A real estate appraiser determines the market value of commercial or residential real estate property. The job has its risks. You can get sued for inaccurate information or misrepresentation by the real estate investor. Property owners can also file a claim for violation of good faith. Last but not least, your employees can get hurt while visiting a real estate development project.
To protect your business, you must get a comprehensive real estate appraiser insurance policy. This article will detail some of the critical components and point you in the right direction to purchase a policy.
| CoverWallet | NEXT (Best) | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $300,000/$1,000,000 | $1,000,000/$2,000,000 |
| Aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 | $1,000,000/$2,000,000 |
| Products and completed operations aggregate limit | $2,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Advertising injury coverage aggregate limit | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Tenant’s legal liability coverage limit | $100,000 | $100,000 | $5,000 | $100,000 | $1,000,000 |
| Waiver of subrogation included? | Yes | No | Included | Can be included | No |
| Hired/non-owned auto liability coverage included? | Yes | No | Excluded | Can be included | Can be included |
| Equipment breakdown floater included? | No | Yes | Yes | Can be included | Can be included |
| Can you get a certificate of insurance online? | Yes | Yes | Yes | Yes | Yes |
| Name additional insureds? | Yes | Yes | Yes | Yes | Yes |
| Deductible | $0 | $0 | $0 | $0 | $0 |
Your real estate appraiser insurance package will not be complete without a general liability insurance policy. This policy protects your real estate appraising business from third-party property and injury claims. Example situations include:
A customer walks into your office but trips over some misplaced clutter and injurie their back
While assisting a representative from a company that has hired you, you accidentally damage some of their business property
Real estate appraisers will want to look out for helpful add-ons to their general liability insurance, such as:
Hired and non-owned auto–Covers vehicles the business does not directly own, like rentals, leases, and employee vehicles used for business purposes
Cyber liability–Provides coverage for your real estate appraising business in the event of a data breach or costly cyber attack that might harm your business or its customers
The coverage limits for real estate appraisers will generally be $1 million in occurrence and $2 million in aggregate for their general liability insurance.
General liability insurance does not cover all risks. Important exclusions to note are employee injury, auto liability and accidents, and damage to your property.
If you avoid purchasing general liability insurance, you could be hit by costly legal settlements, judgments, and lawyers' fees. Lawsuits covered by general liability insurance could potentially bankrupt your business.
| CoverWallet | NEXT | Thimble (Best) | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $1,000,000 | $1,000,000 |
| Aggregate limit | $2,000,000 | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000 | $2,000,000 |
| Name additional insureds? | Yes | Yes | Yes | Yes | Yes |
| Waiver of subrogation included? | Yes | No | Yes | Can be included | No |
| HIPAA coverage included? | No | No | No | No | No |
| Sexual misconduct coverage included? | No | No | No | No | Can be included |
| License defense coverage included? | No | No | No | No | Can be included |
| Deductible | $500 | $500 | $500 | $50/$10,000 | $500 |
Your real estate appraiser e&o insurance will cover incidents of negligence, mistakes, and oversights that can financially burden your business. Real estate appraiser errors and omissions insurance protects you from court fees, court judgments, lawsuit costs, and other related expenses. Some examples where errors and omissions insurance can help include:
You neglect to properly check if a piece of property meets safety regulations, causing injury to someone who moves in.
A mistake on a property fact sheet causes a client to lose out on an investment
Excess liability–Adds additional coverage to an already existing errors and omissions insurance policy that protects you against heavy losses in an unexpected situation
Media liability–Protects your business against potential liability claims that result from your business's published content in places like the internet, social media, and other sources
Real estate appraiser e and o insurance will have a coverage limit of $1 million in occurrence and $1 million in aggregate. If you need higher coverage, you should ask about higher limits. Some companies extend coverage up to $2 million-$4 million.
Yes, e and o insurance for real estate appraisers may not be legally required for your business, but you will need it. Since a real estate appraiser's judgments on a property can drastically affect its price, any mistakes can have the potential for massive financial damage.
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| CoverWallet | NEXT (Best) | Thimble | The Hartford | Hiscox | |
|---|---|---|---|---|---|
| Building coverage limit (minimum) | $50,000 | $320,000 | $25,000/$500,000 | $75,000 | $25,000 |
| Contents coverage limit (minimum) | $50,000 | $35,000 | $25,000/$500,000 | $75,000 | $15,000 |
| Outdoor signs | Excluded | $2,500 | Excluded | Excluded | Included |
| Accounts receivable | Excluded | Excluded | $5,000/$10,000 | Excluded | Included |
| Money and securities | Excluded | $2,500 | $1,000 | Excluded | Included |
| Lock and keys | Excluded | $2,500 | Excluded | Excluded | Included |
| Business interruption floater | Excluded | Included | Included | Excluded | Included |
| Equipment breakdown floater | Excluded | Included | Excluded | Excluded | Included |
| Inland marine insurance floater | Excluded | Excluded | $10,000 | Excluded | Excluded |
| Employee dishonesty floater | Excluded | $5,000 | $2,500 | Excluded | Excluded |
Real estate appraiser commercial property insurance protects your commercial property against damage or destruction. Your business property and its contents get protected from natural events, theft, and vandalism. Examples include:
A thief breaks into your real estate appraiser business office and steals your electronics
A thunderstorm strikes your building and causes property damage that you need to repair
Equipment breakdown coverage–This protects your business equipment from internal physical damage resulting from incidents like mechanical breakdowns and power outages
Outdoor sign coverage–Protects your business signs, which exist outside of your business property, from physical damage
Commercial property insurance for real estate appraisers offers coverage limits between $20,000 and $60,000.
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| CoverWallet | NEXT (Best) | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| General liability aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 | $1,000,000/$2,000,000 |
| Commercial property coverage limit | $50,000 | $320,000 | $25,000/$500,000 | $75,000 | $75,000 |
| Optional policies can be added? | Yes | Yes | Yes | Yes | Yes |
| Name additional insureds for free? | Yes | Yes | Yes | Yes | Yes |
| BOP discount? | Yes | Yes | Yes | Yes | Yes |
Real estate appraisers use business owner’s policy because it combines general liability and commercial property insurance. Examples of this coverage include:
A member of the public hoping to get real estate advice from you slips on a misplaced rug in your office and breaks their ankle
A windstorm blows through your area and shatters the windows of your real estate appraiser's office
Employee dishonesty insurance–Protects your business from harmful actions that your employees cause, like fraud, social engineering, and other business crimes
Employment practices coverage–This can help defend you in lawsuits that employees bring for issues relating to wrongful termination, workplace harassment, and discrimination claims
Your real estate praiser business owner’s policy will have a limit between $1 million and $2 million for liability claims. This limit can be higher or lower depending on the policy you select.
Non-owned auto insurance can add protection for your employee's personal vehicles when they run business errands, meet clients, and travel to different properties to appraise their value. You can avail this as an add-on to a BOP or general liability insurance.
| NEXT | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|
| Aggregate limit | $3,000/$10,000 | $2,500/$5,000 | $15,000/$25,000 | $5,000-$10,000 |
| Covers hired and borrowed equipment? | $3,000/$10,000 | $2,500/$5,000 | No | Yes |
| Miscellaneous equipment also covered? | $5,000/$10,000 | No | Yes | Yes |
| Offered as an endorsement to general liability insurance? | Yes | Yes | Yes | Yes |
| Deductible | $500 | $500 | $0 | $0 |
Tools and equipment insurance is a policy that protects your business tools and equipment, such as computers, laptops, HVAC, and others. Real estate appraisers can get protection from:
Fire
Theft
Vandalism
Upset
Operator error
Inland marine insurance–Covers your financial losses if tools and equipment got lost or damaged while in transit or another location
Flood insurance–This can cover tools, equipment and other properties damaged by flood waters. Standard commercial insurance policies may exclude flood protection
Tools and equipment insurance coverage for your real estate appraiser business typically covers movable tools under $10,000. The coverage range for equipment is between $5,000 and $20,000.
Real estate appraisers will want to add commercial auto insurance to their policy to protect any business vehicles. Commercial auto insurance covers the cost of accidents caused by your commercial vehicle. You can also use this policy to take care of vehicle repairs. Commercial auto policies typically have basic these coverages:
Auto liability coverage–Covers the medical expenses and property damage of third parties if your vehicle causes an accident
Collision coverage–Helps repair your vehicle if it gets damaged or totaled from a vehicle collision on the road.
Comprehensive coverage–This protects from virtually all other physical damage aside from road accidents
Medical payments–Covers the medical expenses of your vehicle’s driver and passengers, regardless if the accident is caused by your commercial vehicle or another vehicle
Rental reimbursement–This helps you pay for the costs to rent a temporary vehicle if one of your commercial vehicles is out of commission
Commercial auto insurance coverage limits will vary between $100,000 and $1 million for liability claims. This number can go even higher depending on your choice of insurance company.
Independent contractors can still get coverage if they use your business vehicles, provided that your commercial auto policy names them as permissive users.
Excess liability insurance adds extra protection to an already existing real estate appraiser policy. In effect, this is a way to extend your coverage limits beyond what they would usually be able to provide. Example situations include:
Your general liability policy cannot fully cover the cost of a bodily injury lawsuit, so you get extra funds from excess liability insurance
A commercial auto policy doesn’t have enough coverage left after repeated incidents. You can use excess liability to extend the coverage limit
Your real estate appraiser's excess liability policy will have a coverage limit of up to $25 million. Check with your insurer to find out how much is available.
No, excess liability coverage will only cover one policy at a time. If you want coverage extended with multiple policies, you will want an umbrella policy. Umbrella policies can apply to multiple insurance policies and are a great way to get extra protection from a complicated peril.
It depends. If your business often faces liability risks and chances of lawsuits, you might want excess liability insurance to cover all your bases. This will depend on the kind of clients you work with as well. Sometimes clients may require you to have more insurance coverage than your primary insurance policy can provide.
Workers’ compensation insurance is a policy often legally required for any business with employees. If your real estate appraiser business has employees, this policy can help them with medical costs and lost income when injured on the job. Some example situations include:
While falling at a job site, an employee gets disabled and is unable to work for a temporary period. They receive a benefits payout to help them out
One of your employees develops carpal tunnel syndrome from typing on the computer, needing medical treatment and reducing their ability to work
Yes, a workers compensation policy can also include a type of coverage called employer’s liability insurance. This protects the employer when employees file a lawsuit due to their injury or illness caused by unsafe working conditions.
| Cost per Month | Cost per Year | Deductible | |
|---|---|---|---|
| General liability insurance | $35 | $420 | $0-$500 |
| Professional liability insurance | $42 | $504 | $500-$1,000 |
| Excess liability insurance | $44 | $528 | $500-$1,000 |
| Commercial property insurance | $60 | $720 | $1,000-$2,000 |
| Business owner’s policy | $102 | $1,224 | $1,500 |
| Commercial auto insurance | $68 | $816 | $500-$1,000 |
| Tools and equipment insurance | $49 | $588 | $500-$1,000 |
| Workers compensation insurance | $94 | $1,128 | $2,000-$5,000 |
The average real estate appraiser insurance cost is $35 per month or $420 per year for a $1 million general liability policy. Factors that affect the cost of premiums are claims history, business history, policy limits, deductibles, coverage limits, annual revenues, location, and number of employees. Here’s a table showing the cost of a $1 million general liability insurance from the best real estate appraiser insurance companies:
| Cost per Month | Cost per Year | Best for | |
|---|---|---|---|
| NEXT | $21 | $252 | Best overall; Fastest general liability insurance for real estate appraisers |
| CoverWallet | $26 | $312 | Comparing real estate insurance quotes online |
| The Hartford | $23 | $276 | Workers compensation insurance for real estate appraisers |
| Tivly | $28 | $336 | Comparing real appraiser insurance quotes over the phone |
| Thimble | $31 | $372 | On-demand coverage for real estate appraisers |
| Hiscox | $33 | $396 | Worldwide coverage for real estate appraisers |
Get all the best quotes from leading providers in a click of a button!
Here are some of the best real estate appraiser insurance companies. Read some of the reviews below to know their pros, cons, and average rate for a $1 million general liability insurance.
Best overall
Issues an online proof of insurance instantly
Fastest general liability insurance for real estate appraisers
Great customer service and reputation
Excellent rates
Outstanding value for money
Get a 10% discount if you buy two or more policies
Couldn’t find any
NEXT is a business insurance expert that offers a variety of policies for real estate appraisers. They have policies like general liability, commercial auto, and worker’s comp you can sign up for with their app. NEXT has an A- rating with AM Best which speaks to its long-term security. They are accredited by the Better Business Bureau since 2018.
Best for: Best overall; Fastest general liability insurance for real estate appraisers
Average cost: $21 per month
Our rating: 10/10
Get your quote quickly and completely online
Online claims tracking
Renowned company for workers compensation insurance
Limited add-ons to general liability insurance
The Hartford is a spectacular insurance company with all the options a real estate appraiser needs. They work with you no matter the size of your business to get the coverage necessary for your operations. The Hartford comprehensively underwrites its workers comp insurance. It has earned the number 2 spot for the best provider of the policy.
Best for: Workers compensation insurance for real estate appraisers
Average cost: $23 per month
Our rating: 10/10
Compare quotes online
Cheap premiums if you decide to pay for the whole year
Easy online policy management
Not an insurance company but an insurance broker
CoverWallet brings a lot to the table. They offer top partners and many coverage options for real estate appraisers. They have errors & omissions, commercial auto, general liability, and cyber liability insurance. CoverWallet, by the way, allows you to compare the quotes for these policies all at once through its online platform.
Best for: Comparing real estate insurance quotes online
Average cost: $26 per month
Our rating: 10/10
A rating from the Better Business Bureau makes it a reliable choice
Compare quotes over the phone
A partner of many reputable insurance companies
No convenient mobile app to help you pick your policy
Tivly is an online insurance platform with much to offer. Through their massive selection of partners, they help you look at different real estate appraiser insurance options. Policies you can get from this company are general liability, commercial property, business owner’s policy, and more. Call now to compare quotes over the phone.
Best for: Comparing real appraiser insurance quotes over the phone
Average cost: $28 per month
Our rating: 10/10
Flexible coverage when you need it
Quickly issues an estimate of your rates
Numerous add-ons to general liability insurance and business owner’s policy
You can’t reach customer service by calling
Thimble is a highly-rated insurance company that its customers highly trust. The company has a Better Business Bureau score of A+. They are an excellent pick for first-time real estate appraiser insurance customers. Thimble sells general liability insurance as a short-term or annual policy.
Best for: On-demand coverage for real estate appraisers
Average cost: $31 per month
Our rating: 10/10
5% discount if you bundle policies
Worldwide coverage
14-day money-back guarantee
May be missing some policy features you may want
Hiscox offers industry-tailored policies Available business insurance solutions are general liability, workers compensation, commercial property, and business owner’s policy. With flexible payment options that minimize fees, they can be an excellent choice for your real estate appraiser insurance policy.
Best for: Worldwide coverage for real estate appraisers
Average cost: $33 per month
Our rating: 10/10
1 / 5
Use anyone except Employers. Period. They are non-transparent and shameful. After I complained long enough to warrant a call from a supervisor, the supervisor called back from a PRIVATE NUMBER (no caller ID), left a message that they are not reversing their decision (without any communication with me), and failed to leave a phone number for me to call back. She was hiding! They also fact find via email and phone calls, which is terrific for speed and communication. However, after setting a precedence of email or phone calls, they send time sensitive information via email, without any heads up... they are hoping you miss it and forfeit via expiration. Evil policies. Go elsewhere.
1 / 5
This place is an absolute joke of a company and should be ashamed of the way they conduct business. I was hurt on the job at the end of July and it took them just shy of 7 weeks to issue out a paycheck to me. Yes the amount was back dated but still. Not many have the luxury of not receiving a paycheck for almost 2 months. To top it all off, the original adjuster marked me down for the wrong state which caused a problem from the get go, I've had 3 different adjusters now since each one can't seem to figure out the simplicity of my claim. All my paperwork which includes, my job, house, and drs visits all are from the same state and city but yet some how I have been filed under a completely different state 1500 miles away. They do not answer your phone calls or emails no matter how many you leave. I've had to escalate my frustrations to the supervisors of each of these individuals in order to even get some kind of response. I've had more communication and information given to me about my claim from the customer service representatives then the actual adjusters.......... please tell me how that works?! A serious overhaul needs to happen here in order to serve your clients the way they deserve to be taken care of. 10/10 do not recommend this company to a single soul on earth
1 / 5
I have never had the displeasure of working with a more incompetent and disrespectful person in my life. I’m an injured worker and the adjuster that was assigned to my case was named Carrie Furgeson. In the past 6 weeks that I’ve been injured and out of work I have only been able to get ahold of her twice, not for lack of trying. I have left countless voicemails, countless emails, and she ignores them all. When I am finally able to get ahold of her I’m greeted with terrible customer service. She is rude, she talks over me and I’m hardly able to get a word in edgewise. She spelled my name wrong on my documents even after I spelled it for her properly countless times, this caused a whole new issue with my bank. I have bill collectors from the hospital calling me demanding payment and Carrie Furgeson won’t do a single thing to help, or to get them paid. All of my documentation is in Colorado, my job is in Colorado, my address is in Colorado, all my Dr offices and appointments have been in Colorado and Carrie still managed to hold my claim because she wasn’t sure what state she needed to file it under. It’s been 6 weeks since my Injury and my company still hasn’t received the wage paperwork to fill out so they can get me my correct wages. When she’s not ignoring me she’s answering my questions with “I don’t know” well I don’t know how she got this job, because apparently she doesn’t know anything about it. She is a disgusting morose individual inside and out and I genuinely wish her the worst in all of her future endeavors. I highly recommend you don’t use this company. Please if you are a business owner and your looking into this company please don’t use them. I’m sure they have the cheapest payment and that’s why companies use them in the first place, but you will be doing your employees a grave disservice by forcing them to venture into this absolute dumpster fire of a company. I would rate 0/5 if possible but 1 was the lowest I was allowed.
5 / 5
Their general liability insurance purchase process is simply the best online experience I've ever had in my life!
5 / 5
As long as they cover your line of business, you're literally covered! best rates, best coverage, best online experience, best professionals, can't be happier that I chose them!
Not all those who wander are lost.
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