Real Estate Insurance in Hawaii
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 Honolulu, East Honolulu, Pearl City, or anywhere in between, if you work in Hawaii 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 Hawaii may be different.
Types of Real Estate Insurance in Hawaii
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 Hawaii, 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 Hawaii an obvious choice.
Errors and Omissions Insurance in Hawaii
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 Hawaii
Cyber Liability Insurance for real estate is a relatively new type of insurance policy in Hawaii 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 Hawaii
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 Hawaii 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!
I have worked with Paul Bondy of PBI Group for many years when selecting E&O coverage for my Wisconsin brokerage and have always been treated fairly and respectfully. I was given many options for coverage at renewal time and was never pushed in one direction. When I had questions about various elements of coverage, they were answered in detail, and to my satisfaction. I had the feeling that my best interests were at the heart of the matter! Additionally, my calls and emails were always responded to lightening fast! I would welcome the opportunity to share my experience with anyone considering this company, and I recommend them to anyone who needs real estate E&O insuarnce without reservation.
I’ve had E&O coverage for my multi-office Texas real estate company with the same insurance provider for the past 8 years. Insurance is one of those services you really don’t shop around and compare as long as your premium stays about the same as the year before. I am glad I did because PBI Group saved me thousands of dollars with better coverage than I was getting from my previous insurance provider. And they do this with great personal service.
Two years ago, we were looking to make some changes to our real estate E&O policy and we were contacted by PBI Group. Right from the start Paul was very easy to talk to, always took the time to explain everything we needed to know, and made sure that all questions were answered. The process was very smooth and the communication with Paul has always been great. He’s always quick to respond to any call or email and we are very happy with the service that Paul and PBI Group has provided. I would highly recommend PBI Group.
I was provided great service, consistent follow-up, and most importantly, financial savings with better coverage. If it were not for PBI Group, I would have remained with my old carrier, and been less than satisfied. This is a true testament to Paul and his company.
