Tuesday, November 18, 2008

The Riskiest States for Appraisers in 2008

Our company LIA insures 25,000+ appraisers in the U.S. The claims we receive give us a very good indication of the riskiest states for appraisers in terms of legal claims and disciplinary complaints.

Legal Claims. Based on our claims in 2008, the three states with the most legal claims against appraisers (i.e., lawsuits and threatened lawsuits concerning appraisals) are:

1. Florida (most legal claims)
2. Michigan
3. Arizona

The most surprising thing here is that California is not in the top three.

Disciplinary Complaints. The three states with the most disciplinary complaints reported (i.e., complaints investigated by the agency in each state with responsibility for appraiser discipline) are:

1. Michigan (most complaints)
2. North Carolina
3. Oregon

Based on what you read in the papers, I would have expected other states to be in the top three. Given their relatively smaller populations, North Carolina and Oregon are surprises to me.

Overall Scariest Place to Appraise Property: Michigan.