What are some reasons Remax might change the minimum amount of coverage required under any insurance policy?

According to Remax's 2025 Franchise Disclosure Document, Remax may change the minimum amount of required insurance coverage for several reasons. These reasons include reflecting inflation, identifying new risks, changes in law or standards of liability, higher damage awards, or other relevant changes in circumstances.

This means that as a Remax franchisee, you need to be aware that the insurance requirements are not static and can change over time. These changes could be driven by factors outside of your control, such as rising costs due to inflation or new legal requirements. It is important to stay informed of any changes Remax implements to ensure you maintain adequate coverage.

Remax franchisees should also understand that these changes are intended to protect both the franchisee and the Remax brand. By adjusting insurance requirements to reflect current conditions, Remax aims to mitigate potential risks and liabilities that could arise from various circumstances. Franchisees should maintain open communication with Remax and their insurance providers to ensure they are always in compliance with the latest requirements.

It is also important to note that Remax has the right to designate an insurance agency or broker that franchisees must use to comply with their insurance obligations. This means that Remax can mandate the use of a specific provider, potentially impacting the cost and terms of the insurance coverage obtained by the franchisee.