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E And O Insurance Real Estate

Lockbox And Open House Coverage To Full Policy Limits

E& O Insurance for California Real Estate Brokers: Risks and Rewards

What is a lockbox?

A lockbox is any keyless entry system or similar device on a property being shown or listed for sale while that property is in the care, custody, and control of a real estate professional.

What is an open house?

An open house is considered an advertised designated time period where multiple potential buyers have the opportunity to view a specified property listed for sale and in the care, custody, and control of a real estate professional.

Why is lockbox coverage important?

If someone enters your listing by obtaining the lockbox code without your approval and vandalizes, steals, or destroys the property, lockbox coverage will provide defense and damage coverage.

Why is open house coverage important?

If theft or vandalism occur on a property during an open house, this coverage will reimburse damages. A homeowner’s policy may cover the loss, but in the event that the homeowner looks to the real estate professional for the loss, an errors and omissions policy will offer protection.

Best Practice

It is recommended that access codes for lockboxes are changed regularly to decrease the risk of unauthorized entry. If possible, an entry log with date, time, and identity of persons using the access code and entering a property should be kept up to date. Try to conduct open houses during daylight hours with a buddy. Inform co-workers of your location and scheduled hours. Make sure to bring a charged cell phone and check all rooms before and after open house hours.

Cres Insurance Services: Best For Comprehensive Coverage

Cres insurance services offers some innovative features such as Open House and Showings coverage, which covers you in case of any mishaps while showing a home

They cover all of your real estate activities and include 25 free building permit history reports with your policy, so you can show them to potential buyers and thereby reduce liability. They even include pollution coverage, which most companies do not cover.

After you put in your personal information, it takes you to a checklist of what kind of real estate sales you do. Sometime after that, they request your license number, so we were unable to get a quote from them.

They dont insure every state, though.

> > MORE: The 9 Best E& O Insurance Companies for Small Businesses

Risc : Best For Mandated Coverage

If you live in one of the states that requires realtors to carry errors and omissions insurance, RISC can help you out. They provide insurance for Alaska, Colorado, Iowa, Idaho, Kentucky, Louisiana, Mississippi, Nebraska, New Mexico, North Dakota, Rhode Island, South Dakota and Tennessee.

They offer coverage exceeding minimum requirements. All of their policies are guaranteed-issue if you have an active real estate license.

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Keller Williams E& o Insurance

Keller Williams is one of the largest real estate companies in the world, and theyve been in business since 1983. Even though theyre not an insurance carrier themselves, Keller Williams has a partnership with Austin and Austin Insurance Services so that they can provide their members with E& O coverage.

Keller Williams Policy Details

Keller Williams has a specific real estate E& O insurance policy for their members, and theyre a little more transparent with what you get out of it than eXp or Rice. For example, the Keller Williams policy features a $2 million limit per occurrence and aggregate, though legal fees are split 80/20.


Add These Endorsements To Your Policy For Comprehensive Protection

E& o insurance real estate

Contingent bodily injury and property damage for all real estate services

Coverage for bodily injury and property damage claims for all real estate services, as outlined in the policy, when your general liability carrier will not cover the claim

Contingent bodily injury and property damage for property management services

Coverage for bodily injury and property damage claims resulting from your property management services when your general liability carrier will not cover the claim

Construction/Development coverage

Adds coverage for claims arising from a property an insured constructed or developed

Cyber Liability


Coverage helps pay for the costs associated with restoring data and computer systems including third-party liability that may arise from a failure of system security

Data Compromise

Coverage is designed to help clients respond to the financial burden and service obligations of a data breach

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Failure To Deliver Services

If you forget to properly perform the services you promised as a real estate agent or broker, âsuch as paperwork, reports, or repairsâyou could be held liable. This is important because the duties of a real estate broker represent diligent and thorough tasks necessary to a problem-proof transaction. Failure to perform those duties properly, when resulting in a transaction gone wrong, will be grounds for negligence claims.

Iiiterms Of Equivalent Coverage :

A. Covers all activities contemplated under the Nebraska Real Estate License Act, under such terms and conditions as are customary in the insurance industry for such policies of insurance which are otherwise permissible under Nebraska law and rules and regulations of State of Nebraska Department of Insurance, and which are contained in a policy of insurance which has been approved by the State of Nebraska Department of Insurance.

B. Specifies not less than $100,000.00 combined single limit liability coverage for each occurrence .

C. Specifies a deductible amount of not greater than the deductible amount specified in the group policy secured by the Commission for the calendar year during which the equivalent insurance goes into effect. Any equivalent insurance which extends into a calendar year when the deductible on the group policy has changed effective January 1 of the year may retain the deductible amount until such time as the equivalent insurance is renewed or renegotiated in that calendar year. D. Specifies an annual aggregate limit cannot be less than $300,000.00 per each individual licensee covered by the policy.

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How To Find A Cheap E& o Insurance For Real Estate Agents

Purchasing this type of policy requires contacting a local indemnity company and asking for assistance. It might not take just a few minutes, but this is a surefire way to learn about different aspects of the available coverage options and evaluate real estate errors and omissions insurance quotes.

If you want to find out more about the price range and conditions of the available insurance options, contact an indemnity company and then, request and compare real estate errors and omissions insurance quotes.

How Much Does A Real Estate E& o Policy Cost Brokers

E& O Insurance for Colorado Real Estate Brokers – Coverage and Gaps!

At Berxi, E& O policies for real estate brokerages can start as low as $500, and the average policy costs about $3,000 a year. The price of your policy will depend on a variety of factors, including where you work, your revenue/gross commission income , how long youâve been working in the industry, and your claims history.*

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Who Needs Errors And Omissions Insurance

Professionals working in financial industries such as insurance, investments, real estate, and accounting will benefit from E& O insurance to cover them in the event of a mistake or omission made on behalf of a client, which can be costly. Many regulatory bodies mandate employees in these professions to obtain E& O coverage through their employer or independently.

Make Sure You Cover Your Assets With Your Own Policy

Its your business and livelihood. You need personalized coverage to ensure you and your business are actually protected. For example:

  • Are all of your activities actually covered by the E& O policy through your real estate broker?
  • Do you have coverage for Open House and Showings ?
  • Do you have Sellers E& O Protection Plan to offer to potential sellers to win more listings?
  • Could you be faced with tens of thousands of dollars in legal fees if the annual limit on the E& O policy through your real estate broker is exhausted by prior claims and then you have a claim or lawsuit?

Isnt it dangerous to just hope youll be covered by your brokers E& O policy should you need it? More about why you need individual E& O protection

Our comprehensive Real Estate E& O + ClaimPrevent® policies can help. No matter where you go, no matter what you do, weve got you covered.

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Why You Might Not Be Protected By Your Firms Real Estate E& o Policy

As a real estate licensee, you have to worry about your assets and your financial safety. Relying on your firm to protect you in case of a lawsuit isnt safe. There are thousands of licensees that have found this out the hard way. Some of the potential dangers can be when changing firms, your coverage may not follow since the policy is in the name of the firm. Since your limits are shared, other lawsuits can eat away at the money available to defend and pay your claim. Your firm can lose coverage due to oversight, too many claims, financial problems, or the sale of the firm.

Real Estate E& o Insurance Cost

The Importance of Real Estate E& O Insurance

When considering the errors and omissions cost real estate policies, there are a few different factors that you and insurance carriers will have to account for. The most significant thing that will impact the cost of your E& O insurance is the number of transactions that you complete over the course of a year.

Real estate E & O insurance gets more expensive with each transaction because every one of them increases the chance of the insurance company having to pay out on your behalf. Since your insurance premiums are directly correlated with the risk of the insurer, higher risk usually means higher premiums.


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What Is Real Estate E& o Insurance

Errors and Omissions insurance is another name for professional liability insurance. These days, anyone can be sued for any reason. Even if the lawsuit is groundless or frivolous, you still have to deal with the high cost of defending yourself in court. Errors and omissions insurance covers these costs.

For a more thorough explanation of professional liability insurance, see What is professional liability insurance? And its cost?

Exp Realty E& o Insurance

eXp Realty works with residential real estate agents, and while they may not be an insurance carrier, they have underwritten E& O policies for all agents that are their members. One of the most notable things about eXp is that they arent afraid to embrace progress, taking advantage of the internet far more than their competitors.

eXp Realty Policy Details

eXp Realty offers the same rate for E& O coverage to all of their members, though youll also have to pay for the additional cost of membership. One thing to consider about eXps policies is that your rates are based on the number of transactions you undertake every year, with a maximum cost of $500 per year.


  • You have to pay extra for membership

Average cost: $40 per transaction

Best for: Agents making fewer transactions

Our Rating: 4.3/5

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E& o Protects Against Mistakes And Oversights

An error on a title or an oversight in a property listing could lead to a lawsuit. Whether you are sued by a litigious client or you made a genuine mistake, errors and omissions insurance can help cover legal costs that might otherwise impact your business.

This policy provides liability coverage related to:

  • Accusations of negligence
  • Professional mistakes
  • Failure to deliver promised services

E& O protects you from client accusations, whether or not you’re to blame. It’s a key policy for real estate professionals and it’s even required for agents and brokers in some states.

Errors And Omissions: The Real Estate Insurance Alliance

Real Estate Errors & Omissions Insurance Explained

The REIA program protects insurees from financial loss due to errors, omissions or negligent acts occurring in the course of their duties as defined by provincial licensing legislation. Insurance coverage is provided by an insurance carrier, Trisura Guarantee Insurance Company, through insurance brokerage BFL Canada. REIAs volunteer board of directors administers the program and act as trustee for members in the group retention portion of the master insurance policy. View the policy here.

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Is Omissions Insurance Expensive

The cost of the policy depends on numerous factors like the nature of your business, location, previously settled or denied claims, and much more. However, what you need to factor in is the number of litigation problems you or your company have faced before. If you havent had any, the insurance is not likely to be expensive and might have more favorable terms. It means that you might be lucky to find cheap E& O insurance for real estate agents and other professionals.

Errors And Omissions Insurance

Errors and omission Insurance is required for all active brokers, broker associates, property managers, real estate auctioneers, residential rental agents and salespeople. A group policy for errors and omissions Insurance is offered by the South Dakota Real Estate Commission through Rice Insurances Services Company, LLC .

As of October 2016 the South Dakota Real Estate Commission office will no longer process group E& O renewals. Licensees will need to contact RISC to pay for their group insurance policy. Please visit the RISC website to renew or apply for the group E& O insurance policy.

For information on what the policy covers and endorsements, visit the RISC website for specific information on the South Dakota errors and omissions insurance policy.

Real estate licensees who purchase errors and omissions insurance coverage other than the group policy provided by Rice Insurance Services Company are being reminded those providers must be an admitted carrier in South Dakota or the state in which the licensee resides.

The South Dakota Real Estate Commission has discovered instances whereby licensees have been paying premiums to companies that are not actually admitted carriers in South Dakota or the state they live in. The concern is that this could create some serious liability problems for licensees in the event a claim is made against their errors and omissions policies.

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How Much Does Real Estate E& o Insurance Cost

It depends if you are a real estate broker or an agent or a property manager or a real estate appraiser. A real estate broker managing listings worth 10+ million dollars will need a different real estate E& O policy from the one that is obtained by a new real estate agent.

In general, the median cost for E& O insurance for realtors is about $55 a month.

Based on the quotes we got from the 2 companies that we recommended above, the real estate E& O insurance cost is in the range of $30-60 a month.

Make sure you get and compare a few quotes before buying. You can easily compare quotes with digital broker like CoverWallet or Simply Business.

> > MORE: Where to Get No Down Payment Errors and Omissions Insurance?

Coverage Pros: Best For Fast Enrollment Process

E And O Insurance Real Estate

360 Coverage Pros is part of the Gallagher group. They include 360 Coverage Pros, CNA, EOforless, and NAPA .

They offer comprehensive and affordable insurance for real estate agents. Through their relationships with other companies, you can get discounts on NFL tickets, Target, Costco, movie tickets and more.

You can get a policy online and be on your way in minutes.

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Rice Insurance Real Estate Errors & Omissions Insurance

RISC is a company that specializes in mandated E& O insurance for real estate professionals. This means that the company only operates in states that require real estate agents to maintain an E& O policy so that they can legally practice.

Rice Insurance Policy Details

The Rice E& O policy is underwritten by Continental Casualty Company and it covers legal fees and damages related to mistakes and negligence on the part of the real estate professional. Keep in mind that Rices policies vary based on the state that youre getting insured in since every state has different guidelines.


  • Covers legal fees and damages


Average cost: $56 per month

Best for: Smaller businesses

Our Rating: 4.5/5

Real Estate Foundation Of Bc

The Real Estate Foundation of BC is a philanthropic organization working to support land use and real estate practices that contribute to thriving, resilient communities and natural environments. They do this by funding projects, connecting people, and sharing knowledge.

When property is purchased in BC, real estate brokerages may hold a deposit in a pooled trust account until the sale closes. Under the Real Estate Services Act, the Foundation receives the interest from these deposits and uses the funds to support research, education and other projects that benefit BC communities.

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Superior Coverage With Claimprevent Legal Services

You wont find any other real estate errors and omissions insurance that even comes close to the customized coverage, tailored specifically to your daily risks, that youll find with CRES:

  • More Extensive CoverageIf your state requires real estate E& O, youll usually discover that CRES E& O offers MORE coverage for less cost than your state program!
  • Safe and SecureCRES E& O plans are backed by A.M. Best A-rated carriers.
  • Experienced Legal Advice 7 Days a WeekOur E& O policies include access to our team of local legal experts, to help you proactively resolve small issues before they turn into bigger problems. Your CRES Real Estate E& O + ClaimPrevent® goes to work for you DAILY not just after you have a claim .

Not Delivering On Promised Services

Industry Update: E& O Coverage for Colorado Real Estate Brokers

As a real estate agent or broker, part of your job is to act in your client’s best interest. If they feel like you’ve missed the mark, you could get sued. Real estate agent E& O insurance helps protect you and your business from some of these examples:

An angry buyer: At the close of a deal, your client, who is the buyer, feels like you didn’t do a good enough job negotiating the price and decides to sue.

Misinterpreted advice: You tell your client that the sellers will probably cover the closing costs in the deal, but you still need to confirm. It turns out later that’s not the case, and your buyer will have to contribute to the costs, which they didn’t expect.

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