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Multi-Family Rentals (2-4 units)
Unlike the traditional policies purchased today, our single – family and small multi-family rental policies were originally created for banking institutions, lenders, mortgage companies and private real estate investment firms that had a large volume of properties that needed to be insured.
Now, these policies are available to the real estate investor. This exclusive and flexible program is a perfect fit for Investment Property Owners with 5 or more property holdings with one to four unit properties.
Investor Challenges & Solutions
| CHALLENGES | SOLUTIONS |
|---|---|
| High cost of insurance | Very competitive rates |
| Insurance company requires high coverage limits and raising coverage every year | Investor gets to choose the coverage amounts and they do not change unless investor changes |
| Troublesome inspections | No Inspections |
| Limited coverage for vacant properties | Vacant properties covered |
| Lower limits of liability | High limits of liability per property |
| Basic and actual cash value policies | Special perils coverage form |
| No replacement cost or stated value coverage | Replacement cost coverage – Coverage is stated limit per property |
| Paying higher premiums for older properties, unfavorable areas and construction type | No age, location or construction type issues or up charges. Consistent pricing |
| Having co-insurance penalties | No co-insurance penalties |
| Multiple insurance bills per property that are difficult to manage | One bill, one policy. Monthly or annual billing with no service fees |
| No ability to combine multiple LLC’s and entity types on one policy | Can insure multiple LLC’s, trusts, LP’s, corporations on one policy |
| Delayed closings because of inspections and underwriting by company and agent | No inspections or underwriting. Investor can add or delete property online |
| Coverage for out of state properties | Nationwide coverage on the same policy |
| Extra charge for additional insured | No extra cost for additional insured |
| Earned premium minimums | No earned premium minimum or short rate penalties |
Target Classes
- 1 – 4 unit dwellings
- Minimum of 5 or more properties
- Small apartments
- Long term rental portfolios
- Condominiums
- Buy and sell flippers
- Light commercial mix
- In-state or multi-state portfolios
Coverage Highlights
| PROPERTY | LIABILITY |
|---|---|
| Special Causes of loss (ISO based form) | $1 million per occurrence / $$2 million aggregate – per property |
| Loss of rents and business personal property included when requested | $5,000 medical payments |
| Deductibles range for $2,500 to $25,000 | No deductible |
| Separate deductibles wind and hail | Excess coverage available |
| Up to $5,000,000 per property | ISO based CGL coverage form |