Real Estate is defined as property that consists of buildings and land, along with Natural Resources that include, minerals, crops, or water, also the business of selling, buying, or renting buildings, housing, or land.
Real Estate Insurance is the essential part in Leasing, owning a home, or commercial property. The principle of having real estate insurance, is to protect all individuals in the event of a loss, making sure that their belongings are replaced, to the satisfaction of the homeowner before the loss, and to provide Real Estate Agents with a liability insurance policy, otherwise known as real estate agent insurance.
The United States has a strict regulation in the purchase of a commercial, or residential property, both in statutory case law and practices. The requirement is to maintain a contractual agreement, which can be oral or written for enforcement procedures. All states require that the sell of property, commercial or residential, be confined in a contract that is written.
REIS was developed as a result of members of the real estate insured, complaining of the increased costs in obtaining Professional Indemnity Insurance. The aim of “Real Estate Insurance Services” is to provide Insurance agents the ability to obtain a Professional Indemnity Policy, that is specifically designed to meet requirements in the Industry.
The policy extends to cover the following:
* Public Liability
* Statutory Liability
* Professional Indemnity
* Employers Liability
* Director and Officers Liability
* Legal Defense
Other services offered include:
* Technology in Insurance Broking
* Access to over 70 Underwriters
* Compliance, training and accreditation
* Technical Support
* Facilities and Products
* Accounting and administrative support
* Development and Marketing Support
It is in an agent’s best interest to carry real estate agent insurance to cover any liabilities that may arise in the course of conducting business.