Errors & Omissions in New Mexico
NM Real Estate E&O Requirements
If you’re involved in the real estate industry in New Mexico, whether you are a rental or property management firm owner in Albuquerque, the CEO of a luxury real estate agency in Santa Fe, or the broker/owner of a large residential real estate brokerage in Las Cruces, you need to have a quality errors and omissions (E&O) policy for peace of mind in this ever-changing real estate market.
New Mexico is one of the 15 states that require real estate agents to purchase and maintain E&O insurance. Other nearby states that mandate real estate E&O insurance include Colorado, Nebraska, and Idaho.
It’s important to understand that professional liability insurance for real estate in New Mexico can be complex and vary in coverage and cost. Therefore, it’s crucial to ensure that the policy you purchase is tailored to your specific needs.
How Do New Mexico Real Estate E&O Policies Differ?
When it comes to real estate errors and omissions (E&O) insurance in New Mexico, there are various options available for brokers and agents.
The New Mexico Real Estate Commission (NMREC) lets agents and real estate firms purchase errors and omissions coverage from the state’s group program or any private company that meets the E&O coverage requirements in NM. Some prefer to purchase individual policies for each agent, while others find it more cost-effective to opt for a single policy that covers the entire firm.
In fact, many New Mexico brokers have found that purchasing a single E&O policy that covers both the real estate company and agents can provide the strongest coverage for their firm, while also giving agents better protection than their individual policies would. This approach is similar to the structure adopted in non-required states like Texas, Arizona, and Utah.
Since the nuances of professional liability insurance for real estate can be complex, and policies can differ in coverage and cost, it’s important for brokers and owners to carefully evaluate their options and choose a policy that is tailored to their specific needs. To learn more about the differences between individual and firm professional liability coverage, check out our guide.
What Coverages are New Mexico E&O Policies Commonly Missing?
Insufficient coverage for certain types of claims is a common problem with many New Mexico errors and omissions (E&O) policies for real estate. Some policies may not provide adequate protection against claims such as bodily injury or property damage, fair housing, agent-owned transactions, or failure to disclose mold, asbestos, or other pollutants. Real estate agents and brokers in NM are at risk of facing a variety of claims, and it is essential to have a policy that is tailored to their specific needs. To gain a better understanding of the coverage gaps that may exist in your E&O policy, you can refer to our Ultimate Guide to Real Estate Errors & Omissions.
New Mexico Real Estate Errors & Omissions from FirmSecured
Our FirmSecured team goes above and beyond to analyze your current coverage and identify any gaps or risks. We work with various insurance providers to offer you a comprehensive range of coverage options that are tailored to your unique needs and budget.
At FirmSecured, we offer multiple ways to get started. Whether you prefer filling out a form or scheduling a virtual discovery call, our team is available to assist you in securing the right E&O coverage for your New Mexico-based real estate agency.
Ready to Get Started on New Mexico E&O Insurance?
FirmSecured is powered by Veritas Risk Management, an independent insurance agency licensed in over 30 states, including New Mexico.
New Mexico Cyber Liability Insurance
The New Mexico Cyber Insurance Landscape is Changing Rapidly
New Mexico real estate firms are facing an increased number of cyber threats and potential risks. While some E&O and business owner policies may provide limited cyber coverage, many brokers now realize the importance of obtaining standalone cyber liability insurance to protect their firms. Third-party wire fraud are ransomware are major concerns for NM real estate firms, and taking measures to safeguard against it is essential.
To learn more, check out our Comprehensive Guide to Real Estate Cyber Liability Insurance. To get started, simply select the cyber liability option on our form. We will help you find cyber liability insurance options to properly protect your New Mexico real estate firm from potential cyber threats.
NM General Liability Insurance
Real Estate GL Coverage for New Mexico Real Estate Firms
Securing the right coverage is essential for New Mexico real estate agencies to protect themselves against general liability claims.
At FirmSecured, we understand the importance of selecting the appropriate general liability (GL) insurance coverage for your agency. Our team will conduct a thorough analysis of your needs to identify any potential gaps in coverage.
We work with a variety of insurance providers to offer you a comprehensive selection of options tailored to your specific requirements and budget. By selecting the General Liability insurance option on our form, you can explore your options for real estate general liability insurance in NM.
