Real Estate Errors and Omissions in Idaho
Idaho E&O Requirements
Idaho currently mandates errors & omissions (E&O) insurance coverage for real estate agents. 13 other states in the US currently have similar E&O regulations, including Montana, Colorado, and Iowa. The Idaho Real Estate Commission (IREC) allows Idaho real estate agents to purchase their E&O from the state’s group program or any private company that provides adequate coverage. Additionally, most real estate franchises require that their agencies provide proof of continuous E&O coverage.
Some ID real estate brokers and agents purchase individual errors and omissions policies that cover and follow the agent no matter what brokerage they are at. Brokerages often purchase an additional excess errors & omissions policy that serves as a sort of umbrella policy for the individual agent’s policies.
While this has worked for some, many Idaho agencies who have had individual agent coverage in the past have been pleasantly surprised to find that a single policy covering both the firm and the agents can be very competitive in price. Some of the largest agencies in Idaho purchase this form of E&O because it provides much broader and stronger coverage for agents and the agency. Let’s explain further.
How are Idaho real estate E&O policies different?
Real estate E&O is a specialized form of insurance that most insurance agents have had much experience with. There is also a large amount of variety between insurance companies (carriers) when it comes to E&O coverages. All this means that many real estate firms have E&O coverage gaps they are unaware of, until a claim is denied.
Many Idaho E&O policies contain coverage exclusions for contingent bodily injury & property damage. These claims are often excluded under general liability policies when they are associated with professional services. For example, a client slip and fall during a showing, or a serious sickness that results from a failure to disclose mold are excluded under many E&O policies. A strong E&O policy form will provide full limits of coverage for contingent bodily injury & property damage claims.
Many policies provide only limited coverage for property management activities, discrimination or fair housing claims, pollution or environmental claims (mold, fungi, lead, asbestos, etc.), and escrow claims. Our team will help you review your policy to find any potential issues, and present strong E&O policy options to cover these gaps.
Get E&O Options from FirmSecured
Our team does not simply send out cheap E & O quotes. Our goal is to help you review your policy and find the options that give your firm & agents the strongest E&O coverage at the best price.
To get started on ID errors and omissions options, fill out the form below. A team member will reach out shortly. If you would rather bypass the form and schedule time directly on our calendar to discuss your E&O coverage via Google Meet, you can book time here.
Ready to Get Started on Idaho Real Estate E&O Options?
FirmSecured is powered by Veritas Risk Management, an independent insurance agency in Northeast Tennessee.
Cyber Insurance for Real Esate in Idaho
E&O policies do not cover third party wire fraud liability.
Third party wire fraud is one common cyber claim real estate agencies are experiencing. Imagine one of your agents clicks on a spoofed email and someone gains access to all of their info about closings and current transactions. The hacker then reaches out to the real estate agent’s clients, posing as the agent. They request that the homebuyer wires money, and just like that, buyers are losing hundreds of thousands of dollars. A solid cyber liability insurance policy will cover funds transfer liability. Keep in mind that regardless of whether your agency is sending out wiring instructions, a cyber criminal might be using your email behind the scenes to send convincing emails. Learn more about cyber liability insurance claims for real estate agencies.
General Liability Insurance
Want 1 insurance agent for all of your Idaho liability insurance?
If you trust our team with your Idaho cyber liability and errors and omissions coverage, we can also help you find quality general liability options for your firm. Most real estate brokers and owners prefer having a single trusted independent insurance agent for all of their liability insurance needs. Let our team know if you are interested in looking at general liability options for your firm.
