Home Inspector Insurance in Vermont
What is Home Inspector Insurance?
Becoming a home inspector can be a rewarding career path, but it’s one that comes with a certain amount of risk. Inspectors are responsible for insuring the integrity of homes, and they might be held financially liable if they make an error in their work. Home inspector insurance policies help inspectors in Vermont protect themselves from many of the potential risks they face.
Home inspector insurance is a special form of commercial insurance that’s tailored to meet the needs of home inspectors and their businesses. In most cases, these policies come as package policies that include multiple coverages.
What Vermont Businesses Need Residential Home Inspector Insurance?
The vast majority of home inspectors in Vermont ought to carry residential home inspector insurance. Not only should they have insurance so that they’re protected against potential covered claims, but inspectors frequently also need insurance in order to get regular work. Many inspector business franchises and local real estate boards will only work with residential home inspectors who have minimum levels of insurance.
Inspectors who are concerned about meeting the insurance requirements of a particular real estate board or franchise can get assistance from an insurance agent who specializes in this type of policy. A specialized agent will be able to check what coverages a particular organization requires, help determine whether those minimums adequately meet an inspectors’ needs, and request quotes for policies that meet both the minimum requirements and any additional needs an inspector has.
What Protections Does Residential Home Inspector Insurance Make Available?
While most residential home inspector insurance policies come with multiple coverages, the exact converges that any one insurance policy includes can vary. Some of the more common protections that a policy may offer are:
- General Liability Coverage, which might protect against defamation lawsuits and some common accidents
- Commercial Property Coverage, which might protect an inspectors’ owned or leased property
- Tools and Equipment Coverage, which might protect an inspectors’ specialized tools
- Equipment Breakdown Coverage, which might protect essential equipment in the event of a breakdown
- Errors and Omissions Coverage, which might protect against mistakes an inspector makes while inspecting homes
In some policies, tools and equipment coverage is included within property coverage as an optional floater that inspectors can get.
Do Residential Home Inspector Policies Cover Commercial Building Inspections?
Residential home inspector policies are normally drafted to meet the needs of inspectors who look at residential buildings, and the policies frequently don’t come with additional protections that commercial building inspectors likely want. Commercial building inspectors usually should get a building inspector policy that provides better coverage for large buildings and various types of buildings. A knowledgeable agent can likely help find a commercial inspector policy if it’s needed.
What Errors and Omissions Protections Do Home Inspectors Need?
Most home inspectors should find a home inspector policy that offers robust protection against errors and omissions risks. Depending on their particular situation, inspectors might want a policy that offers coverage for things like:
- Lead Paint Inspections
- Radon Inspections
- Mold Inspections
- Septic and Sewer Inspections
- Pool and Spa Inspections
- Water Purification Inspections
- Termite Inspections
(This is not an exhaustive list of errors and omissions protections, and inspectors might want additional ones.)
Do Pay-Per-Inspection Policies Offer Premium Savings?
Some home inspector policies are set up as pay-per-inspection policies where inspectors pay only when they have an inspection to perform. Although these policies might seem like they offer savings for new inspectors who don’t have a backlog of work, this kind of policy sometimes comes with less coverage than what standard home inspector policies provide.
Before purchasing any pay-per-inspection policy, home inspectors should carefully review it with an insurance agent to see whether it truly meets their needs. Often, a more standard policy that comes with uninterrupted coverage is preferable.
How Can Residential Home Inspectors in Vermont Get Home Inspector Insurance?
For help finding home inspector insurance in Vermont, contact the independent insurance agents at T.S. Peck Insurance. Our agents can request quotes from multiple insurance companies, and they have the expertise needed to help you select the best available policy option.