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auto insurance and real estate brokers

By Michael Truiano

Services for Real Estate Pros with BHG Rand Realty

November 06, 2007 06:41 AM

Insurance companies like to stay up to date with your current situation. If you are a Real Estate broker and routinely drive clients to see houses, you should contact your auto insurance company. Advise them of your profession and the increased possible liability. There is a business rating available on personal auto policies to ensure that your clients are covered properly in the event of an accident.

real estate broker driving his client

While NOBODY likes to pay more for insurance, I would hate to see an insurance company deny the claim because they were not aware of the situation. Some Real Estate companies also require that the brokerage be added to the insurance as a named insured. Depending on the company, this may or may not change the premium.

If you are an insurance broker, you should contact all clients that are Real Estate Brokers and run this by them. Then, remind them if they have clients that need homeowners insurance to close on a home, you would be happy to help!!

Michael Truiano

Licensed Sales Producer

Allstate Insurance Company

39 Maple Avenue

New City, NY 10956

Phone: (845) 638-6200

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Terri Habecker

AIG, Allied, Fireman's Fund, CNA, Travelers,The Hartford, Pr - Dana Point, CA

Life Matters & So Does Your Insurance Co

You've brought up an excellent point Michael!

Before I became an Agent, our old Insurance Company never rated us as "Business use" or ever brought it up. I was pretty dissapointed that they left us at so much risk. We were with them over 20years! They had our Home, Autos and life, so there was no question that they knew our risks. Higher Liability limits and proper useage is absolutly critical if anyone were involved in a major collision.

Your Blog raises a question we should always ask our clients. How much can you afford to spend if you were involved in a million dollar auto claim, with minimun coverage on your auto's? Can you sell enough property or your home to pay the debt?

Nov 13, 2007 12:43 AM

Seth Callen

Farmers Insurance - Lawton, OK

Good post and absolutely correct. We've got a bunch of Realtors that refer us policies, so we've had this discussion with all of them.

Nov 13, 2007 01:50 AM

BHG Rand Realty - Nanuet, NY

Thanks Terri and Seth- I must say i was negligent about this too until a real estate broker brought it to my attention.

Nov 13, 2007 02:09 AM

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Michael Truiano

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