In May 2016 Fort McMurray was devastated by a wildfire that swept through the community. It was the largest wildfire evaluation in Alberta’s history and was one of the costliest disasters Canada has ever experienced. Thousands of homes were lost and lives were changed forever.
After this tragedy, RealProSure started working on a unique coverage to help real estate agents out if anything like this happened again. Thus, our Lost Listing Expense coverage was created. This extension is designed to reimburse the agent for incurred expenses if they lose a listing due to an insured loss. For example, a fire or a flood. This includes expenses such as MLS fees, advertising, photography and other expenses associated with that specific listing.
For example, let’s say you have a listing and it suddenly burns down. You can open a claim under this coverage to get reimbursement for expenses you have already incurred. An adjuster would be assigned to help you in the situation and you can receive up to a maximum of $2,500 for your lost expenses. In the case of a large catastrophe or natural disaster, Intact Insurance will pay up to a maximum of $5,000 for lost listing expenses caused by that event.
We worked closely with Intact to build this coverage and have included it on all of our policies starting in 2018. We were able to include this coverage on each policy at no additional cost with no deductible. We are very proud to be able to offer unique coverages to our clients that have been specifically created to meet the needs of Canadian Real Estate agents. Here at RealProSure we are constantly striving to improve our product and trying to find the good in terrible situations.
For more information on this coverage, or any other coverage, please contact Adam Thomson at 403-209-5447.