Rhode Island Real Estate E&O

E&O for Rhode Island Real Estate Firms

RI Real Estate Errors and Omissions Requirements

Rhode Island is one of the 14 states that requires real estate professionals to carry errors & omissions (E&O) coverage. Other states with similar E&O laws include Tennessee, Nebraska, and Iowa.

Some RI real estate brokers and agents purchase an individual E&O policy, and some Rhode Island brokerages carry an additional excess E&O policy above the individual agent’s policies. While this structure has worked for some RI agents, a number of Rhode Island brokers who have purchased an individual policy in the past have been pleasantly surprised to discover another option. A single E&O policy covering both the brokerage and all of the agents provides much stronger coverage and can be very competitive in price.

With a single firm policy, real estate brokers and owners can purchase the E&O insurance policy that they believe affords the best coverage for their entire brokerage. Because the coverage extends to the agents, agents receive much better coverage than their individual E&O policy would have given them.

If your real estate agency already has a “firm” policy in place, know that there is a great deal of variety between difference E&O insurance companies in RI. Let’s explain further…

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In what ways are Rhode Island E&O policies different?

Why are RI agents, brokers, and owners starting to reconsider their E&O coverage? Most RI real estate E&O policies provide little to no coverage for claims that are increasing in frequency each year.

For example, our team as worked with RI real estate firms in the past who had little or no coverage for bodily injury and property damage (BI/PD) claims arising from their work as real estate agents. While some policies provide coverage for bodily injury claims at an open house or arising from the use of a lock box, the coverage is still very limited. Our team has worked with property management firms in the past who had no coverage for property damage for their property management activities. These exclusions leave RI agents exposed and forced to pay any of these claims out of pocket.

Discrimination and fair housing claims, property management activities, mold or fungi claims, and escrow are categories that many E&O policies exclude or provide minimal coverage for.

The strongest real estate errors and omissions policy will provide full limits of coverage for all of these claims.

Get E&O Options from FirmSecured

Whether you your team focuses on commercial real estate in Providence, property management in Pawtucket or Woonsocket, residential real estate in Warwick, or if you sell homes in nearby Hartford, CT or Boston, MA, one thing is the same. A quality errors & omissions policy will give you peace of mind in the current market.

Put our team at FirmSecured to work for you. We won’t simply quote your E&O and move on. Our goal is to help brokers review their current coverage to identify any concerning gaps or issues, as well as obtain other E & O options to review together. 

Ready to Get Started?

Get started on E&O options by filling out the form below, and one of the FirmSecured team members will reach out quickly.

If you want to bypass the form and schedule a discovery call on Google Meet, you can schedule time here.

FirmSecured is powered by Veritas Risk Management, an independent insurance agency in Northeast Tennessee. Our team is licensed in over 30 states, including Rhode Island.

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Cyber Insurance for RI Agencies

Cyber risk is an increasing concern for real estate brokers

Some real estate franchisors in RI are beginning to require their franchisees to have cyber liability insurance, and for good reason. Real estate firms are the target of many cybercriminals in recent years. Ransomware, wire fraud, data breach response costs, and phishing are hot topics in the real estate industry. Learn more about cyber insurance for Rhode Island real estate agencies here.

Real Estate General Liability Insurance

Prefer having a single agent for all of your RI liability coverage?

If you trust our team with your agency’s real estate errors and omissions or cyber insurance coverage, we can also help your agency easily obtain properly general liability insurance. We know that most Rhode Island brokers want to have all of their liability insurance with one trusted insurance agency. Know that real estate E&O policies generally require that firms have and maintain a general liability policy. 

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