What Insurance Products should you demand of your Home Inspector?

What Insurance Products should you demand of your Home Inspector?

Being both a Realtor and a Home Inspector, I often find questions about coverage.  We want to protect ourselves as Realtors and as Home Inspectors.  What about the Homeowner?  Should they be entitled to protect themselves by hiring Home Inspectors with the right coverages?  I should say so.  That means YES.  

As a Home Inspector, I carry professional liability coverage (claims-made) with NO gaps in coverage.  This is important to you the Homeowner because a gap in coverage can eliminate any retroactive coverage and give you a denied claim. 

How does that work you ask?  Simple, the Homeowner makes a claim for something missed 9 years ago.  The professional liability coverage during that time is now expired.  Your Home Inspector continued to purchase professional liability coverage without a gap in coverage and Retroactive coverage for past acts or past misses.  

Because your home’s issue occurred 9 years ago and your Inspector was smart enough to buy Retro Insurance, you have a chance at a winning claim.  

What you should ask your Home Inspector before hiring them (as it relates to these coverages):

1. Do you have professional liability insurance?

2. What was the first date of your initial professional liability insurance?

3. Have you had any GAPs in your professional liability insurance?  If so, what date? (this is the new retro date)

4. Do you have Retroactive Insurance?  (if NOT, the Homeowner can only go back to the current policy period.  Once that expires, so does your ability to make a claim).

Conclusion, don’t hire Home Inspectors that don’t carry Retroactive Coverage!

If you need to buy or sell a home, see us at www.5kflatfeelisting.com.  We look forward to hearing from you. 

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Best,

Geoff Nowlin, Phoenix Realtor

480-466-3737

www.5kflatfeelisting.com

nowlin.geoff@gmail.com

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Geoff & Mia Nowlin

480-466-3737

www.5kflatfeelisting.com

nowlin.geoff@gmail.com

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