Real Estate Insurance in North Carolina
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 Charlotte, Raleigh,Greensboro, or anywhere in between, if you work in North Carolina 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 North Carolina may be different.
Types of Real Estate Insurance in North Carolina
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 North Carolina, 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 North Carolina an obvious choice.
Errors and Omissions Insurance in North Carolina
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 North Carolina
Cyber Liability Insurance for real estate is a relatively new type of insurance policy in North Carolina 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 North Carolina
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 North Carolina 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 really enjoyed working with Paul on this year’s E&O renewal. The most important result of the process was that Paul provided me with some real insight on E&O coverage. I had been chasing lower premiums, being aggressive with agents on each renewal cycle. I thought I was doing a good job for our firm by saving money. I realize now that I was shortchanging our principal and our agents by not getting the most coverage for every premium dollar paid. Thanks Paul. We are in a much better place now
”A few years ago I was with another E&O company. I was hesitant to switch. After I made the switch I was glad I did. You do such a great job communicating and helping with any questions we may have. Keep up the great work .”
Chris Dittes at PBI Group was introduced to my firm from an affiliated real estate group for E&O insurance. We have been very satisfied with PBI Group’s attention to detail and contacts at my North Carolina real estate company.
Paul Bondy has been so responsive to any of my calls. New applicant and renewal process is a breeze. I highly recommend considering PBI Group for your real estate E&O insurance needs.
I have worked with Paul Bondy as my choice of an E&O Insurance provider for years. While I have been contacted by many other E&O providers during those years offering me good options, I have chosen to stay with Paul. He is personable and straight with me. The level of service he provides is unmatched. Foremost, I trust him.
We are very pleased with the E&O policy coverage offered us, while saving a bundle in annual premium compared to our previous real estate E&O insurance policy. Thanks for taking the time and making the effort to find us good, affordable coverage for our North Carolina real estate company.
PBI Group and Paul have been great to handle my real estate E&O insurance needs for my North Carolina company. Paul is very diligent to provide changes to the policies from year to year and making sure we have the right coverage. Very responsive too!!
”We have always found Paul to be very courteous and willing to help us when we have questions. He is a great asset to have, and makes the complex business of insurance and liability much easier for us to understand. That helps us to implement insurance in our business plan so we are protected. ”