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#194425 - 01/17/08 12:01 PM How much is an E&O insurance policy
sc1stewart Offline
Member

Registered: 10/29/07
Posts: 28
Loc: Ohio
Hi everyone, just wanted to ask anyone, How much is the average e&o insurance policy would be? I know it varies...just want to get an average amount

Thanks

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#194429 - 01/17/08 12:15 PM Re: How much is an E&O insurance policy [Re: sc1stewart]
Mr. Foreclosure Offline
Major Contributor

Registered: 09/01/06
Posts: 2834
Loc: upstate New York
You should be able to search the forum as this has been discussed before.

As an agent in a multi-agent office it would depend on how your broker allocates his cost.

If you are a broker asking about cost for your office it will depend on the amount of coverage you desire, how much of a deductible you are willing to risk, and the volume of business your company processes.

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#205972 - 02/24/08 10:14 PM Re: How much is an E&O insurance policy [Re: Mr. Foreclosure]
Toby_Munk Offline
Member

Registered: 02/24/08
Posts: 38
Loc: Colorado, USA
E&O costs me about $275 per year in Colorado
_________________________
Toby Munk is a Realtor for luxury Aspen Real Estate. His focus is on online marketing offering Aspen & Snowmass MLS search and other resources to clients interested in luxury real estate.

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#206083 - 02/25/08 09:24 AM Re: How much is an E&O insurance policy [Re: Toby_Munk]
Jeff Remas Offline
Member

Registered: 02/16/08
Posts: 27
Loc: Northeastern Pennsylvania and ...
$4,000. per year for a home inspector.
_________________________
Jeff Remas
REMAS Inspections, Inc.
[url=www.remasinspections.com]www.remasinspections.com[/url]
[url=www.PAinspector.com]www.PAinspector.com[/url]
877-223-4462

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#212476 - 03/17/08 07:34 PM Re: How much is an E&O insurance policy [Re: Jeff Remas]
Jumper Offline
Member

Registered: 05/10/07
Posts: 14
Loc: OH
$590 for one million dollars worth of coverage for an appraiser in Ohio.

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#213034 - 03/19/08 12:36 PM Re: How much is an E&O insurance policy [Re: Jumper]
Jim Lee Offline
Major Contributor

Registered: 07/01/99
Posts: 4785
Loc: Knoxville, Tennessee, Knox Cou...
We have a great deal in Tennessee. E & O is mandatory for all Tenenssee licensees.

 Quote:
The two-year premium payment of $306.00 per licensee for the group program is now due, if you wish
to participate in the group program. The group program provides the required limits of $100,000/$300,000 per licensee
with a $1,000 deductible for damages. ACTIVE licensees (brokers and salespersons) are REQUIRED to carry E&O
insurance. A firm is not required to carry E&O insurance.
_________________________
Jim Lee, REALTORŪ, CRS, ABR, e-PRO
[url=www.KnoxvilleHomeCenter.com]www.KnoxvilleHomeCenter.com[/url]
[url=www.KnoxvilleTennesseeRealEstateBlog.com]www.KnoxvilleTennesseeRealEstateBlog.com[/url]
I am not an attorney & I am not giving you any legal advice.

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#213222 - 03/19/08 11:39 PM Re: How much is an E&O insurance policy [Re: Jim Lee]
Makin' Money Offline
Veteran Member

Registered: 04/01/06
Posts: 1280
Loc: Indiana
$750/$500,000 in Indiana

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#216508 - 04/01/08 04:38 PM Re: How much is an E&O insurance policy [Re: Makin' Money]
Duncan Pollock Offline
Member

Registered: 06/28/04
Posts: 148
Loc: Ontario, Canada
In Canada there's a blanket policy that's been negotiated by the Canadian Real Estate Association, to which all licensed agents have to belong.
The one (still being argued about) question is some reservations/conditions that apply to appraisals, but that's a different story.

Duncan
_________________________
Acts as an Exclusive Buyer Broker for residential and non-residential properties in Canada's Niagara Peninsula.

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#220412 - 04/17/08 09:28 AM Re: How much is an E&O insurance policy [Re: Duncan Pollock]
KLM Offline
Member

Registered: 03/25/08
Posts: 65
Loc: KCMO
$250/500,000 in Missouri

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#221341 - 04/21/08 11:26 AM Re: How much is an E&O insurance policy [Re: KLM]
beansie53 Offline
Member

Registered: 04/10/08
Posts: 258
Loc: Michigan
$1900 for 1,000,000/2,000,000. I have a Real Estate and an Insurance Brokereage under one E & O policy.
_________________________
REO/BPO's are my game, Jack is my name.
5th Generation Broker
Est. 1922

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#221349 - 04/21/08 11:59 AM Re: How much is an E&O insurance policy [Re: beansie53]
SrM Offline
Member

Registered: 11/07/07
Posts: 390
Loc: California
I pay $1675 a year through my broker. That's one of the payments I dread every year.

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#457787 - 05/15/17 09:13 PM Re: How much is an E&O insurance policy [Re: sc1stewart]
Jo wanna Offline
Junior Member

Registered: 05/15/17
Posts: 1
Loc: canada
this seems to be worth checking out coveradvantage.ca

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#459303 - 10/06/17 11:53 AM Re: How much is an E&O insurance policy [Re: sc1stewart]
txgal Offline
Junior Member

Registered: 12/22/15
Posts: 5
Loc: Texas
Price should not be the most important consideration. Good E&O is not cheap and cheap E&O is rarely good. Lots of factors affect the price such as volume, services provided, number of agents, deductible, type of coverage such as claims made or occurrence. Don't ever buy insurance just based on the bottom line cost or it could cost you lots more. Remember - your E&O should cover legal fees to defend because it could cost several thousand just to defend yourself even if you win. If you lose it will cost legal fees plus damages. This is a very serious consideration if you're going to be in the business. Many agents who are not brokers have no idea what their coverage or deductible is - crazy!

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#459304 - 10/06/17 11:55 AM Re: How much is an E&O insurance policy [Re: beansie53]
txgal Offline
Junior Member

Registered: 12/22/15
Posts: 5
Loc: Texas
Me too and I pay around $3108 a year but I have prior acts coverage, and annual volume plays a big part - people cannot compare one agents pricing to that of another because the exposure varies greatly. Some don't do CMAs or BPOs, some have agents some don't, some have prior coverage tail coverage some don't....blah blah blah

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#459305 - 10/06/17 11:56 AM Re: How much is an E&O insurance policy [Re: Toby_Munk]
txgal Offline
Junior Member

Registered: 12/22/15
Posts: 5
Loc: Texas
FOr $275 I'd run like a thief - you get what you pay for and at $275 a year that speaks volumes.

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