Ohio real estate appraisers e&o insurance
Professional Liability
Management Liability
& Specialty Insurance

E&O Insurance for Ohio Real Estate Appraisers

We offer errors and omissions (E&O) insurance to Ohio real estate appraisers who work by themselves or as part of a company. We also offer all other business coverages that Ohio real estate appraisers might need, such as workers' compensation, general liability and office packages.

Please visit our real estate website www.reproinsurance.com for more information and to access our insurance applications.

Real estate appraisers are retained to place a market value on real estate properties. The process of valuing real estate involves a certain level of informed judgment since properties tend to be different and their value is not based on any single standard.

Ohio real estate appraisers are often retained by lenders in connection with the issuance of a loan. A large number of E&O insurance lawsuits against real estate appraisers are in connection with the over-valuation of a property. In this case, a borrower could claim that they overpaid and borrowed too much for a property based on the appraiser's valuation. The lender could also claim that they ended up lending too much and that there was no equity left after a foreclosure.

Errors and omissions insurance provides coverage for claims made against Ohio real estate appraisers by reason of an error or omission in the performance of professional services. Real estate appraisers E&O insurance policies pay for the damages and defense of claims made against real estate appraisers in connection with professional services rendered.

Typical E&O policy limits for real estate appraisers range from $300,000 per claim up to $1,000,000 per claim. One of the main factors that Ohio real estate appraisers should evaluate when selecting an E&O insurance policy limit is the typical and the largest value of the properties that have been and will be appraised. Legal expenses should also be considered as they can be considerable and decrease the amount of insurance left to pay for damages.

Because of the reliance placed upon an appraiser's valuation and the variability associated with each valuation, Ohio real estate appraisers are at risk of being sued for negligence even if their work was performed according to professional standards. It is therefore important for Ohio real estate appraisers to be covered by errors and omissions insurance.