Real Estate Insurance: What Is It and How Can It Benefit Your Agency?

Real estate insurance is insurance that is designed to cater to the unique needs of real estate agents. It helps protect agents against risks, liabilities, and the costs of any claims made against them.

These risks and liabilities can be due to the agent’s mistakes, omissions, or errors, while some of them are out of their control.

One of the main benefits of getting real estate insurance is that it protects the agent against claims of property damage or bodily injury. For example, if a client slips and gets injured while viewing a property, the real estate agent can be sued for damages.

Clients expect real estate agents and agencies to provide them with accurate information about the properties they purchase or lease through them. If important details are omitted and these omissions end up costing money to fix, an agent or agency can be sued for professional liability.

This type of protection is also known as errors and omissions liability and also includes professional negligence on the agent’s or agency’s part. Real estate insurance can help protect agents and real estate agencies from these types of claims.

Although many real estate agencies do not think about auto insurance, some insurance providers like to include it in all business insurance plans, including real estate insurance.

The reason why they bundle this insurance is that many real estate agents and agencies own vehicles that they use to move from property to property. All it takes for these vehicles to become a liability is a simple distraction.

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