Although most real estate professionals go to great lengths to protect themselves from various risks, changes to the errors and omissions insurance market have changed the landscape of professional liability in recent years. As the popular adage goes, it is better to be safe than sorry.
If you’re looking to protect your agents to reduce the impact of these expenses, informing them of the following strategies could benefit you both considerably:
• Exhibit good habits - By displaying a comprehensive understanding of home warranties, the use of state-approved forms and a signed seller disclosure, as well as recommendations from multiple qualified home inspectors, agents can enjoy reduced coverage costs.
• Increase the deductible - Another great way to reduce the amount of funds that are regularly put toward coverage is by raising the deductible, as professionals might be able to save money in doing so.
• Review policy annually - Although navigating listings and home buying seasons can be an involved process for real estate professionals, it’s important they routinely review their coverage to evaluate if they should choose a different warranty partner.
HMS Home Warranty, one of the leading providers of home warranties and E&O insurance nationwide, offers risk management services with favorable options that brokers can help agents leverage to their advantage.
For more information, visit www.hmsriskmanagement.com.