NREIG is an independent insurance agency, licensed in all 50 states. As an agency, this means that we represent both the client and the insurance carrier in the advisement and administration of coverage for the properties in our program. We are contracted with a variety of carriers that underwrite the risks in our program based on their appetite and specialization. As the agent, our advisors work with clients to identify and place coverage with the carrier that is most appropriate for their property based on their business strategy, their own appetite for risk, the desired coverages, and the best rate. During the claims process, we work alongside our clients to ensure they are informed of the progress of their claim and act as a liaison with the Third-Party Administrator that is contracted with the carrier to evaluate and recommend claims outcomes. NREIG does not investigate, pay, or deny claims.
For properties in our Program (one- to twenty-unit dwellings) NREIG offers monthly billing with no minimum earned premiums or long-term commitments. Coverage is provided in most states and for all phases of occupancy: tenant-occupied, vacant, locations under renovation, or ground-up construction. You can include all of your properties on one monthly schedule, called a”monthly reporting” form, even if they are owned by different entities (IRAs, Trusts, LLCs). The program allows you to add and delete properties as your portfolio changes, and change your occupancy status or coverage options on a monthly basis without having to cancel and re-write a policy. We make it as easy as possible. NREIG also allows investors to insure their property to a much lower dollar amount per square foot, giving the client flexibility in selecting the amount of property coverage that is right for their situation. Learn more about the Program here.
A monthly reporting form is an insurance methodology which allows “inventory” flexibility in regards to insurance coverage. This allows locations in our Program to change coverages month-to-month. Such changes could relate to occupancy (a location goes from vacant to occupied), insured value (a renovation is completed increasing the property’s value), as well as adding and deleting location coverage to an account as they are bought and sold. Clients receive a monthly invoice which reflects the current month’s inventory and related coverages from their Client Service Advisor. This is a much simpler process than the traditional “endorsement per change” that is utilized by most insurance providers. Learn more here.
NREIG is proud of the relationships we’ve built with our carefully curated carriers who understand the unique risks that come along with the REI marketplace. All insurers we utilize are rated by A.M. Best as “A” or better, the recognized indicator of the financial history and strength of an insurer. You can learn more about A.M. Best here.
Our commercial agency, Sandstone Insurance, works alongside our program advisors assisting our clients with insurance needs related to apartment complexes, mixed-use commercial buildings, strip malls, self-storage facilities, professional coverages, umbrellas and more.
The 3rd of each month is the last available date to make changes to the prior month’s inventory. If changes are made after payment has been posted for that month, the balance will be carried over to the next month. In order to avoid being charged for coverage in a given month, coverage must be cancelled before the end of the prior month. Because we are a monthly reporting program, any month coverage is affording (no matter how long), the location is reported to the carrier, and premium is due.
If payment is not made by the due date, a 10-day notice of intent to cancel is sent to you, and any applicable lenders, on the 10th of each month. If payment isn’t received by the 20th, your coverage will be cancelled.