Does Your Realtor have Errors & Omissions Insurance?
Are you covered by Errors and Omissions Insurance that will protect us both in the case of litigation? Can you provide proof of said coverage?
According to the 2013 Realtors Member Profile, fully 78 percent of all Realtors are NOT covered by E&O insurance. This sends shivers down my spine. Most real estate lawsuits are leveled against the sellers by their disgruntled buyers. Errors and Omissions insurance is a key protector for both the agent and the seller–in that the agent is generally responsible for sins of the seller.
If the agent is uninsured, liability may very well fall onto the seller. That is, unless the agent has sufficient funds to hire an attorney and cover settled or adjudicated costs. And that’s not likely to happen if the agent can’t afford the insurance in the first place. It’s an expensive cost of doing business for a Realtor, and is an essential element in risk management. Again, be certain to ask if your agent has this insurance. Your future financial health could depend on it.
Do we at San Diego Previews Real Estate have Errors and Omissions Insurance? Absolutely!
We wouldn’t consider leaving both our clients and ourselves unprotected. And it’s a question every seller and buyer of real estate should ask their agent.
For additional information, call Roberta Murphy at 877-818-8197 or 760-402-9101 /email: firstname.lastname@example.org hat tip: Agent Genius