Real Estate Insurance in Red Deer
If you’re a realtor or invest in real estate in Red Deer, you want to ensure your business and properties are protected. As a leading independent brokerage in Canada, Rogers offers exceptional experience, knowledge and customer service. With access to nearly 100 insurance markets, we can find you the best protection for the best price. We offer a range of solutions for realtors, property managers, and real estate investors in Red Deer.
Contact us today to get a real estate insurance quote for Red Deer – we’re available online, by phone, or in-person at our Red Deer office. If you’d like to learn more about this protection, read on below.
Real Estate Insurance in Red Deer
If you invest in real estate, you’ll want to protect those assets so that they can continue to give you a return down the road. The type of real estate you invest in and what you plan to do with it affect your insurance coverage. It will also depend on if you’re investing as a company or as an individual.
For example, if you invest in Red Deer’s residential real estate as an individual and plan to rent out the property, you’ll need property insurance that includes coverage for fair rental value. If you own a condominium or apartment building, you’ll need a master policy.
You should talk to one of our experienced Red Deer real estate insurance brokers for more details on how to protect your investment property.
Commercial General Liability
If someone is hurt or has their property damaged, they can hold you liable. For example, let’s say a family comes to your realtor office in Red Deer to discuss buying a home there. One of them trips over an upturned mat and falls, breaking their arm. They decide to sue you. Commercial general liability insurance could help cover your legal expenses, including defence costs, awards, and settlements.
This protection is critical for realtors in Red Deer. When you provide a service or professional advice, like a real estate agent does, your clients may decide to sue you if they feel that service or advice has caused them financial loss. Even if you’re innocent, you’ll need to cover your defence costs. Professional liability insurance can help cover your legal expenses if you’re sued for financial loss by a client as a result of your professional service or advice (or failure to provide it).
Cybersecurity is very important to all businesses today, as hackers are increasingly targeting a wide range of companies to steal data, disrupt your operations, or hold you for ransom. Cyber liability helps you navigate and recover from a cyberattack or data breach.
This protection covers you for crimes such as employee theft and dishonesty, fraud, forgery, and counterfeit funds. Due to the nature of the business for Red Deer realtors and property managers, this is good coverage to have.
If your essential equipment suffers a mechanical or electrical breakdown, this insurance will help cover repairing or replacing it. Computers and printers also count as equipment!
Directors & Officers Liability
While applicable for any company, this is especially important for property managers in Red Deer. This coverage can help cover your legal expenses if you’re sued for misrepresentation, fraud, wrongful dismissal, discrimination, and more.
Consumer Deposit & Commission Protection
Consumer deposit insurance protects your clients in the event fraud, insolvency or misappropriation occurs with their money.
Commission protection protects you from missing out on your commission due to fraud, misappropriation, or insolvency.
This is coverage commonly required for real estate agents in certain jurisdictions.
Cost of Real Estate Insurance in Red Deer
The cost of realtor and property manager insurance will be different. For real estate agents, the factors impacting pricing include:
- The location of your office, which impacts the claim and crime rate of the area, the frequency and severity of natural disasters, and the proximity to fire hydrants, fire stations and hazards like a river
- The building your office is in, including if you own or rent, the square footage, the age of the building, the type of building, the age and type of roof, the age and type of the systems such as heating and plumbing, and the presence of any damage mitigation or notification devices like alarms and sump pumps
- The number of employees you have
- The value of the contracts/transactions
- Your insurance and claims history
- Your credit rating
- Your insurance options, such as coverage, deductible and policy limits
There may be additional factors, depending on the real estate insurance company. If you manage property or you’re looking to protect your real estate investments in Red Deer, the price factors will be similar.
How to Get the Cheapest Real Estate Insurance in Red Deer
A note of caution: cheaper isn’t always better when it comes to insurance. While budget is important, you need to balance price with coverage. Our real estate & property management insurance brokers can help you determine your needs and find you the best coverage for the best price.
Here are a few other ways you can save:
- Bundle your insurance with a single Red Deer insurance company
- Pay annually rather than monthly, if possible
- Maintain good credit or work to improve it, as your credit rating can impact your rates
- Increase your deductible
- Install risk mitigation devices
- Install security or damage monitoring devices (like a burglar alarm)
- Establish good risk management practices (we can help!)
- Review your insurance annually with a realtor/property management insurance broker
Work with the Best Red Deer Real Estate Insurance Brokers
As a leading independent brokerage in Canada, Rogers has the experience to ensure you have the best protection for the best price. Our staff of professional real estate insurance brokers in Red Deer also provides exceptional customer service as part of our hands-on, human-first approach to insurance.
We can deliver competitive Red Deer real estate insurance quotes because we have access to a large number of insurance markets. That means true competition for your business and a choice with your coverage.
Contact us today for a Red Deer real estate insurance quote – online, by phone, or come visit us at our Red Deer office.