In a perfect world, Home Inspectors would have no need for pre-inspection agreements. Contracts simply wouldn’t be necessary because every client would be completely satisfied with the work you do, conflict would be non-existent, and you would never, ever get sued.
May 2013 Blog Posts
It’s Saturday night and you’re headed out the door to have dinner out with your family. Where are you going? Good question! It’s up to you to decide on a restaurant, so before you leave the house, you pull up Yelp! on your phone or computer to find something that sounds good.
CNN Money recently published a piece (located here) titled “Home appraisals no longer derailing sales”, a quote generically attributed to members of the National Association of Realtors (NAR). What struck me as a bit odd was the fact that just about a year ago, the NAR in conjunction with the National Association of Home Builders (NAHB) stated in another article on home sales and appraisals that roughly 1/3 of the deals placed into contract by its realtor members were failing to close due to problems getting appraisers to recognize the market had recovered and values were increasing. The NAHB was quoted as saying essentially the same thing except it was the refusal of appraisers to recognize the true value of a new home which was causing 1/3 of new home sales to suffer the same fate.
Insurance companies can be classified as admitted or non-admitted. The distinction resides in the insurer’s way of doing business in a particular state. Regardless of admitted or non-admitted status, every insurance company including errors and omissions insurance companies must be licensed and approved in any given state(s) where it conducts business.
When it comes to investing in E&O insurance, there's one thing that's undeniable: price matters. If you can purchase a policy for less, why would you pay more? You've got a business to run after all.
No one wants a lawsuit, but in today's litigious environment it's a reality that many appraisers and inspectors face. Here are some tips for avoiding costly and time consuming legal challenges for your business.