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I'm an inexperienced agent looking to get started with my first broker. I've been talking alot with a local Coldwell Banker office. However, they want me to carry car insurance with a minimum limit of $1million. This is more than 3x my current limit & switching my policy would well over triple my rates. Is this a Coldwell Banker thing, or do all big-name brokers require this? Would love to know if anyone went through this problem
Most will require that you carry hefty car insurance. It will vary, but you won't get to have bare minimum insurance being in real estate. If you plan to transport clients in your car, then you will need business insurance as well.
Talk to the brokerages and your insurer and ask if a liability umbrella policy would suffice.
It may be less expensive.
Honestly, though, I think you are generally underinsured. I carry uninsured/underinsured coverage just in case you and I trade paint and someone is hurt.
And look into a Commercial policy as that will protect your clients the best. Since you are running a business out of your car, it should be commercial coverage.
The firm I just signed on with only requires 300K, which is what I already had. Nobody mentioned it either, I did not even know about it until I saw this thread and went and looked it up in the Policies manual, .. good thing too, I can not afford anymore surprise start up costs.
Getting a one million dollar umbrella policy will cover you and should not triple your rates. It's separate from your car insurance - it will cover your premises as well. It's great coverage. You don't say where you live but you should be able to get a policy for less than $100/yr.
Getting a one million dollar umbrella policy will cover you and should not triple your rates. It's separate from your car insurance - it will cover your premises as well. It's great coverage. You don't say where you live but you should be able to get a policy for less than $100/yr.
I've been about $155 for 20 years.
At $300,000 and underinsured (IMO), that agency had better strictly prohibit putting consumers in the agents' cars, or better be carrying their own comprehensive umbrella which would be reflected in the agency's cost/value proposal to recruits.
At $300,000 and underinsured (IMO), that agency had better strictly prohibit putting consumers in the agents' cars, or better be carrying their own comprehensive umbrella which would be reflected in the agency's cost/value proposal to recruits.
Maybe they are doing what you say, I do not know yet. It was not mentioned in the proposal I accepted. The only insurance we talked about was E&O. It is something I will discuss with them when we meet again after the on Monday.
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