Real Estate Appraiser Insurance
OREP Insurance Services is a leading provider of Appraisers Errors & Omissions Insurance for real estate appraisers. In addition to the lowest rates and broadest coverage, that is customized for real estate appraisers to fit their individual appraising needs, OREP provides timely information to help appraisers limit their liability and increase their bottom line. OREP answers the phone, providing fast, efficient service (M-F 5:00 am to 4:30 pm PST – (888) 347-5273.
Many real estate appraiser E&O insurance applications from OREP are self-rating, which means you can select your coverage limits and make payment in minutes—so you can get back to appraising without any delays that can cost you time and money.
How to Choose the Right Appraiser E&O
Our best appraiser E&O insurance guide compares the top providers side-by-side on coverage, pricing, and professional support. For a broader overview of all the types of insurance real estate appraisers need, see our complete appraiser insurance guide.
Combination Insurance Policies
OREP provides combination insurance policies for appraisers who also do real estate sales and brokering, saving you time and money and allowing you to generate income from other sources without paying more for coverage. OREP policies are available that cover individual appraisers or two or more appraisers working in the same company. OREP also offers E&O insurance policies for appraisers without any FDIC exclusion.
OREP Member Benefits
Appraiser Defense
OREP Members enjoy a Free 1-Hour Consultation with trial attorney Craig Capilla when facing a complaint from their State Board, the Department of Housing and Urban Development (HUD), or the Consumer Financial Protection Bureau (CFPB). With both state board and HUD discrimination complaints on the rise, appraisers need a professional with EXPERIENCE in their corner. Click here to learn more about Appraiser Defense and trial attorney Craig Capilla.
FREE CE SPECIAL: 14 Hours of Video-Based, On-Demand CE Included with OREP Membership ($250+ Value)
As part of the OREP RPG/Risk Management Program, OREP Members can now enjoy 14 hours of Approved Continuing Education, at no extra cost! Must be part of the OREP RPG/Risk Management Program.
Click here for a list of Approved states. OREP Members may select two out of the five 7-hour CE courses offered. OREP Members can email education@orep.org or call (858) 410-5977 with questions about enrolling.
Non-Lending Appraisal Assignments – 7 HOURS CE
Explore the possibilities and requirements of non-lender appraisal work, including tax rebuttal, pre-purchase, pre-listing, divorce, estate, and IRS-related work.
How to Raise Appraisal Quality and Minimize Risk – 7 HOURS CE
This course shows you what you can do to avoid claims, reduce liability, and enhance your understanding of the approved methodology, techniques and protocols for appraisals. Learn about real world claim scenarios and specific steps you can take to protect yourself.
Basic Market Analysis: The Key to Credible Results – 7 HOURS CE
This CE course examines the role of market analysis in supporting the credibility of residential appraisal reports. It emphasizes the importance of methodological proficiency in data analysis and introduces techniques for developing market trends, essential for meeting appraiser competency standards.
Applying Appraisal Standards for Competent Valuations – 7 HOURS CE
Uncover nine biases typically found in a real estate appraisal, define these biases, view samples of these biases, and become familiar with ways to avoid them.
Appraiser Liability and Risk Management – 7 HOURS CE
“Appraisal Liability and Risk Management” gives appraisers the tools to take practical steps to limit liability and stay out of trouble.
Enjoy two of the valuable courses listed above, earn 14 hours of Approved CE, and save $$$ when you join the OREP RPG/Risk Management Program. On-demand, distance education CE courses are offered through OREP Education Network.
"Working RE" magazine
OREP publishes Working RE magazine, which provides content that educates, informs, and advises appraisers about current events in the industry that affect their jobs, insurance policies, and their livelihoods.
A subscription to Working RE magazine is included free to all OREP Members. Below you’ll find a sample of some of our most pertinent stories concerning real estate appraiser’s insurance. All stories without attribution are written by the editor.
Low E&O Insurance Rates and Great Service
Our mission at OREP is to be the best insurance resource for appraisers and other real estate professionals; to follow the Golden Rule by treating all who contact us for help as we would expect to be treated: with honesty, courtesy and efficiency…Click to read the rest of this Real Estate Appraiser Insurance story
Will Appraiser Bond Requirement Put You Out of Business?
by David Brauner
Recently, an OREP Member (appraiser) who has his E&O insurance with us asked for clarification of the bonding provision for appraisers contained in S.2452- Homeownership Preservation and Protection Act, which is currently under consideration in the U.S. Senate. There are several key points to understand about bonds, none of them pretty…Click to read the rest of this Real Estate Appraiser Insurance story
Consent Orders: Signing Away Your Rights
by Diana Jacob, MSA
These days, appraisers facing a disciplinary complaint from their state board are often presented with several options to clear the case. Consult with your E&O Insurance provider and be careful how you choose – the consequences can be long term and unpleasant…Click to read the rest of this Real Estate Appraiser Insurance story
Understanding Arbitration
by Douglas A. Glass, Esq. & Kris P. Thompson, Esq.
This scenario happens to appraisers every day. Many E&O insurance policies held by appraisers contain an arbitration clause, yet few understand exactly what that means. Many times the decision whether to agree to arbitration must be made quickly in the early “emotional” stages of a complaint. For these reasons, it is important for appraisers to fully understand the fundamentals of arbitration and how it differs from a jury trial…Click to read the rest of this Real Estate Appraiser Insurance story
Claim Rebuttal Letter
This is an actual claims rebuttal letter sent to opposing counsel, written by a claims adjuster on behalf of an insured. The names have been changed. Disclaimer: This article is written from an insurance perspective and is meant to be used for informational purposes only. It is not the intent of this article to provide legal advice, or advice for any specific fact, situation or circumstance. Contact legal counsel or insurance agent for specific advice…Click to read the rest of this Real Estate Appraiser Insurance story
What to do with Claims
by David Brauner
If you’re an appraiser, much of this story pertains to you. There are good reasons for reporting claims and incidents to your insurance company right when they happen. Here is vital information, that even seasoned appraisers may not know, that can save you anxiety, money and maybe even your business…Click to read the rest of this Real Estate Appraiser Insurance story
Dealing Effectively with Complaints: When the State Comes Calling
by Timothy C. Andersen, MAI
The purpose of this article is to show that it is possible to fight the charges when the state files a complaint. It is a fight that you cannot fight alone, however. It makes sense to have an attorney and a USPAP (Uniform Standards of Professional Practice) expert on your side. Many appraisers think that, under U.S. law, you are innocent until proven guilty. That applies only to crimes. Since the state files an Administrative Complaint against you, the appraiser, but does not charge you with a crime, the convenience of the Constitution does not apply. So in the eyes of the state you are guilty until you prove yourself innocent (or the state drops the charges)…Click to read the rest of this Real Estate Appraiser Insurance story
E&O Insurance – Insurance: Insights and Advice from the Inside
by Cary Ryan, Assistant Editor
David Brauner is the former Senior Broker at OREP Insurance Services/OREP.org and former Editor of Working RE magazine. OREP has been providing E&O insurance to appraisers and other real estate professionals for over 24 years. In this interview, David provides insight and advice from the inside on rates, claims, disciplinary actions, coverage and more…Click to read the rest of this Real Estate Appraiser Insurance story
When Bad Things Happen to Good Appraisers
by David Brauner
As E&O providers, OREP sees a lot of claims information. Here is the story of one appraiser who may be like some of you: despite doing everything correctly on a report, he still finds himself locked in a law suit, which he views as frivolous. And while he may not have believed he needed E&O insurance, he is very happy he has the protection in place…Click to read the rest of this Real Estate Appraiser Insurance story
Having Your Day in Court: And Winning
by Todd F. Stevens
Many appraisers and inspectors see red when their insurance company settles a claim they feel is frivolous. Here’s the story of one who had his day in court – and won…Click to read the rest of this Real Estate Appraiser Insurance story
Why Appraisers Get Sued
by Philip G Spool, ASA
Author Phil Spool, ASA, represents appraisers, E&O insurance companies and lenders as an expert witness for the prosecution as well as for the defense. In this story, he shares the reason why appraisers get sued. Lawsuits can be divided between those you cannot control and those that you can. Here’s what you need to know about each. Lawsuits that you cannot control are typically pursued by plaintiffs (filing the lawsuit) who are dissatisfied with your value more than any mistake you might have made. Even if you have taken precautionary measures to reduce your chances of being sued, in the mind of the dissatisfied person, there is good reason to sue you. Even a “correct” value doesn’t protect you. Anyone can sue you for just about any reason…Click to read the rest of this Real Estate Appraiser Insurance story
FHA Liability: A Case Study
When the FHA increased responsibilities for appraisers a few years ago – making their duties more like a home inspector’s, many predicted increased liability exposure for appraisers and a flood of lawsuits. This is one appraiser’s story. As it takes a few years for problems to surface and turn into lawsuits, this may be a sign of trouble to come. For appraisers there are several lessons: First, learn all you can about appraising FHA properties and be mindful: anyone can make a mistake. Second, make sure to report complaints to your insurance carrier when they happen…or else. And third, not having insurance is no defense against being sued (many appraisers and inspectors believe that having E&O makes them a target, so they reason, not having it somehow removes the bulls eye from their back). It can be stated unequivocally that appraisers and home inspectors are sued every day – whether they have insurance or not…Click to read the rest of this Real Estate Appraiser Insurance story
Liability Landmines– Appraisers Beware
by John Lifflander, ASA
Appraisers cannot control the bad lending practices which allow buyers to purchase with no money down. However, appraisers need to realize that every appraisal is a lawsuit waiting to happen, particularly if the property is foreclosed upon. Right now, there are companies offering to look at foreclosed properties to see if anything can be recovered from appraisers or their errors and omissions insurance. They review the appraisal to see if there are any flaws that might be grounds for litigation. Consequently, if concessions are part of the contract and the appraiser values the property including them, the appraiser should be certain that the valuation backs up the increment of value that the concessions include…Click to read the rest of this Real Estate Appraiser Insurance story
Taking Care of (Your) Business
by David Brauner
Two files sitting on my desk and several other stories this issue speak to why the success or failure of your business in today’s world depends on knowing who you work for and who you work with, as much anything else. One file concerns an appraiser dragged into a claim against a sub prime lender accused of predatory practices; the second demonstrates why providing a comp-check value conclusion is bad business as well as bad appraising. As an insurance provider, OREP sees an increasing number of appraisers dragged into lawsuits where fraud is the primary issue, rather than an error or omission. If that doesn’t surprise you, think what that says about the times we live in!…Click to read the rest of this Real Estate Appraiser Insurance story
OREP E&O
Everyone’s E&O Insurance rates has gone up some over the last few years but if your rates have skyrocketed this year in particular and you haven’t shopped for a while- it’s time to visit OREP. OREP shops the best insurance program for you, given your state, size of company and loss experience. We answer the phone and we work on your coverage so you can spend your valuable time appraising. Combination policies for appraisers/sales and brokering are also available…Click to read the rest of this Real Estate Appraiser Insurance story
Appraisers: Need General Liability Insurance?
More and more Lenders are requiring appraisers to carry General Liability insurance. General Liability coverage includes Property Damage, Bodily Injury, Business Interruption, Loss of Income coverage, and much more. Real Estate Agents/Brokers also find they need and want this valuable coverage. Whether you need a stand-alone General Liability (GL) insurance policy or are shopping E&O too because of a recent rate spike, OREP can help…Click to read the rest of this Real Estate Appraiser Insurance story
Appraisers and Mold – Responsibility, Competency and Liability
Appraisers may likely be included in lawsuits aimed at everyone involved in a transaction where mold is an issue. Appraisers must take steps to protect themselves from liability from lawsuits alleging fraud and negligence for not recognizing mold and/or the conditions that cause mold. It is time to review limiting conditions in subsequent reports. Most, if not all E&O companies have added mold to their list of exclusions…Click to read the rest of this Real Estate Appraiser Insurance story
Consent Orders: Signing Away Your Rights?
Once the consent order is signed, the appraiser faces disclosure each time they renew their license, apply for E&O insurance or market themselves to a potential client – where full disclosure is often required. Further, most signed consents are published in the Disciplinary Action section of their state board’s newsletter. That signed consent order is reported every time an inquiry is made about the appraiser. What is not so readily disclosed is that the appraiser did not admit any guilt. Further, should another complaint be filed, the consent is often used to show a pattern of bad appraisal practice…Click to read the rest of this Real Estate Appraiser Insurance story