Real Estate Insurance in Virginia
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 Virginia Beach, Chesapeake, Norfolk, or anywhere in between, if you work in Virginia 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 Virginia may be different.
Types of Real Estate Insurance in Virginia
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 Virginia, 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 Virginia an obvious choice.
Errors and Omissions Insurance in Virginia
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 Virginia
Cyber Liability Insurance for real estate is a relatively new type of insurance policy in Virginia 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 Virginia
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 Virginia 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’s rare in this day and age to find a company that simply does what they say they’re going to do. PBI Group did just that. I found Paul to be incredibly knowledgeable about E&O insurance for my Virginia real estate company. They go the extra mile answering every question we had. I won’t hesitate to refer anyone I know to PBI Group for their real estate E&O insurance needs!
PBI Group has been a trusted partner and handling our E&O insurance now for many years. They’ve always offered competitive rates with the most comprehensive policies. But more importantly, their knowledge of the real estate insurance business is extensive. We can always pick up a phone and talk to someone if issues or questions arise. Their level of service is first-rate.
We appreciate the service received from Paul Bondy and PBI Group for our Virginia real estate E&O insurance. The level of knowledge and customer support has been great and they have proven to be a true advisor. I highly recommend PBI Group. Thanks Paul!
With great patience and superior knowledge of the product, Paul Bondy at PBI Group assisted me in obtaining my professional errors & omissions insurance for my Virginia real estate agency. He responded to the side-by-side comparison of my current coverage with XL/Pearl. I am confident that his diligence in selling the policy will also be evident in responding to a claim or advice to avoid one. I can always count on PBI Group, Paul Bondy in particular. He provides continued insight into technical questions while maintaining the status quo. Paul makes decision making rewarding.
Paul was very quick to get me an E&O insurance quote and was very knowledgable and able to answer all of my questions! Very easy process to get set up, definitely recommend PBI Group!
Paul and Eric are terrific to work with, have a wealth of knowledge and I’m thrilled to be protected by PBI Group’s E&O insurance for my real estate agency. I recommend them to anyone!
I found working with Christopher Dittes and PBI Group very easy and his patience with my questions and calls was wonderful. He has a terrific personality,and great knowledge of E&O insurance made the entire process a joy.
Very happy with the services from PBI Group and Paul Bondy for our real estate E&O and cyber insurance for our Virginia agency. Very efficient and quick to respond to my questions.
Chris Dittes and Paul Bondy from PBI Group did a great job with our Real Estate E&O renewal and brought a Cyber Liability policy to our attention to fill a needed coverage gap. Chris and Paul make a great team