Understanding Your Real Estate Agent Insurance

Having proper real estate agent insurance is important for protecting both you and your business. Whether you have a plan in place or are considering options, there are certain aspects of a plan that you should be aware of to ensure that your policy truly works for you.

Scope of Benefits

The scope of benefits can also be considered the range of coverage of your benefits. Though a policy may state that a benefit is offered, the scope actually determines the degree to which that benefit is covered.

Caps

Caps are the most that a policy will pay out for certain services or benefits. Some caps may be for a period of time, such as a few months to a year, while others are for the duration of the policy.

Various Requirements

Though a certain benefit may be offered there may be specific requirements that you must meet in order to access it. On the other hand, there could be disqualifiers that could prevent you from utilizing a benefit.

Filing Process

Following the outlined filing process is critical. Claims can be delayed and sometimes denied due to improper filing. If an agency has a particularly difficult filing process, that is something you should take note of.

All of these aspects can be gauged by taking a thorough look at the real estate agent insurance policy that you have or are considering. If you have any questions, contact your local provider.