I am looking into getting a sentry key with my local realtor board. I was curious if anyone carries Bond insurance since they go in and out of homes by themselves sometimes. And if so how much I can expect to pay for Bond coverage.
You don’t really need to be bonded for yourself. Just don’t steal anything. I am bonded though because for $30 a year, I can say I’m bonded. Most people don’t know what it is, but they somehow think its a good thing.
I figured with a key and going in and out. Someone could easily claim something. Or if someone broke in and said I didn’t lock up. Just to have extra coverage. 30 a year is a no brainer. Plus it does sound good
The problem with a crime bond is, yes it’s cheap, but what 99% of the insurance agents won’t tell you is that it does not cover you if YOU or one of your employees steals something. The crime bond only covers your property or property in your direct physical possession at your principal place of business. Most crime bonds have a coverage called 3rd party, meaning coverage for things in the people’s homes you go into. If you do not endorse that coverage, then you are not ‘bonded’ at all. 3rd party coverage is terribly expensive to endorse on and I guarantee once you get the quote, you won’t want it. Most agents do not understand crime/fidelity coverage whatsoever. I used to underwrite it directly years ago at a brokerage.
Doesn’t NACHI offer $10,000 honor guarantee ! With that and the other advice of “don’t steal anything” you should be in good shape
Being bonded and being insured are two different things.
You can pay $100 for a $10,000 surety bond. Should the carrier ever have to pay out, they will come to you (and your assets) to make good on what they have to pay.
Insurance, on the other hand, is where you pay a premium and the insurance company assumes the risk. If they have to pay out as a result of a covered peril, your premium covers you and is all you have to pay (other than your deductible).