Global Express Underwriters (GEU) is pleased to offer your agency, non owner occupied dwelling coverage through REInsure Pro. 

REInsurePro is a national Program Manager offering a specialized Insurance Program developed specifically for residential real estate investment properties and portfolios. Their comprehensive and flexible solutions can accommodate tenant-occupied, vacant, renovation and new construction properties. With the ability to house all of your clients’ portfolio of any size and variety of location types on one monthly schedule, you can seamlessly add, change, and delete properties for your clients.

Click here for a program application for the REInsure Pro program or to view available program brochures. 


To obtain a quote please email the required application to submissions@GEUInsurance.com.

What Fits in the Program?

WHAT DOESN’T FIT

• Owner-occupied locations
• Properties with more than 20 units
• Commercial or mixed-use properties
• Locations greater than $2,000,000 in Total Insured Value
• Log Cabins

Coverage Overview 

Valuation Methods (See the REInsure Pro full program guide for more information.)

Replacement Cost coverage begins when insuring to $70 per square foot. Actual Cash Value with no coinsurance is available when insuring to $50 per square foot. There is no co-insurance in the REInsurePro Program.  (Subject to change and UW approval)

Occupancy Status   (See the REInsure Pro full program guide here.)

Accurate reporting of each location’s occupancy status at all times is very important in maintaining proper coverage, but can easily be changed upon request. The Occupancy Statuses in the REInsurePro program include:                

• Occupied: Property currently occupied by a tenant or that will be occupied by a tenant within 60 days.
• Vacant: Property not undergoing renovation and not occupied. These properties must be locked and secured at all times – failure to do so may affect coverage in the event of a loss.
• Renovation: Property currently undergoing cosmetic renovation or within 60 days after the completion of a renovation. Claims for such properties are settled based on the invested capital at the time of loss. The Insured Value can be updated if the client invests more into the property than initially anticipated. Major structural renovations such as “down to the studs” rehabs, removal of load-bearing walls, adding square  footage, or foundation reconfiguration will be written on a Builder’s Risk policy.

Terrorism Coverage

Terrorism and Political Violence coverage is included on all location proposals providing coverage for damage caused by Acts of Terrorism or Sabotage. This coverage does not require the same thresholds as TRIA, and priced as a fixed cost per location. This coverage can be removed at the client’s request, and requires a TRIA declination to be submitted.

Creative Investing Strategies

No two real estate investors are alike. REInsurePro recognizes and understands the proper way to insure all kinds of creative investing strategies and transactions such as: Non-Performing Notes, Contracts for Deed, Subject To transactions, and properties owned by IRAs or Trusts, to name a few.

Loss of Rents (Business Income)

Up to 12 months of coverage is available, based on monthly rent amount, if requested by your client or required by their lender.

Business Personal Property

This coverage can be included in your client’s proposal for the investor’s owned assets, particularly for a partially or fully-furnished rental unit. It should especially be considered for vacation rentals.

Other Structures

Coverage for Other Structures such as a detached garage or shed can be added to your client’s locations. If the structure is occupied to a different tenant, it must be insured as a separate location in the Program.

Premises Liability Limits

REInsurePro property coverage is always packaged with Premises Liability starting with limits of $1 million per occurrence, $2 million annual aggregate with the option to increase to $2 million per occ/$4 million agg in most states. Our General Liability coverage includes pollution coverage and has a Canine Liability sublimit. You have the option of purchasing standalone Liability coverage.

Billing & Payment Process

REInsurePro is a monthly reporting form, which means premium payments are applied at the end of each month for coverage in effect the prior month. This allows us to account for any changes that are made throughout the month and report the correct property information to our carriers. Payment for the first month is required when binding coverage on a location.

Account setup fee: $50 one time charge for a new client account. Clients can add as many locations as they would like to an account, or set up as many accounts as they would like.

Surplus Lines Tax: Varies by state as a percentage of base rate premium. May include applicable filing or stamping fees as required by the state.   GEU will report and pay for all policies written through our agency that are not reported by the carrier directly.

Renewals

Because REInsurePro is a monthly reporting Program, there are no traditional annual renewals. The coverage remains in force unless it is canceled (either manually at the request of the client or due to nonpayment of premium). 

Carrier Changes

REInsurePro is always building relationships with new carriers in an effort to maintain the health of the Program, manage capacity, and bring new coverage opportunities to bear on behalf of our agent partners and their investor clients. As such, we reserve the right to transfer a clients’ location from one carrier policy to another. In the majority of these cases the move will mean no apparent change to the client, and in some cases may even be beneficial to the client. In the event that this move will result in a diminishment of coverage, a change in deductible that negatively affects the client, or a change in the monthly cost that is detrimental, we will notify you via GEU of these changes 30 days prior to them taking effect.

Claims

Claims with the REInsurePro program are managed with our carriers by a Third Party Administrator, but REInsurePro acts as a resource for our Agent partners. You can begin the process for your clients by reporting an incident in your Agent Portal. 

 

Optional Additional Coverages

The following additional coverage endorsements are available through REInsurePro and we are regularly adding new product options.

Tenant Protector Plan (TPP): The TPP is an alternative to renters insurance that provides additional protection for both the investor and their tenant in the event of tenant-caused negligent losses. Coverage includes:

• $50,000 limit of liability (no deductible)
• $10,000 in contents coverage (with a $1,000 deductible for the tenant)
• $2,500 sublimit of contents coverage for tenants of non-negligent affected units ($7,500 max) $1,000 for Skip Rent.
• Coverage in the event of tenants who vacate the property midway through the lease, are deployed, pass away, or are evicted.

.Covered perils under the TPP include Fire, Explosion, Vandalism (not intentional by the tenant), Smoke, Wind/ Hail and Sewer & Drain Back-up. This policy can fill the gap in property coverage for the Sewer & Drain Backup exclusion. The TPP can be purchased as a standalone coverage and is a fixed price per unit.

Earth Movement: The REInsurePro Earth Movement policy includes coverage for the perils of earthquake shock (does not extend to damage caused by mudslide, lava flow, or flood that may have been triggered by the earthquake) and sinkhole.

• This coverage is subject to a deductible of 10% of the TIV per location, subject to a $2,500 minimum.
• Not available in Alaska, California, Florida, Hawaii, and Illinois.

Flood: REInsurePro’s Flood option follows our monthly reporting form, allowing the investor to avoid annual terms, and waives the waiting period required by FEMA.

Equipment Breakdown: REInsurePro’s Equipment Breakdown coverage is among the broadest in the industry, extending coverage to many types of equipment that others exclude. This coverage should be considered for all locations, but especially those with two units or more.

Ordinance or Law: This coverage for additional reimbursement needed due to enforcement of local ordinances or laws regulating construction and repair of damaged buildings includes:

• Coverage A to extend property coverage to the undamaged portion of the building.
• Coverage B for demolition costs (limit of 10% of the TIV).
• Coverage C for increased costs of construction (limit of 10% of the TIV).

Global Express Underwriters is dedicated to providing an accessible online experience for all visitors. If you encounter any accessibility barriers or need information in an alternative format, please contact us at Submissions@GEUinsurance.com.