Home Inspection Insurance

Professional indemnity insurance for home inspections is very expensive. Insurers regard the profession as high risk. It is understandable really. Suppose an inspector reports a building is ok and it turns out to be say a leaky building. The remedial costs can be hundreds of thousands of dollars.

As a result, there are very few underwriters for this type of insurance and when they will provide cover their premiums are high. In New Zealand there is no insurance company that will provide home inspection insurance. A Buyer’s Choice Home Inspections is part of a world-wide franchise network operating in 19 countries.

Because of this we can source insurance overseas which is 100% underwritten by Lloyds of London. Annual premiums are over $5000 p.a per inspector. No A Buyer’s Choice Home Inspector is allowed to operate without this insurance.

As a house buyer or seller obtaining a pre-purchase / pre-sale inspection, it is vital that the obtained report must be credible and be able to be relied upon. Everyone getting a building inspection should insist on seeing the inspectors professional insurance covering BUILDING INSPECTION SERVICES before going ahead. 

Builders insurance does not cover this!! Many companies claim to have professional indemnity insurance but it does not cover BUILDING INSPECTION SERVICES which leaves the customer uninsured. Because the industry in unregulated anyone can claim to be a building inspector so as the saying goes BUYER BEWARE!