E&O Insurance for Realtors and Real Estate Agents
E&O coverage is the most popular form of insurance for realtors because it applies to the vast majority of situations in which real estate agents end up getting sued. E&O insurance is also known as professional liability coverage, and it kicks in when an agent gets sued for making a mistake while working.
Real estate agents are entrusted with giving their clients information that is accurate and actionable, and if you fail to do that, you can end up on the receiving end of a lawsuit. For example, if a client alleges that you’re negligent and wins the case, E&O coverage will kick in to cover your expenses.
Along with the settlement itself, E and O insurance for realtors will help pay for expenses related to the lawsuit brought against you. These can include lawyer fees that you have to pay for your representation as well as court costs and administrative fees that you are responsible for.
Best E&O Insurance for Realtors
When shopping around for insurance for real estate agents and businesses, it’s usually a good idea to closely consider the companies that you intend to work with. Many companies in the real estate broker insurance space are specialized because this kind of coverage requires specific knowledge that many carriers don’t have. However, to find the best rates and coverage options from the best insurers in America, we recommend you to click the 'Get Quotes' button at this page and complete the form to compare quotes online and have them all compete on your business, for your best benefit.
eXp Realty E&O Insurance
eXp Realty is a residential real estate brokerage that also offers insurance policies to the realtors that are members. eXp believes in taking a progressive approach to real estate insurance, taking full advantage of the internet and any tools at their disposal to get their members the support they need.
eXp Realty Policy Details
eXp offers a flat-rate real estate broker errors and omissions insurance policy to all of their members, charging them $40 per transaction with a maximum cost of $500 per year. However, you also have to pay for eXp membership if you want to take advantage of their insurance policies, which costs $85 per month, though membership offers additional bonuses.
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Average cost: $40 per transaction
Best for: Extra benefits
Our Rating: 4.5/5
Rice Insurance Real Estate Errors & Omissions Insurance
Rice Insurance specializes in E&O insurance for realtors, and they operate in the majority of states that require realtors to maintain active insurance. The company is supported by the Continental Casualty Company, which maintains an A.M. Best rating of A.
Rice Insurance Policy Details
Rice’s errors and omissions insurance for real estate agents depends on the state in which it is purchased. Since every one of these states has different requirements for realtor E&O coverage, the policy varies based on where you purchase it and it only applies in the state in which a realtor is licensed.
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Average cost: $56 per month
Best for: Low real estate broker insurance cost
Our Rating: 4.3/5
Keller Williams E&O Insurance
Keller Williams has been in business since 1983, and it’s one of the largest real estate companies worldwide. Despite not being an insurance carrier, they work closely with Austin and Austin Insurance Services to ensure that every real estate agent that works with them has comprehensive real estate business insurance.
Keller Williams Policy Details
The realtor errors and omissions insurance policy from Keller Williams features a $2 million limit for each claim and a $2 million aggregate limit. In certain cases, there may even be a 50% deductible reduction, and legal fees are split 80/20.
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Average cost: $33 per month
Best for: Commercial real estate agents
Our Rating: 4.5/5
