California recently passed legislation that prohibits insurance carriers from considering level or source of income of residential-tenants in the underwriting evaluation of apartment risks.
Therefore, admitted insurance carriers will no longer approve, issue or renew an apartment policy (insurance for apartments) based on information related to a tenant’s level or source of income, including receipt of government subsidies. In the same time, many policyholders are considered to be higher hazard and thus can’t get a decent insurance protection. For example, a high hazard operations for an apartment building would include:
• Armed security guards
• Assisted living facilities
• Boarding houses
• College and/or student housing
• Some condominiums
• Correctional facilities
• Fraternities or Sororities
• Government Owned/Operated Housing
• Group Homes
• Halfway house
• Home based businesses
• Nursing homes or chronic care facilities
• Rehabilitation facilities
• Resort communities
• Risks converted from commercial or industrial occupancy to a habitational occupancy
• Senior living facilities, including assisted living or independent senior living (excluding active adult, e.g. 55+, communities)
• Short term rentals-less than one month rentals
• Timeshare
Paperless Insurance Services, Inc is happy to invite business owners to get insurance quotes for their Apartments / Condos (residential and commercial).
We have access to multiple insurance carriers with an appetite to write a broad range of risks – including apartments and condos with high hazard exposures.
Please contact our office by calling 877-239-0067 to get more information.