Real Estate Insurance in Florida
The real estate industry can be exciting, fast-paced, and on-the-go especially in times when the real estate market is on the rise. This makes it a fun and profitable profession, but at the same time increases the likelihood for insurance claims against real estate professionals. Whether you work in Jacksonville, Miami, Tampa, or anywhere in between, if you work in Florida odds are 98+% of real estate professionals invest in various insurance policies to manage their exposure. Below we explain the 3 main types of real estate insurance and how working in Florida may be different.
Types of Real Estate Insurance in Florida
There are 3 main types of insurance for real estate:
- errors and omissions
- cyber liability
- general liability insurance
Although errors and omissions insurance is not mandated by Florida, E&O insurance is often required by another authority such as your real estate franchise or bank partners. Regardless of whether it is actually mandatory, common sense or past experiences often make signing up for errors and omissions insurance in Florida an obvious choice.
Errors and Omissions Insurance in Florida
Just as the name would suggest, errors and omissions insurance covers errors and omissions made by real estate professionals working on behalf of a real estate brokerage. Specifically, E&O typically covers situations like not disclosing relevant information about the property, or not showing a property to a prospective buyer to even bodily injury or damage that could happen during a showing. In general terms, broadform E&O policies protect both the brokerages and individual real estate agents if they’re sued by a client because of a mistake they’ve made related to transactions in real estate.
Errors and omissions insurance for real estate often covers defense costs, legal costs, and court costs related to a claim.
Cyber Liability Insurance for Real Estate in Florida
Cyber Liability Insurance for real estate is a relatively new type of insurance policy in Florida that is designed to protect businesses from both 1st and 3rd party risks associated with cyber attacks and fraud. Real Estate professionals are a prime target for these types of attacks, because real estate deals involve complicated, multi-party, high value transactions and sensitive personal data.
First party Cyber Liability policies cover the real estate agent directly and include things like Cyber Extortion, Electronic Transfer Fraud, Deceptive Funds Transfer, and Telephone Tolls, to name a few. Direct coverage is important, but from what we have seen are rarely the reason why real estate professionals decide to purchase cyber liability policies. It’s the 3rd party protection that is usually the consideration, because that coverage would protect the vendor/partner or clients and in real estate deals, this is where the majority of the money is.
General Liability Insurance for Real Estate in Florida
General Liability Insurance or business liability insurance is a common type of coverage in any industry that protects businesses from claims resulting from normal business operations not specifically related to the real estate industry.
Specifically, General Liability Insurance in Florida will cover personal and advertising injury, damage to properties that are rented to your business, as well as, bodily injury or medical claims, and other common business liability exposure.
Finding the Right Partner
Navigating the regulations and designing a comprehensive policy for real estate professionals requires finding a partner with the right knowledge and experience. At PBI Group, we have written over 50,000 real estate E&O policies for thousands of real estate companies throughout the 50 states. For Cyber Liability insurance, a comprehensive plan specifically for real estate professionals doesn’t yet exist and the risks are changing and evolving constantly. PBI Group is committed to researching and working with carriers to create the best plan.
PBI Group is founded on the principles of trust, partnership, fanatical service and, most of all, industry leading E&O coverages. We do what we do because we believe there is a better way to buy professional liability insurance than online portals with cheap premiums and minimalist coverage. When your policy comes up for review, don’t just accept your renewal quote without finding out the benefits that come along with best.
RECOGNIZE ANY OF THESE RESPECTED REAL ESTATE PROFESSIONALS?We Love our Clients!
It has been a superb experience with PBI group. Paul Bondy has provided us with exceptional support and guidance over the past five years. Premiums are very competitive and renewals straightforward; easier than most others. Highly recommended!
Working with PBI Group on my E&O insurance for my real estate brokerage is always a pleasure. They are professional and provide all of the information requested. The customer service level is world-class. Always on point – friendly – professional – great service
PBI Group is a cut above the rest. Their unlimited knowledge and expertise with E&O insurance for real estate is only surpassed by their personable hardworking attitude.
They are a 10-star company!
Paul at PBI Group came highly recommended. I submitted my application to several E&O companies. Paul not only responded immediately, his quote saved my company $2K+ for the “same” amount of coverage. I can’t thank the PBI Group enough!!
2023 Update: PBI Group renews my E&O & Cyber Insurance promptly and at reasonable rates. They keep my Franchise updated annually which makes renewing effortless. I highly recommend PBI Group!
Paul Bondy at PBI Group is very professional and always available to help. Paul and his company are one of the best in the market. We are very happy to have him as our agent. I have and will continue to recommended him to brokers for their E&O coverage.
We have done business with PBI Group for several years now and can only say that it is a fantastic experience working with you all in helping our firm provide the E&O for our company and it’s agents.
It was a great experience to work with PBI Group for my Florida real estate E&O insurance. Paul is very knowledgeable and well versed in the intricacies of E&O insurance. He goes the extra mile in looking out for his clients (before and after the sale). You can be assured that you will be provided with the best quality product for your needs at a very competitive price. We would heartily recommend PBI Group to all our real estate colleagues and business associates!
The PBI Group is a wonderful and professional group for Flordia real estate E&O insurance. I have had dealings with Paul Bondy and he is great to work with. No matter if you call or email you get your answers. Thanks for your wonderful service.
I received excellent customer service from PBI Group. All my questions were answered. Paul took his time to explain the policy with me. I am confident I choose the right company to help me with my real estate E&O insurance needs. 2023 Update: Great experience since 2020, they alway find the best rates for me. Very efficient. Responsive to my calls and emails.
Paul Bondy at PBI Group is very knowledgeable about every aspect of E&O insurance for real estate. Any questions asked are answered completely and in a timely manner.
Paul Bondy is simply the BEST! He is extremely knowledgeable and responsive to any real estate E&O questions we may have. He takes the time to explain the coverage and offers suggestions to better cover our needs. Having come from the insurance industry, Paul is exactly the kind of professional that I want to represent us.
I was in the middle of renewing with my previous company and received a call from Leighton who had talked to me last year and asked if I would give him the opportunity to quote and told me more about PBI. I agreed since I remembered him from last year. His responsiveness was excellent and then after receiving the quote, Paul going over in detail over the policy we had and what yours include made the difference (besides the premium). In summary, responsiveness and professionalism were key for me.
This was my first time getting an E&O quote from PBI Group. The experience with the quoting process for E&O coverage was very good as was the binding process. Leighton was very professional and helpful with the quoting process. Paul Bondy, who is one of the owners, worked with us personally on explaining the E&O coverages for real estate and answered any questions we had. Everyone was professional.
We have entrusted Paul Bondy and the PBI Group with our real estate errors and omissions coverage for nearly 20 years. Easy to work with, answers all our questions, quick response time, and provides a great product at a great price.
I have to express my satisfaction with Paul Bondy of PBI Group . I have worked with Paul for several years, and have found him to be extremely helpful, responsive, professional, and most importantly to me, caring. Paul earned my business, and was relentless in finding the product to meet my needs at a savings from previous carriers. He was available and responsive, and I would recommend him highly.
Have loved working with Chris over the past 6 – 7 years at PBI Group. He is a pleasure to work with, always very professional and efficient with my E&O insurance. Certainly have no hesitation is recommending him to my fellow real estate agents & brokers for your insurance needs. Thanks, Chris for always taking such good care of me.
I have utilized Paul Bondy and PBI Group for many years to secure E&O coverage for my three Florida Market Centers. Paul went above and beyond in helping me to find and place real estate E&O coverage and spent extra time with me explaining the process and review of the actual policy. I highly recommend Paul, as he is exceptionally knowledgeable and very customer service friendly.
Sunstar Realty, Inc. would like to extend our appreciation to Paul Bondy and PBI Group for his assistance in selecting an E&O carrier which we feel would provide us with the best protection available. Paul was extremely helpful in comparing the differences between various policies available as well as our current policy. We are confident that the coverage will provide us the protection needed for the coming year.
Quick, informative responses. When shopping insurance you need someone that can break it down for you in a concise manner. Price isn’t everything, but it helps that PBI Group is extremely competitive. I will, and already have, referred peers/clients to their services.
PBI Group has been awesome from the start, very attentive, and answered every E&O insurance question we had without rushing the process! Thank you PBI Group!