Realtor Insurance

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As key players in the real estate industry, realtors know just how important insurance plays in protecting the assets they sell—properties. However, real estate professionals also need insurance—not to protect property but themselves from liability related to real estate transactions. Any business that offers advice and professional services is inherently at risk. Realtors require certain protections provided through insurance.

ThinkInsure helps realtors find the best real estate insurance quotes and coverage. Start a quote online to shop for a policy for your real estate office. Start a quote online today.

Top things to know about real estate agent insurance

Real estate insurance is not legally required but highly recommended, considering the size of financial transactions you’re involved in.
All realtors must get professional liability insurance through RECO.
The cost of real estate office insurance varies based on your location, number of agents, revenue, coverage and many other factors.

What is realtor insurance?

Realtor insurance is a coverage package catered to real estate professionals. It combines liability, property, auto, and contents insurance. Depending on the insurer, it can be referred to as:

Real estate insurance
Real estate agent insurance
Real estate office insurance
Brokerage insurance

All of these terms refer to the same type of coverage. It protects against financial loss from real estate industry threats. You can customize your policy to meet your specific requirements.

Do real estate agents need to get insurance?

There is no legal requirement to get insurance to work as a real estate agent. However, the Real Estate Council of Ontario (RECO) requires all agents and brokers to have professional liability coverage through their program. RECO is the provincial regulator for realtors and enforces the Trust in Real Estate Services Act.

The mandated insurance coverage ensures all professionals and their clients are protected with errors and omissions, commission protection, and consumer deposit insurance.

What does real estate insurance cover?

Real estate office insurance provides a variety of protections against common threats of operating in the real estate industry:

Realtor liability insurance: This is a type of commercial general liability insurance. This protects you financially against claims of damage or personal injury.
Professional liability insurance: Have protection if you are sued because of professional advice you provide your clients.
Errors and omissions insurance: Have financial protection against claims of negligence when you or an employee makes a mistake or omission during a real estate transaction.
Commercial auto insurance: Insure your vehicle when you are driving to clients homes, showings, and open houses.
Real estate office insurance: Commercial property insurance covers your real estate office. It protects the building and contents from weather damage, theft, vandalism, and other issues.
Business interruption insurance: Financial protection for losses incurred because you were forced to close your office for unforeseen circumstances.

Common threat to your real estate business insurance can mitigate

Any business that offers advice and engages in large financial transactions is inherently exposed to legal threats. Here are some of the common risks insurance can help protect real estate professionals against:

Lawsuits
Providing bad advice that leads to loss
Data leaks
Hacking of confident client information
Slip and falls when showing a home
Damaging a client's home during an open house
Items stolen from a client's property during showings or open houses
Collisions when driving to or from a client property

How to get realtor insurance quotes

Getting insurance to protect your real estate office is quicker than you think. Follow these simple steps to get covered:

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Provide some details about your consulting company and requirements.

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How much does real estate insurance cost?

The cost of real estate insurance depends on many factors. So it's challenging to set a price estate for an individual agent or a real estate office. Here are the considerations used by insurers to determine premiums:

Size of the brokerage
Number of agents
Annual revenue
Location and service area
Insurance selection and coverage limits
Past claims history

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2024-11-28

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2024-11-27

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2024-11-05

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Real estate agent insurance FAQs

What are the benefits of having real estate insurance?

Insurance gives instant credibility to agents. It can be a crucial factor in a prospective client choosing you to represent them when buying or selling a home. There are also significant financial advantages. You have protection from financial loss if you are sued or have other legal issues related to real estate.

How much does the RECO professional liability coverage cost?

The annual cost per agent for the insurance program is $500 for 2024. Rates are subject to change.

What is consumer deposit insurance?

Consumer deposit insurance is a type of insurance that protects a depositor's funds if their bank or credit union fails. You are protected from fraud, insolvency, or misappropriation of funds.

What is commission protection insurance?

Commission protection insurance protects real estate professionals from losing their commissions in the event of fraud, misappropriation, or insolvency.

Get a realtor insurance quote

Comparing quotes is the best way to explore insurance options for your real estate office. At ThinkInsure, our advisors help you identify threats to your real estate practice. We’ll get you personalized coverage at affordable rates from top insurers. Speak with us today.

Call 1-855-550-5515 or request a quote online.

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