that’s suitable for another professional probably isn’t right for a home inspector. Inspectors should seek out coverage that’s adjusted to mitigate against the risks they face.
Specifically, home inspectors should make sure whatever E&O coverage they ultimately choose insures all the inspections they perform. Depending on what services an inspector offers, this coverage may need to include inspections for:
An agent can help inspectors check the E&O coverage of any policy they’re considering.
While home inspector policies that charge by the inspection can seem like an affordable way to get started in the field, these policies don’t always provide all the same protections that standard home inspector policies do. Before getting one of these policies, inspectors should meet with an insurance agent to see whether the savings that a non-standard policy offers comes with significant sacrifices in coverage.
For help finding home inspector insurance in Massachusetts, contact the experienced agents at The Feingold Companies. Our agents can request quotes from several insurers on your behalf and then, they’ll go through each of the options with you. With an agent’s help, you can be confident that you have all of the protections you need.