Buyers and sellers rely on real estate appraisers to give accurate values of homes and buildings. An error in the appraisal can have a big effect on clients and their buying or selling process. If it impacts them financially, they can sue your appraisal business. That’s where appraiser errors and omissions (E&O) insurance can help.
This type of business insurance can help protect your appraiser professionals from lawsuits that claim:
You may have heard different names for errors and omissions insurance. It’s also known as professional liability insurance, E&O insurance or E and O insurance for real estate appraisers. Despite the many names, each term refers to the same coverage.
Real estate appraiser E&O coverage helps protect your business from claims that a mistake was made in the professional services given. This type of insurance can help if an:
You’ll likely need more coverage than just professional liability for appraisers. That’s because E&O insurance for real estate appraisers doesn’t cover every claim. Additional liability insurance coverage you may need includes:
General liability insurance to help cover claims that your business caused bodily injury or property damage to another person’s belongings.
Commercial property insurance to help protect your owned or rented building and equipment used to operate your business. This can include:
Data breach insurance, which can help you respond to a breach if personally identifiable information gets lost. Some insurers call this coverage cyber insurance.
Appraiser E&O insurance costs vary. So, other appraisal firms will most likely pay different rates than yours. That’s because each business is different. Insurance companies use different factors to determine errors and omissions insurance costs, which can include:
The best way to find out how much this insurance will cost you is to get a quote. Our specialists can work with you to understand your business and get you the protection you need. We make it easy for you to customize your insurance coverage, allowing you to create a unique policy that fits your business best.
We’re an insurance company with more than 200 years of experience. We understand real estate insurance professionals face unique risks – and we’re here to keep you covered from them. Get an appraisers errors and omissions quote today.
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The Hartford shall not be liable for any damages in connection with the use of any information provided on this page. Please consult with your insurance agent/broker or insurance company to determine specific coverage needs as this information is intended to be educational in nature.
The information contained on this page should not be construed as specific legal, HR, financial, or insurance advice and is not a guarantee of coverage. In the event of a loss or claim, coverage determinations will be subject to the policy language, and any potential claim payment will be determined following a claim investigation.
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