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Yes, I have several clients that require both E&O and General Liability insurance. My current GL policy cost $570/year and covers my business for all kinds of things from trip & fall liability to fire, theft, and sinkhole activity. Another cost of doing business in REO.
If you sale REO's, many companies require it now. If you do interior BPO's, some companies also require it but most do not. I do evaluations related to PMI which all are interior for a company and they require General Liability Insurance before I can step on the property.
I pay $500 a year for commercial insurance, which covers everything not covered by E&O, etc.
I have been asked by one company and I did get a GL insurance for a whole year but then I did not get any listing from them. So I decided to not renew the policy.
This is a first for me and I've been working with Reo's over 20 years ! I guess I never really thought about it until now. In reading over the discription's of General Liability Ins I'm still confused but I guess I'll have to get it. Some of the coverage "should be covered by the seller's insurance " but it's doubtful . These are not our homes. Many sellers don't really care if a buyer breaks their leg on their property even if there is an obvious risk that should be repaired despite the fact many of the reo's are sold as is. Oh well .I share the cost of e&o with my broker but he flipped when I told him we may be required to care general liability.
Sandy - I've only been asked for that once as I recall. They accepted my broker's general liability insurance.
Thank you Cece. Unfortunately The company my broker has our e & o with told me yester it does not include the general liability insurance. They said their general liability police is an individual policy ?? Crap.
I think my broker used her personal homeowner's general liability. I was going to get my own but it sounds like it's not very expensive.
Yes, mine is $204 for the year for full Gen Liability Insurance through American Family Ins. This covers what the brokers insurance will not and allows me to get orders for numerous companies.
$204.00 ?? That's the cheapest i've seen. I will contact them.
For property management it often requires it or have an umbrella policy.
Most of the companies I do BPO's for are asking for both now and background checks by a couple others.