Are you happy with your E&O Insurance?

By
Real Estate Agent with Metro Life Homes / Maui Life Homes RS-78439 / BRE #01708344

Are you happy with your E&O Insurance?

E&O Insurance (Errors & Ommissions Insurance) varies from one broker to another, not only in just premium price, but in format.

Some brokerages charge their agents on an annual basis, others charge on a per-deal basis, and yet others may take a different approach.

How is your E&O Insurance billed?

Are you happy with your policy?

 

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Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Richard Ruggaber 07/15/2010 03:51 AM
  2. Rose Osman 07/15/2010 03:19 PM
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Rainmaker
493,605
Morris Massre
All Luxury Miami Realty - Pembroke Pines, FL
Realtor Broward County Florida

I wouldn't know anything about my e&o insurance if it crawled up and bit me on the ass.  In my 13 years in the business I've never seen my policy. But I continue to pay into it on an annual basis.  Otherwise, I can't practice.

Jul 13, 2010 03:39 PM #1
Rainmaker
240,076
Matt Grohe
RE/MAX Real Estate Concepts - Des Moines, IA
RE/MAX Des Moines

Ralph: E&O covergae is required for licensure in our state. They're really cracking down on it. Policies are sold annually. I've never had to use it but it's pretty affordable at about $180yr.

Jul 13, 2010 03:40 PM #2
Rainmaker
409,636
Bob Willis
Berkshire Hathaway HomeServices California Properties - Whittier, CA
Orange County & L.A. County Real Estate Agent

Mine seems reasonable to me.  My broker charges per transaction.  My previous broker had the gaul to charge $1495 per year.  Like Morris, I have never seen the policy.

Jul 14, 2010 08:14 AM #3
Rainmaker
1,123,106
Lyn Sims
RE/MAX Suburban - Schaumburg IL Real Estate - Northwest Suburbs of Chicago - Schaumburg, IL
Schaumburg Homes

No, I really don't like the deductible which is decided by the company I work for.  We pay 1 time yearly on our office bills.  Mine is $365.

Jul 15, 2010 03:55 AM #5
Rainmaker
481,210
Palm Springs Realtor Stewart Penn
Bennion Deville Homes - Palm Springs, CA
Bennion Deville Homes - Broker Associate

I've discovered that many large brokerages charge their agents an annual E&O Premium regardless of the number of transactions they do .... and if they leave that brokerage before the full year is up, they forfeit the balance paid for that year.

As an independent brokerage, I have negotiated a favorable premium with my State-Approved Insurance Company.

Jul 15, 2010 04:03 AM #6
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