Landlord Dwelling Insurance

Say “yes” to those customers who have ten or more rental properties

Rental property can be tricky to insure. American Modern offers both a DP-1 and a DP-3 solution. But if your customer has more than a few properties, consider our Landlord 10+ Dwelling program. It is a flexible insurance solution for owners of ten or more rental properties. It schedules all of the properties onto one policy, with one bill and one renewal date. Properties can easily be added, removed, or have the occupancy changed. A minimum of ten properties is required to begin, but there is no top limit. Select either a replacement cost or actual cash value coverage for each property in the portfolio.

What is a quality submission?

This list of criteria will give you some insight into how our underwriters make decisions. Not every point needs to be met in order for us to accept an application, but this list will give you a sense of the type of property, and landlord, appropriate for this program.

Fully completed application
• Written summary or description of the risk
• Photos, front and rear
Homes in average to above-average condition
• No evidence of unrepaired damage
• Yard and landscaping show pride of ownership
• Homes are newer or have recent updates
Owner committed to effective property management
• Standard lease agreement
• Tenants required to carry insurance
• Full time maintenance employees
• Regular property inspections
• Below average tenant turnover

Homes located in thriving neighborhoods
• Local crime and vandalism is minimal, well below national averages
• Adjacent properties are well maintained
• Neighborhood watch
Property values reflect adequate insurance
• Limits are substantiated utilizing MSB or other reliable source for proper valuation
• Limits requested, when compared with purchase price, do not suggest risk of moral hazard
Favorable prior loss experience
• Currently valued prior carrier loss runs
• No evidence of frequency
• Evidence of risk management in response to losses

Landlord Dwelling Policy Highlights

Eligibility • Minimum of ten rental properties – no maximum
• All properties scheduled on one policy
• 1- to 6- family dwellings
• Condo units
• Manufactured homes on private land (no parks)
• Mixed use (retail on ground, rental above)
• Seasonal
Vacant Dwellings • Dwelling must be vacant for less than 24 months, and be in above average condition
Loss Settlement • Actual cash value or replacement cost
Property Coverage • Building structure
• Business personal property
• Business income/rental value including extra expenses
• Scheduled equipment
• Crime
• Inland marine
• Loss assessment for condo units
• Ordinance or Law
• Earthquake
Premises Liability • Up to $1 million – $2 million aggregate
Options • Co-insurance from 80 to 100 percent
• Basic Form, Broad Form or Special Form
• Deductibles range from $500 to $25,000
• Separate wind/hail deductible
• Vacant land liability
• Personal and advertising injury liability
• Buried utility lines
• Identity recovery