Services & Products
Providing Business Insurance Services
- Contractors and Artisans
- Bars and Restaurants
- Builders Risk
- Event Venues
- Manufacturing
- Real Estate Investors
- Apartments
- Financial Institutions
- Property Policies
- General Liability Policies
- Commercial Property Packages
- Business Owners Policies
- Commercial General Liability
- Current Policy Review
- and much more…
Single Family Rentals (SFRs)
These are usually single family homes typically owned by a single-purposed entity (SPE) like an LLC and leased to 3rd party tenant for rental income. SFRs are considered Commercial Real Estate investments and subject to CRE rules. According to Freddiemac, it’s estimated that single-family properties represent approximately 50% of the overall rental market, with 23 million units in the United States. We have insurance products that cover virtually all aspects of SFRs.
- Property Coverage
- General Liability Coverage
- Professional Liability Coverage
- D & O (Directors and Officers)
- Cyber Coverage
- Business Personal Property Contents
- Master Policy Options for Adminitrative Ease
- Short Term Rental (STR) Coverage Available
- and much more…
Value Add Options
We also have products that can increase earnings and have profit sharing potential. Our Security Deposit Insurance, Tenant Legal Liability Insurance and Pet Policy offerings can earn you cumulative returns.
Multi Family Services Overview
Multi family residential is a housing classification where multiple separate housing units for residential inhabitants are contained within one building or several buildings within one complex. In recent years, the multifamily market has expanded exponentially and in 2021, the value of multi family lending reached over 487 billion U.S. dollars. With 42 percent of the total U.S. market in 2021, the multifamily real estate investment market was even bigger than the office market. It can be challenging to find markets that are competitive for property, liability, and other necessary insurance coverages. We can help.
Our Services Include:
- Property Coverage
- General Liability Coverage
- Professional Liability Coverage
- D & O (Directors and Officers)
- Cyber Coverage
- Business Personal Property Contents
- and much more…
Value Add Potential
We also have captive products that can increase your earnings and have profit sharing potential. Our Security Deposit Insurance, Tenant Legal Liability Insurance, and Pet Policy offerings can earn you cumulative returns.
Real Estate Investors
Real estate investing involves the purchase, management and sale or rental of real estate for profit. This multi-billion dollar industry has many different strategies and approaches. Whether you are doing renovations, ‘fix and flips’, or building a long-term CRE portfolio, we can service your insurance needs. US Prime Insurance Agency can accommodate small, medium, and very large portfolios and has access to competitive carriers for just about anything you need for your REIs.
- Property Coverage
- General Liability Coverage
- Professional Liability Coverage
- CGL Packages
- D & O (Directors and Officers)
- Cyber Coverage
- Business Personal Property Contents
- Master Policy Options for Adminitrative Ease
- Builder’s Risk
- Lessor’s Risk
- and much more…
Security Deposit Waiver Insurance
Many in the rental industry are not aware of this Captive option or may currently have this option but do not know the full benefits that this product can offer. The tenant has the option to pay a large up front security deposit or choose the small additional monthly fee of the security deposit alternative if it is available.
Highlights
- Covers the landlord if tenant does not pay their bill.
- Landlord can offer “no security deposit required” instead of free rent
- Attract more renters
- Lower move in cost
- Can move towards no need for security deposits
- Let the carrier do your collections
- Fast sign up, policy is given for renter on the spot
- Tenant can change to SDI mid lease or to prorated security deposit mid lease
- Approved claims funds wired to Property Manager’s account in as little as 48hrs.
- Additional revenue per door in admin fees and package markups.
- Can be eligible for added profit sharing revenue stream!! (Call us to find out how)
Tenant Legal Liability Insurance
TLL is simply an alternative to HO4 (Renter’s Insurance) that can be chosen by the tenant if available. This Captive insurance product is paid by the tenant with a small fee added to the monthly rent and is often cheaper than Renter’s Insurance with many of the same coverages and tenant content protections. A big difference is that this is a policy issued to the landlord, so a small administrative fee per door can be taken by the lessor each month. An underwritten ‘pet damage coverage’ with limited ‘dog bite’ coverage is also available.
Highlights
- TLL policy is issued to the Landlord
- Signed addendum from the tenant
- Covers up to $20k of renter’s personal property from damage or theft
- $100k liability protection
- Damages covered include fire, lightning, smoke, falling objects, wind, burglary, accident water discharge and explosion
- Low monthly cost
- Third party administrator for claims (TPA)
- Landlord can earn revenue per door per month in up front admin fees when combined with Security Deposit Alternative.
- Eliminates the need to check each month if required renter’s insurance has lapsed during the lease period
- Pet damage and Limited Dog Bite coverage also available as add-on or stand-alone policy. (tenant’s pet)
Real Estate Investors and Property Mangers Program
US Prime Insurance Agency and its partners provide several insurance products for real estate investors and property managers to manage and minimize the risk of financial loss for occupied or unoccupied property caused by the risk of natural hazards of fire, wind/hail, water, vandalism/malicious mischief, flood, and earthquake. Partnered with “A” rated U.S. companies and with Lloyd’s of London, we customize our programs based on type, size, and location of your property portfolio.
*Short Term Rental (STR) coverage options also available.
Program Features
- Policy limits and deductibles specific to your needs
- Packaged coverage (fire, wind, liability) for vacant and rental dwellings
- Replacement cost coverage
- Simplified underwriting
- No minimum earned premium
- Easy internet-based insurance administration for obtaining new coverage
- Print proof of coverage instantly, directly from a website
- Monthly or annual premium payment plans
- Electronic billing with format options
- Online insurance portfolio report
- 24/7 availability
- Liability coverage option
Property Coverage
- Policy limits specific to your needs
- Replacement cost or actual cash value coverage
- All perils coverage form
- Windstorm coverage
- Theft coverage
- Vandalism, Malicious mischief coverage included
- Flood insurance coverage available (separate policy)
- Earthquake insurance coverage available (endorsement)
- Builder’s risk insurance coverage available
Liability Coverage
- Commercial general liability ($1,000,000 each occurrence, $2,000,000 annual aggregate)
- Fire damage legal liability
- Medical expenses (any one person)
- Personal and advertising injury
- Products completed operations
- No deductible
Talk to us
Have any questions? We are always open to talk about your business and how we can assist you.