Today I’m sharing a Zoom call I had with Dan Chandler of Rice Insurance, which is one of the companies that have an agreement with the Iowa Real Estate Commission to provide all real estate licensees and brokers with errors and omissions insurance. If you’re like me, you know that we need to have this coverage, but you’re not really sure exactly what it covers or how to use it. I ask Dan a ton of questions to help us all get a better understanding of how this required coverage benefits us.
Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch the full message or use these timestamps to skip to topics that interest you most:
1:50 — A brief, by-the-book summary of E&O insurance
3:42 — Introducing Dan and learning more about Rice Insurance
5:30 — The strict definition of ‘claim’ in your policy, and real estate commission complaints
8:25 — How claims affect your license renewal and policy costs, and the reality of lawsuits
12:50 — Demystifying the ‘residential personal interest coverage endorsement’
16:03 — Home inspections and E&O
20:14 — The bad practice of representing the buyer when you’re the seller
23:34 — Getting ERP if your real estate license is inactive
I hope my chat with Dan gave you the information you need to make informed decisions regarding your errors and omission insurance. As always, if you have further questions about this or any other real estate topic, don’t hesitate to reach out to me directly by phone or email. I’d love to help you!