What is a Home Inspector Surety Bond?
Home Inspector Surety Bonds, also known as Inspection Agency Surety Bonds, are required for individuals and businesses that provide professional examination and assessment of a residential home’s structure and systems in order to identify any outstanding issues or defects prior to its sale. These license and permit surety bonds ensure that the inspector provides a thorough and honest examination and report of the home’s condition, so that the potential buyer is able to make an informed decision. Individuals and businesses that obtain a Home Inspector Surety Bond are guaranteed to adhere to all applicable laws and regulations, as well as the provisions and limitations of their own licenses.
Which states require Home Inspector Surety Bonds?
Pacific Surety proudly offers Home Inspector Surety Bonds in the following states:
If you do not see your state listed, please contact us and our knowledgeable underwriters will assist you.
What is the bond amount for Home Inspector Surety Bonds?
The required bond amount in the state of Arizona is $25,000. The principal must file a $25,000 bond with the obligee in order to be considered in compliance with the state’s compliance requirements.
How much does Home Inspector Surety Bond cost?
Pricing for Home Inspector Surety Bonds will vary, and your premium will be based on the following factors:
- State the bond is required in
- Amount of the bond
- Personal credit for anyone with at least a 10% ownership stake in the business
Individuals with good credit can expect to pay between 1%-5% of the bond amount. Qualified applicants could pay as little as $100 annually for a $10,000 Guardian of Incompetent Surety Bond. To find out how much your bond is going to cost, please complete our online application for your free, no obligation price quote.
Can I get a Home Inspector Surety Bond with bad credit?
Pacific Surety offers a wide range of approvals, regardless of credit, for Home Inspector Surety Bonds. With our strong surety relationships, we have the ability to approve 99% of applicants, regardless of how bad their credit is. Our knowledgeable underwriting staff will work with you to ensure you receive the lowest possible pricing for your bond. Applicants with substandard credit can expect to pay 5%-10% of the bond amount in premium. To see what rate you will qualify for, please complete our online application for your free, no obligation price quote.
How do I purchase a Home Inspector Surety Bond?
The first step is to complete our quick online application for your free, no obligation bond quote. Submission takes only five minutes, and our underwriting staff will be in contact with you within a couple of hours with pricing. If you prefer to speak with our knowledgeable staff, please call 1-866-722-7873 and one of our Underwriters will assist you in applying for your bond.
After you receive approval, you must sign an indemnity agreement with the surety and provide payment for your bond premium. In most cases, we can issue bonds the same day we receive your signed documents and payment.
Who does a Home Inspector Surety Bond protect?
A home inspector in the state of Arizona is defined as anyone who makes a visual inspection of a residential building of four units or less and provides a written report detailing their inspection and any components of the home that require major repairs. Any person who wishes to conduct business as a home inspector in Arizona must become certified through the Arizona State Board of Technical Registration (BTR).
Additionally, the home inspector is required to post a $25,000 surety bond with the BTR within sixty (60) days of certification or before their first fee-based inspection. This surety bond guarantees the inspector will comply with all regulations for home inspectors, as outlined in Title 32 – Chapter 1 of the Arizona Revised Statutes, and protects individuals from financial harm due to the failure of the inspector to perform the home inspection or related activities in accordance with the law.