Idaho Real Estate Errors & Omissions (E&O) Insurance
Whether you are the owner of a property management firm in Boise, manage a luxury real estate agency in Idaho Falls, specialize in commercial real estate in Nampa, or are the CEO of a large residential real estate brokerage in Pocatello, a high-quality errors and omissions (E&O) insurance policy is crucial for peace of mind in Idaho’s dynamic real estate market.
Like other nearby states such as Wyoming, Montana, Nebraska, New Mexico, and Colorado, Idaho mandates that real estate agents purchase and maintain E&O insurance. Most Idaho real estate franchises and vendors also require it. Navigating the nuances of professional liability insurance for real estate in Idaho can be complex and varied, with each policy differing in coverage and cost.
Idaho Real Estate E&O Policies
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.
In Idaho, some real estate brokers and agents opt for individual errors and omissions policies that follow them even if they switch brokerages. Additionally, brokerages may purchase an excess errors & omissions policy to serve as an umbrella policy for individual agent policies.
While this approach has worked for some, many Idaho agencies have found that a single policy covering both the firm and agents can be competitively priced and provide broader and stronger coverage. In fact, some of the largest agencies in Idaho have opted for this type of E&O policy.
The approach to real estate errors and omissions insurance that involves a single policy covering both the firm and agents is also commonly found in non-mandatory states, such as Utah and Washington.
Coverages Missing from Many Idaho E&O Policies
Real estate E & O insurance is a highly specialized type of coverage that insurance agents are experienced with, but the extent of coverage can vary greatly between insurance carriers.
This often leads to E&O coverage gaps for real estate firms, which are only discovered when a claim is denied.
In Idaho, many E&O policies have exclusions for contingent bodily injury and property damage, which are typically excluded under general liability policies related to professional services. It is important to have a strong E&O policy that covers these claims.
Furthermore, many policies have limited coverage for property management, discrimination, fair housing or discrimination claims, copyright/trademark violations, pollution, environmental claims (e.g. mold, fungi, lead, asbestos), and escrow claims.
Our team can help you identify potential gaps in your policy and offer robust E&O coverage options to address them.
Idaho Real Estate E&O Options from FirmSecured
At FirmSecured, we understand the importance of specialized E&O coverage for your Idaho real estate agency.
Our team work with you to analyze your current coverage to identify potential gaps or risks. We work with dozens of ID insurance providers to offer a comprehensive selection of coverage options tailored to your unique needs and budget.
To get started, you can choose to fill out our form or schedule a meeting with us to discover the best E and O coverage for your Idaho-based real estate agency.
Ready to Get Started?
FirmSecured is powered by Veritas Risk Management, an independent insurance agency licensed in over 30 states, including Idaho.
Cyber Insurance for Idaho Real Estate Firms
As real estate firms in Idaho become increasingly more reliant on technology, cyber risks continue to increase.
Although some E&O and business owner policies may provide limited cyber coverage, many brokers now understand the importance of obtaining standalone cyber liability insurance to safeguard their firms against third-party wire fraud and other cybersecurity breaches.
At FirmSecured, we understand these risks and work with you to identify and mitigate them by selecting the right coverage for your Idaho firm. To get started, simply fill out our form and select the cyber liability option.
Idaho General Liability Insurance for Real Estate Agencies
Like any other business, real estate agencies in Idaho also need to purchase general liability (GL) insurance to protect themselves against general liability claims.
At FirmSecured, we understand the unique risks faced by real estate agencies and offer a comprehensive selection of coverage options that cater to your specific needs and budget.
Our team is committed to conducting a thorough analysis of your current coverage to identify any potential gaps or risks.
To explore your options for real estate general liability insurance in Idaho, simply select the checkbox on our form below. We will provide you with several options to help you find the appropriate coverage to safeguard your brokerage.
