Do you add and remove properties frequently based on your investment strategy? Do you change occupancies from rentals to renovations or vacant? What about taking title in an LLC or land trust? Many companies don’t like writing policies for these types of scenarios. However, REInsurePro specializes in it. This program is specifically designed to meet the needs of active real estate investors. If you are familiar with NREIG, this is a very similar program that gives you the benefit of a local agent.
Benefits of the REInsurePro Program:
- Convenience – Multiple properties on one insurance policy. You can update the occupancy – rented, vacant, under renovation, etc – without needing new policies. You can add new properties and remove properties that you’ve sold. Coverage is flexible based on your needs.
- Monthly Billing – You can pay in full, but the policy is also already set up for monthly billing. You don’t have to pay in full or set up outside financing like you do with some investment policies.
- No Minimum Earned Premium – Some policies have a 3 month minimum coverage if you sell a property sooner or place a tenant. REInsurePro policies have no minimum premium or timeframe.
- Entities – LLC, Land Trust, etc are all allowed in the REInsurePro program. Many other carriers won’t write policies for properties owned by entities, especially land trusts. Also, if you have multiple entities, but they have common ownership, these can often be included on the same policy.
- No Coinsurance – Often, as investors, we get properties at discounted rates and may not want to insure them for the full replacement cost. On a standard policy, you would be required to do this, or you may have a penalty if you have a claim. This program doesn’t have a coinsurance requirement, so you can choose to insure it for less. The policy just wouldn’t cover more than the coverage limit that you select.
Optional Coverages with REInsurePro:
- Many Coverage Options – Besides your coverage and deductible options, REInsurePro policies allow you to choose between Replacement Cost or Actual Cash Value and allows you to choose whether you want Basic Perils or Special Perils.
- Replacement Cost available on Renovation / Builder’s Risk – Most vacant, renovation, and builder’s policies only offer actual cash value coverage for the structure. With the REInsurePro program, you can cover the structure for replacement cost.
- Property Management Errors & Omissions (E&O) – Do you self-manage your properties? If so, the Property Management E&O coverage provides additional protection for you. Advertising rents, screening, maintenance, and enforcing leases – if you are accused of errors related to this, this optional coverage can help provide coverage for you. Check out the flyer for more info.
- See: E&O Flyer
- Tenant Protector Plan (TPP) – Do you want your tenants to have renter’s insurance but you don’t want to chase them around to verify their coverage? TPP provides basic contents coverage, liability, as well as lost rents due to a tenant skipping out on you. See the flyer for more info.
- See TPP Flyer
- Flood Coverage – Commercial flood coverage through Lloyd’s of London. Coverage up to $250,000 per location available. No waiting periods, monthly payments.
- See: Flood Flyer
- And More – There are several other coverages available like Ordinance or Law, Service Line, Lender Placed, Terrorism, among others.
Types of Properties REInsurePro Insures:
- Vacant Home Insurance & Under Renovation
If this sounds like the program for you, or if you just have questions about investment properties, give us a call at 813-425-1626 or request a quote online. Our team at Think Safe Insurance is ready to help any way that we can.