Getting Useful Homeowners Insurance Quotes in CT

Homeowners insurance is one of the most crucial investments that you can ever make. The coverage provided by your policy can help in the recovery of anything from minor issues, such as vandalism or theft, to devastating concerns, like an injury resulting in a lawsuit, or major structural damage from a natural disaster, which no one can truly prepare for.

If you own a home, or are considering buying one, and are currently looking into the different types of coverage available, there are many local agencies that can help property owners get home insurance quotes in ct, along with any legal advice that might be needed.

Areas of coverage often determine what you actually need

Insurance is the best way to mitigate costs when it comes to expensive repairs, replacing lost items, and other problems you’re likely to experience at some time during the course of living in your house. For example, no one can predict when a hurricane or other natural disaster will strike which can cause insurmountable damage, but there are also less severe issues that can prove to be a costly expense.

Keep in mind that when you purchase a home, mortgage lenders will require you to buy insurance as a condition of the loan. Consider the fact that, if you own a pet or the house has a swimming pool, you’ll likely need some form of liability coverage to deal with all sorts of risks and exposures associated with pets and pools. Therefore, information on this type of coverage is of major importance to any homeowners concerned with these issues.

Homeowners insurance may be structured to cover all types of damage or losses, including structural damage to the home, other structures (i.e. sheds, detached garages), which exist on the property, any personal property (including the contents of the home or other structures), and loss of use if the property must be repaired before further occupancy.

Damage to the home can also result from fire or lightning, vehicles causing damage, vandalism and theft, explosions, windstorm or hail, and many other incidents too numerous to mention. Home insurance quotes in ct are available through the many agencies servicing the area, so speak to a reputable agent today with any questions or concerns.

 

Helpful Tips on Getting California Home Insurance Quotes

With the cost of everything going up these days, we are all looking for ways to save some extra money. This requires cutting out some of those things we often take for granted. While some people have done away with the morning trip to the coffee shop, others began carpooling to work to save money at the pumps.

One way to save that’s often overlooked is finding ways to reduce homeowner’s insurance premiums. This may require a little work on the part of the homeowner, but when obtaining california home insurance quotes remember that there are savings that can be obtained by making a few minor adjustments in and around your house.

Save money by raising the deductible on the house

According to the Insurance Information Institute (III), if you can afford to double your current deductible from $500 to $1000, you may save as much as 25% on your annual premium. Homeowners insurance is not intended to be used for small fix-it claims, and the benefits of a lower deductible can quickly disappear due to the increase in rates resulting from making such claims, as opposed to fixing minor issues without involving your insurer.

Save money with multiple policy discounts and adding safety features

Purchasing coverage for your home and car from the same carrier could save you up to 15% on both premiums. In addition, you can save up to 20% for additional safety features such as deadbolt locks, window locks, and alarm systems. Insurance companies highly value the protection afforded by burglar alarms and fire alarms (especially those connected to monitoring agencies such as local police and/or the fire department).

Improvements to a home can equal huge savings

A new home’s electrical, heating, and plumbing systems are likely to be in better condition than those in an older house. If making any home improvements to an older home, make sure to update the homeowner’s insurance policy accordingly.

Eliminate any coverage that isn’t needed

Ideally, a policy should cover any major purchases or additions to a home, but don’t spend money for coverage that isn’t needed. There may be appliances, electronics, and other possessions that have depreciated over time. When the time comes to compare california home insurance quotes, it’s probably a good idea to check the limits of the homeowner’s policy against the actual value of your possessions annually.

Real Estate Liability Insurance and Business Expansion

As real estate professionals well know, real estate liability insurance is key in combating claims of errors or omissions when it comes to helping clients either buy or sell properties.
Speaking to an insurance agent or broker that can help you to understand the risks that you may be facing will better serve you when it comes to dealing with these exposures. This type of information is vital in order to be strategic about the use of your resources in order to ensure your long-term success.

There are many issues in real estate that can lead to claims, everything from not disclosing issues pertaining to the property to failing to provide documents on time. For example, if you failed to advise a buyer about pollution or bacteria related to the property you may very well end up being sued. Ensuring that you purchase this type of coverage beforehand can help protect you and by having this coverage, you’re not subject to sub-limits or exclusions for neglecting to advise on those damages.

Expansion of services can be risky

Like many professionals, most real estate agents, are closely tied to their communities and often build their reputations by serving customers within a specific area. Therefore they need to maintain a standard of excellence that translates into continued success. While being flexible may help real estate agents expand their practices into other areas, it can also lead to new risks.

If you were to undertake in some expansion of your current business, you must also learn to manage the new exposures you may be facing, and realize that, without the right coverage in place you may be putting your professional and personal financial future on the line.

Even agents who have had prior experience offering additional services may face new, unforeseen exposures. Agents adding to their repertoire for the first time are likely to be unfamiliar with current procedures, methods, issues or regulations that can have a dramatic effect on their plans.

What’s more, if you’re busy serving a number of clients, you may be hard pressed for time and may not, for example, take some necessary training classes and that could lead to further professional and personal risks. Don’t become victim to the threat of a lawsuit; buy real estate liability insurance in adequate amounts to protect you from becoming a target of litigation related to any new services being offered.

E&O Insurance for Real Estate Agents

The real estate industry can be a rewarding and exciting line of work. Imagine helping first time buyers secure their dream home. However, mistakes and errors are also par for the course, and insurance for real estate agents is designed to aid professionals who have the misfortune of ending up in a courtroom trying to settle a claim.

Errors and omissions insurance (E&O), as the name suggests, doesn’t cover you for claims of committing outright fraud. Typically, this policy will come in handy when a disgruntled buyer sues an agent or broker for failing to disclose a defect in a property, for misleading the purchaser about what they’re buying, or for any action construed as a breach of contract. An agent may be sued for any number of reasons, including undisclosed termite infestations, mold contamination, or even hidden water damage.

These are just some of the typical sources of litigation. Boundary disputes can certainly be another area of concern. For instance, the property could be in good shape, but the buyer alleges that the square footage of the home or surrounding property is smaller than was actually stated. Brokers and agents may also find themselves being sued for failing to disclose that a property is encumbered by a lien, which entangles the property in the previous owner’s debts.

Having coverage relieves the agent of financial responsibility

When an agent is targeted with a claim, their insurer hires an attorney in order to craft a defense strategy or negotiate a settlement. If an agent isn’t covered, they must then assume the bulk of the legal costs, which typically could wind up being in the hundreds of thousands, and up to over one million dollars.

Having a lack of information about E&O insurance, and the differences in local laws and market conditions, makes it hard to compare policies or know what to look for in the fine print. So shopping around for a policy makes a lot of sense, and acquiring an agent with experience in the E&O market is a smart decision.

Some brokers forego getting insurance for real estate agents for fear that potential plaintiffs might be lured by the thought of a pile of insurance money being recovered, but this could be an even worse mistake. Insurance is absolutely the best line of defense.

Disclosure and Real Estate Professional Liability Insurance

Once you end up in court defending against a claim of malpractice you will fully come to realize that litigation is expensive, time consuming and emotionally draining. If a lawsuit is filed against you as a real estate agent, you can easily find yourself spending tends of thousands of dollars, for example, defending a claim alleging that you failed to disclose certain facts about a house you were representing.

As a defendant you will also find yourself spending a significant amount of time preparing a defense, including meeting with lawyers, responding to discovery and participating in proceedings. Thankfully you have real estate professional liability insurance to pay for the cost to defend the suit.

Disclose and avoid hassles down the road

A professional sued for malpractice must endure the scrutiny that is given to the professional’s work, which can be a very difficult endeavor. We live in a very litigious society and litigation involving real estate agents is on the rise. However, most suits can be avoided if agents are cognizant of the law and their responsibilities under the expected standard of care.

A large number of lawsuits arise out of allegations that agents or parties failed to inspect property and/or disclose material defects. Many times failure to disclose lawsuits arose simply because the agent or seller did not want the deal to fall apart and determined that it was a small formality that wouldn’t matter that much.

However, the majority of the time the agent or seller was unaware that the material fact should have been disclosed. If an agent is concerned about losing a sale because of disclosure, or lack thereof, then by definition, that fact should be disclosed; a material fact is one that may likely affect the decision of the buyer in purchasing the property.

Listen, it will be less expensive to disclose the material fact than to end up being sued and defending yourself in court. Agents or parties should disclose all facts that may affect the value or desirability of the property, simple as that. Under absolutely no circumstances should agents hide a material fact from a buyer. Even a listing agent has an obligation of honesty and good faith toward the buyer, which includes the duty to disclose certain information.

When acting as an agent, remember to provide the same level of service to each of the clients you serve. Why take chances that could inevitably ruin you financially, as well as tarnish your reputation? If you do end up in court you’re going to need the protection of real estate professional liability insurance to provide you with the resources for an adequate defense.

 

Errors, Omissions, and Real Estate Liability Insurance

Real estate agency owners are due to the nature of the business especially susceptible to professional liability lawsuits simply because they handle a lot of expensive property transactions. This is primarily due to the fact there are so many ways that a real estate transaction can go unsatisfactorily, which only heightens the likelihood of a disgruntled client bringing a lawsuit against the agent.

That’s why it’s so important to always carry sufficient real estate liability insurance. One expensive court settlement could ruin a small business entity.

Following are a few reasons why lawsuits occur in the real estate industry:

  • The buyer gets cold feet and alleges that the agent didn’t act in their best interests
  • The advice given fails to meet a client’s expectations
  • The agent fails to properly document decisions or actions, or
  • A client alleges the agent failed to disclose information about water damage or structural damage they had knowledge of
  • Misrepresentation of the property condition, boundaries, or size
  • Failure to verify information given by the seller to the buyer
  • Undisclosed or undetected water damage, infestation, or sewage or septic problem
  • Errors in the home inspection
  • Violations of your state’s fair housing rules
  • Inaccurate appraisal
  • Inadvertently offering bad or inaccurate advice, and
  • Breach of confidentiality

The fact is that the agent doesn’t have to actually make a mistake to be sued under a professional liability claim. As long as the client perceives that the services provided lead to a financial loss they could decide to file a lawsuit.

How to manage real estate professional liability risks

Managing real estate professional liability risks can be helped greatly by creating a universal standard of procedures. Make sure your agency treats all clients equally, regardless of their net worth. You should always keep up to date on fair housing laws so you don’t accidentally make a mistake when helping someone in the market to buy or sell a home.

Documenting client communications goes a long way in preventing errors from occurring. Your records will likely be the only proof that your business isn’t liable for negligence or other wrongdoing. Be sure to document and properly store all client communications, but especially any challenges that arose during the process.

Proper risk management planning can help avoid devastating challenges, and real estate liability insurance is the cornerstone of any risk management strategy.