Looking back at 2024’s most expensive claims
As we prepare to turn our calendars ahead to a New Year, this is the time that we traditionally look back at the year that was and see what we can learn that will serve us well in the coming year.
While we haven’t reached the end of 2024 yet, Real Estate E & O Insurance Corporation is expecting about 247 claims this year compared to 263 last year, a decrease of approximately 6%. Going forward into 2025, we expect there will be some claims against licensees who have not kept up with changes in the laws about tenant notices and changes in industry practices such as the inclusion of GST in the purchase price in standard form contracts. One key way to avoid being the subject of a claim is to stay current in the ever changing real estate landscape.
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