Real Estate Insurance in Rochester, NY

Whether managing properties, brokering real estate deals or leasing commercial space, your business faces many potential liabilities. That’s where real estate insurance comes in. While it may not always be legally required, it’s often essential to help cover your operations, assets and financial stability.

Is Real Estate Insurance Required?

Real estate insurance requirements vary depending on your business model and location. For example, some states require licensed real estate agents and brokers to carry errors and omissions (E&O) insurance. This is especially important for firms involved in transactions or client advisement.

If your business owns or leases property, commercial property insurance may be required by lenders or landlords as part of financing or lease agreements. If you have employees, workers’ compensation insurance is typically mandated by state law.

Many clients, partners, and vendors expect your business to carry general liability insurance even when not legally required. It’s often a contract prerequisite, especially in property management or commercial leasing.

What Risks Are Typically Covered Under Real Estate Insurance?

Real estate insurance is a broad category, and policy makeup can vary greatly; however, most will be designed to cover both common and catastrophic risks relevant to the business. Coverage options may include the following, among others:

• Commercial property insurance can cover damage to buildings you own or lease, office contents and signage caused by fire, theft, vandalism and specific weather events.
• General liability insurance helps cover third-party claims involving bodily injury or property damage, such as a client slipping during a showing or a contractor damaging a tenant’s unit.
• E&O insurance is critical for brokerages and agents. It can cover legal costs and settlements related to professional errors, such as failing to disclose property defects or misrepresenting a listing.
• Business interruption insurance helps replace lost income if operations are halted due to a covered event. For those managing rental properties, loss of rent coverage can be a financial lifeline when units are damaged or tenants default.

Depending on your location, you may also need specialized policies for floods, earthquakes or other region-specific risks typically excluded from standard plans.

Learn More

Real estate insurance tailored to your company’s needs helps you manage risk and keep your operations running smoothly. Contact Paris-Kirwan Insurance & Associates to review your current coverage, learn about your options and get a quote.