Why do Real Estate Agents and Brokers need E&O Insurance?

Real estate agents and brokers face a long list of exposures to E&O and malpractice claims, including, but not limited to, the following:

• Failure to disclose material facts
• Failure to inspect property
• Failure to recommend a reasonable price
• Failure to provide documentation or reports
• Delays in closing transaction
• Discrimination
• Libel or slander

Even if a real estate agent or broker acted professionally and in good faith during a transaction, he or she can still be sued and could easily face tens of thousands of dollars just in defense costs.

It is therefore vital for real estate agents and brokers to have the proper E&O insurance protection.

What Coverage does an E&O Insurance Policy provide Real Estate Agents and Brokers?

Errors and omissions insurance provides coverage for claims made against real estate agents and brokers by reason of an error or omission in the performance of professional services.

How do I get E&O Insurance Quotes for Real Estate Agents and Brokers?

We offer E&O coverage to real estate agents and brokers in the states listed below. Please first take a look at the eligibility questions on the first page of the express application to see if you qualify for the premium options listed on the second page of the express application. If you do not qualify for the express application, please complete the standard application.

Express Program. For real estate agents/brokers and firms which earn on average less than $100,000 in gross revenue per year and that can answer "true" to the eligibility questions on page 1 of the express application. If you're a real estate agent/broker and provide other services such as property management or mortgage brokering, you are not eligible for the express application and must complete the standard application. The premium options for the express program, by policy limit and deductible, are as follows:

States Other than CA, NY, LA

California

Deductible $1,000 $2,500 $5,000

$100,000/ $300,000 $250,000/ $250,000 $500,000/ $500,000 $500,000/ $1,000,000 $1,000,000/ $1,000,000 $558 $586 $647 $683 $713 $500 $529 $590 $625 $656 $419 $448 $508 $544 $575

$100,000/ $300,000 $250,000/ $250,000 $500,000/ $500,000 $500,000/ $1,000,000 $1,000,000/ $1,000,000 $1,025 $1,080 $1,197 $1,265 $1,324 $915 $970 $1,087 $1,155 $1,214 $758 $814 $930 $999 $1,057

Please note that additional fees and taxes may apply depending on your state. Also, the above E&O insurance premiums are for informational purposes only and are subject to change by the insurance company.

Standard Program. Real estate agents/brokers and firms which do not qualify for the express program must complete the standard application. An E&O insurance quote will be provided by the insurance company.