The real estate business is an important one. Realtors help people become first-time homeowners and assist those who are looking to sell their homes, whether to downsize or upgrade. Most real estate agents are not independent contractors; they work for a real estate agency that provides them with resources and support. If you own your own real estate agency or an agency franchise, you will want to be sure to protect your investment with suitable insurance coverage. Let an independent insurance agent in the Trusted Choice network help you build a portfolio that has been specifically prepared for your real estate business.
While most of the work done by the agents you employ at your real estate agency will be done away from the office, you will need a home base where you can greet clients, handle paperwork and closings, take phone calls, and keep your files. The amount of property insurance you need depends on how much you have invested in your front office.
- Building insurance: Chances are good that you will rent your office space. However, if you own the building in which your real estate agency is housed, you will want to be sure to purchase coverage against damage to its structure, with a building insurance policy.
- Contents insurance: You have likely invested a lot into making your front office inviting and comfortable for your clients. Contents insurance provides coverage against loss or damage to the business property you keep in your office space, including conference tables and other furnishing, computer systems, filing cabinets, flooring, and décor. Your independent agent can help you determine how much coverage is sufficient.
- Extra expenses insurance: If the building that houses your main office is damaged or destroyed by a covered event, your business can still continue operations, though you will likely need to rent temporary office space until repairs are made. Extra expenses insurance provides your real estate agency franchise with coverage for the cost to move into and rent this temporary space.
The skyscraper Insurance real estate program is a collaborative insurance program that was designed by real estate industry stakeholders and insurance professionals in order to meet the unique needs of a rapidly changing environment. At the core of this real estate agent insurance program is a general liability policy. This type of coverage that will defend, investigate and settle claims for damages that are caused by a negligent act that results in property damage or bodily injury to a third party.