Errors & Omissions Insurance answers

[jtabosida]

I am a Real Estate E&O Insurance specialist and would like to offer my assistance with answering questions you may have or helping you obtain coverage or replace your current coverage. Post a message with any questions.

[JChristin]

What are price ranges for E&O Insurance in Oregon?

[jtabosida]

Pricing really differs by state depending on the amount of lawsuits filed in that state for the industry you serve. In Oregon if you are a 1 person shop I could not see you paying more than $750 a year. However, it really depends on everything your doing (mix of business). If you are transacting 100% commercial real estate of course your premium may be a bit higher but you are also dealing with higher end pricing also. In other words if you have a claim it usually will not be as small, monetarily speaking, than a residential transaction. If you would be intersted I can have someone licensed in your state call you and explain more in detail. It's alot easier to ball park if someone knows your exact set up and type of coverage you need.

[sellinggalveston]

What state are you in?

[jtabosida]

I am in Washington personally, Spokane vicinity. Our company is licensed in California, Arizon, & Texas.

[sellinggalveston]

When we got ours we had 2 agents and we do mostly residential- and our was 900/yr. He said to collect $40 E&O from all our deals (with us and our new agents) and when it readjusts each year we will have more than enought to cover the next year's E&O.... does this sound about right?

[jtabosida]

$40 seems a bit high honestly depending on how many transactions your company is consumating. If there are 2 of you and you each paid $40 a month thats a total of $960.00 per year, which could ultimately be enough but again it depends on how many transactions you are consumating per year as a whole. Call me when you have an opportunity at ***-***-****. It would be easier for me to talk with you on the phone rather than go back and forth on the web site. Thanks I look forward to your call.

[Real_Estate_Agent]

It is good to know and understand the E&O Insurance.

Thanks for the post and information.

Sincerely,

Fernando Spindola

RealEstateHomeForSaleAndNewHomeMortgage.com