No matter how seasoned you are as a realtor, mishaps happen. Whether you are selling million dollar homes, urban condos, or starter homes in the suburbs, you may one day represent a client who decides to sue you. Many times, claims are unfounded, but you can still suffer financial loss. To protect yourself, you have to hire a lawyer and pay court fees, which could result in thousands of dollars. This is why it’s crucial for you to purchase real estate agent insurance.
Real estate transactions may be business deals, but they are emotionally charged, as well. When your clients are buying or selling a home, it is a big deal. When things go wrong, some individuals react intensely and may decide to take legal action. Some common claims include:
- Failure to inspect the property
- Failure to provide reports
- Failure to provide documentation
- Failure to reveal pertinent facts
- Failure to advise on price
When selecting an insurance company, be sure to choose one with experience in your industry. Look for an insurer that has:
- Quick turnaround on claims
- Competitive pricing
- Ability to provide broad coverages
- National recognition
Selling homes and commercial property can be an exciting career. You get to be a part of making your clients’ dreams come true. When things go wrong, however, you need to be prepared. Protect yourself by purchasing the right real estate agent insurance.