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Protect Yourself Against Appraisal Mistakes With Errors And Omissions Insurance

Todays Date: December 19, 2018

We all make an occasional mistake, don’t we? Well if the person making the mistake is the real estate appraiser, it can cost the appraiser and buyers a lot of money to fix. Unluckily for the appraiser, the fault will lie with him if the homeowner can prove that the error was his fault.

For an appraiser to protect himself from mistakes that will surely be made, errors and omissions insurance is necessary. Should the appraiser make a serious error, this insurance will prevent possibly disastrous consequences.

While we all will make the occasional mistake, home appraisers should be especially aware of how much their mistakes can potentially cost themselves and others. This is why an appraiser cannot afford not to have errors and omissions insurance for their business. A good insurance policy will include unlimited appraisals, and commercial and residential properties. It is critical to understand what your E&O insurance will and will not cover.

It is no fun to have a lawsuit filed against you, and everyone would like to avoid it if possible. Not everyone can avoid it when it comes around.

Appraisers are very fortunate though, that they have the option of protective errors and omissions insurance. A lot of mortgage companies make it mandatory that any independent appraisers they use have insurance to protect themselves from mistakes of appraisers.

Being a home appraiser can be a very lucrative business, however, without errors and omissions insurance you will find very quickly that you will either have a hard time getting a job or that you will be paying for errors out of pocket. Even though you will have to pay a deductible if you are sued for an error in your appraisal, it is much less than the cost that occurs if you pay for it all yourself.

Protect yourself and your business by purchasing the right kind of insurance to protect yourself against your own mistakes or what other perceive as your mistakes. You will be very happy that you did.

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