Insurance for Realtors
Are you an individual real estate agent, realtor, broker or run a small real estate brokerage? If so, you may be required by your landlord to have your own general liability coverage. This insurance product helps you meet your landlord’s requirements and also covers any liability claims arising outside of the office during a showing or an open house.
* NOTE: These policies are designed to be more economical due to less personnel handling being required. Once a policy is purchased online, any changes needed will result in extra administration charges for processing. Type carefully.
- Commercial General Liability – Included
- Contents Insurance – Optional
- Crime and Employee Dishonesty Coverage – Optional
Click Here for more information about the coverages above.
Who Needs Insurance For Realtors?
This package is right for you if you’re an independent real estate broker or salesperson with direct client contact (for example run open houses and perform showings) who is contracted with a brokerage that has not provided CGL coverage.
Coverage Amounts (Limit Options)
The following are the specific limit options available to you, depending on the coverage(s) you choose to purchase.
Limit/Coverage Amount– the highest amount the insurer will pay in the case of a claim.
Premium – the starting amount you would pay to cover your risk.
Insurance for Realtors Coverages
Commercial General Liability – Included
Commercial General Liability Insurance (CGL) provides a response to claims against you for liability as well as compliments your existing professional liability coverage.
CGL coverage responds to potential claims incurred by any third party contractor who is hired or contracted by you. (E.g. any business person who is not a real estate professional, such as a contractor, home inspector, property manager, and appraiser, etc.)
General liability insurance would respond to the following scenarios:
- A customer slips and falls at an open house and sues you for their injury
- A third-party contractor accidentally damages the homeowner’s property in a home you’ve listed or are showing. The damage needs to be replaced.
- Your lawn signs are blown by the wind and hit a person or a car, resulting in injury to the person and damage to the car.
Contents Insurance – Optional
In addition to CGL, realtors who have an office outside their home may want to include coverage to protect their office equipment and furniture from fire, theft, water damage, or equipment breakdown. Contents insurance (for an extra $16/month) would be excess of coverage under your homeowner’s policy.
Crime and Employee Dishonesty Coverage – Optional
For an extra $2/month or $20 a year, you can add additional coverage to protect from theft inside or outside your premises, forgery, and social engineering. This is valuable for those who have employees and/or other salespersons working within their team
* All insurance coverage described is intended to be general in nature and subject to the applicable insurer’s specific policy wording, terms, conditions and exclusions.