Louisiana Real Estate Errors & Omissions (E&O) Insurance
Deadline to Renew: December 31, 2020
10 to 20 Times More Protection for Specific-to-Real-Estate Risks
|CRES E&O versus||State Plan|
|Pre-Claim Legal Services 7 days a week||No help pre-claim with State Plan|
|$100,000 Lock Box Property Damage (20x more coverage!)||$5k/$10k|
|$100,000 or sales price (whichever less) for Pollution/Mold (10x more coverage!)||$10k/$20k|
|$50,000 Cyber coverage (10x more coverage!)||$5k|
|$30,000 Subpoena coverage (12x more coverage!)||$2.5k/$2.5k|
|$20,000 – $50,000 Disciplinary Hearings coverage (8x more coverage!)||$2.5k/$5k|
Now, one rate covers all of your activities for which a real estate license is required!
With CRES Real Estate E&O + ClaimPrevent®, you’ll enjoy:
- Protection to $100,000 per claim and $500,000 to cover total claims during the year (that’s $200,000 MORE coverage than the state plan).
- Pre-Claim Legal Services 7 days a week to help prevent everyday issues from escalating into lawsuits. You’ll have access to local expert real estate attorneys for questions, writing or reviewing letters and addendums, contract review, and more.
- Agent-Owned Property coverage for the sale of your vacation/rental properties up to fourplex (just $8 with CRES) – versus coverage only for your primary residence with the group plan (or pay $50 more)
- Team/Non-Licensed coverage
- Conformity Endorsement coverage — this amends your Louisiana E&O policy (for Louisiana residents) so that it also conforms to any E&O requirements in other states where you hold a valid real estate license.
- PLUS, our Louisiana policies have ALWAYS included: Firm and Franchise Coverage, and Prior Acts coverage for as long as you’ve maintained continuous real estate E&O insurance (with any company).
CRES gives you AN INCREDIBLE AMOUNT OF COVERAGE – and MORE INCLUDED SERVICES:
- Offer potential sellers $25,000 in Seller’s E&O when you purchase a CRES Qualified Home Warranty from Old Republic Home Protection.* Learn more
- 25 Free CRES Building Permit History Reports (a $99.95 value) per year. Plus you’ll save on additional reports. Give a Report to your buyer and eliminate your out-of-pocket claims costs! A CRES Exclusive
- $1,000 retention (out-of-pocket claims expense) – eliminate it by purchasing CRES Qualified Home Warranties.*
CRES is a FAR better protection choice than the state plan for most licensees in Louisiana — and has been for more than 20 years. And CRES E&O is guaranteed to meet or exceed all LREC requirements.
You may be eligible for CRES E&O even if you have past complaints or claims.
CRES policies cover all real estate activities requiring a license, as required by LREC. Enrolling online is now simpler!
We worked with LREC to account for the new LREC Independent Coverage verification form. Upon purchasing a policy, you will receive a separate email from us with your Declarations page and an already completed LREC Independent Coverage form. Sign the form and fax both documents to LREC. LREC will collect your $7 fee as part of your online license renewal, so there is no longer a need to mail them your forms or a check.
*Final price subject to change. Comparison as of 10-15-20 based on base policy cost for licensees performing activities requiring a license. Read each policy for a full comparison of coverage and benefits. All coverage is subject to Underwriting and other qualifications. Seller’s E&O coverage and other benefits are feature based and warranty specific. The E&O Out-of-Pocket Cost (Retention) Reduction applies to any real estate licensed Real Estate Services Council Risk Purchasing Group, LLC. (“RESCRPG”) member who personally pays for the Home Warranty Plan. These benefits are offered by, and intended for, the members of RESCRPG. RESCRPG membership is part of your CRES E&O policy. Other warranties may also qualify for an E&O Retention Reduction, but only those warranties listed here are guaranteed to qualify. Not available in all states. Certain restrictions apply.
Low Cost Optional Coverage
|Seller’s E&O Coverage||Add $5|
|Agent-Owned Property Coverage||Add $4|
|Fair Housing/Discrimination Defense and Damages Coverage to Limits||Add $8|
|Open House/Showings (Bodily Injury and Property Damage)||Add $8|
|Pollution/Environmental Coverage ($500K)||Add $4|
|Cyber Liability Expanded Coverage||Add $35|