Florida Real Estate Errors & Omissions (E&O)
In the fast-paced Florida real estate industry, having a strong Florida real estate errors & omissions (E&O) insurance policy is a must. This is true, regardless of your area of real estate expertise.
Whether you’re focusing on property management in Miami, managing properties in Fort Lauderdale, selling residential real estate in Palm Beach, or a commercial real estate specialist in Tampa, a high-quality E&O policy is critical.
Is Real Estate E&O Insurance Required in Florida?
Like the neighboring states of Georgia and Alabama, the Florida Real Estate Commission (FREC) does not require that real estate agents or brokers purchase Errors & Omissions (E&O) insurance.
However, many real estate franchises operating in Florida may require proof of coverage, and it is considered an integral part of risk management for most other real estate agencies throughout the state.
Writing real estate E&O coverage for real estate professionals in Florida requires specialized knowledge and experience. You should seek out an insurance professional with expertise in Florida real estate insurance to ensure you receive adequate protection.
How are Florida Real Estate Errors & Omissions Policies Different?
Real estate E&O policies in Florida are not one-size-fits-all. It is crucial to understand that different policies may offer varying levels of protection.
Here are some aspects of coverage that some E&O policies in Florida may exclude or limit:
Property management activities: Some E&O policies may not provide adequate coverage for real estate professionals who engage in property management activities.
The sale of agent-owned property: Claims related to the sale (or purchase) of an agent’s own property may not be covered by some E&O policies.
These a just a few examples. It is crucial to carefully review your E&O policy to ensure you have adequate protection.
Get Your Proposal from FirmSecured
If you are looking for E&O coverage that is specifically tailored to your real estate brokerage needs in Florida, the team at Firm Secured can help.
We go beyond just providing a basic E&O quote. We take the time to review your current coverage to identify any gaps or issues that may leave you vulnerable to potential risks.
Our team works with a broad range of insurance companies, so we can offer you a comprehensive range of options to choose from, ensuring that you can make an informed decision that is right for your business, all at the right price.
Whether you want to complete a form to have our team reach out, or schedule a discovery call on Google Meet with our team, we are ready to assist you in securing the right E&O coverage that suits your Florida real estate agency’s needs.
FirmSecured is powered by Veritas Risk Management, an independent insurance agency based in Northeast Tennessee, and licensed in over 30 states including Florida.
Florida Cyber Liability Insurance for Real Estate Firms
As cyber threats continue to rise, many brokers in Florida are becoming increasingly concerned about the potential risks their real estate firms may face. While some E&O and business owner policies may offer limited cyber coverage, many brokers are now realizing the importance of having a standalone cyber liability policy for their firm.
Third-party wire fraud is becoming a significant risk for real estate firms in Florida. Thus, it is critical to have comprehensive cyber liability coverage to protect against potential cyber incidents.
If you are ready to review your cyber liability options, simply select the cyber box on our form, and we will guide you through the process of securing the right coverage to protect your Florida real estate business against potential cyber risks.
Florida Real Estate General Liability Insurance
Protecting your Florida real estate agency from potential lawsuits is crucial, which is why having General Liability (GL) insurance is essential.
Most businesses in Florida, including real estate agencies, carry general liability coverage. It serves as a safeguard against various general lawsuits and settlements. GL insurance covers a broad range of liability exposures commonly faced by businesses, such as some bodily injury claims, personal and advertising injury, and damage to rented premises.
Let us know that you want review General Liability insurance options by checking that box on our form.
