By: Derick Stitik SVP, Socius Property Practice Leader
If you have clients like this, we have the coverage form for you! With today’s real estate market growing hotter each day, many investors are finding insurance policy management costly and inefficient. We have established relationships with a few London facilities to help with this growing trend.
Our reporting form policy allows investors, lenders, property managers, and receivers, the opportunity to manage their entire schedule on one policy. The policy will allow for residential and commercial, occupied or vacant, single or multi-state. Deductible structures can be customized to t proper asset management, rate structure, and risk tolerance.
As every situation is different, these policies are flexible and responsive. Lenders can combine their REO and Forced Placed assets into one policy, investors can react to opportunities quicker as the insurance rates are transparent, and coverage for new acquisitions is immediate. Most policies, certainly aggressive trading investors, are set up as a low working deposit before moving to a monthly self-reporting form and a quarterly bill. For a more static schedule, we can also offer an annual premium option.
The coverage “buffet” is abundant! Beyond the property coverage, these policies can add: GL coverage, rental income, vacant land cover, O&L, theft, wind, flood, and earthquake… The options go on and on as coverage is built to the client’s specifications. Coverage is available in all 50 states and property limits can be as high as $25MM per location.
The application process is very simple, so contact a Socius Property Broker today to find out more about this product.
Please contact your Socius producer to discuss available coverage solutions in greater detail.