E & O Insurance

By
Real Estate Agent with Prime Real Estate

    So the other day I was having a conversation with another agent and he was saying that he just found out that his E & O insurance does not cover him on short sales, cash for key etc...

    I have my E & O through the company that I work for so I got to thinking I wonder if our coverage works on those kinds of transactions.  Then I started thinking about the deductible you know all the things you don't think about until you need it. 

     I do a lot of short sale and distressed properties so I started googling around the internet to see what the different companies have and on the ones that I found they all asked the same question do you or anyone that would be covered do cash for keys, foreclosures etc.. So now on Monday I will be checking with our company to find out if this covers me or whether I need to get other coverage. 

Just a word of advice with all the distressed properties that seem to be a part of our everyday life we should probably all be checking.

Posted by

Valarie Kubacki

Prime Real Estate

(219)405-0577

www.nwihomes4sale.com

Serving all of Northwest Indiana

Porter County, Lake County, Jasper County, La Porte County, Newton County

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Rainer
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Maya Swamy
Funds Available - Long Beach, CA
Ph.D. Long Beach, CA - fundsavailable.com

Thank you bringing this up. My E&O comes up for renewal in April and this is something I will be stressing. If your company does cover them would you send me message. I am in California. Meanwhile I have a general liability policy backing up my E&O and that will cover me.

Jan 23, 2011 07:42 AM #1
Rainmaker
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Billie Hillier
http://702IsHome.com - North Las Vegas, NV
Savvy Home Realty Solutions

Yikes! Mine is through my broker, Prudential but smaller firms should probably be cautious.

Jan 23, 2011 07:52 AM #2
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779,562
Doug Rogers
Bayou Properties - Alexandria, LA
Your Alexandria Louisiana Agent

I never even thought about this! Thanks for the heads up!

Jan 23, 2011 08:34 AM #3
Rainer
35,189
Valarie Kubacki
Prime Real Estate - Valparaiso, IN
Broker Associate, CDPE - 5Star

@Billie mine is too but I will be checking on Monday if I need to add other coverage I will.  Just because its through your broker doesn't mean there is coverage.

Jan 23, 2011 10:08 AM #4
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Rainer
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Valarie Kubacki

Broker Associate, CDPE - 5Star
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