A monthly reporting form is an insurance methodology that allows our clients to change occupancy status, property values, as well as add and delete locations with no minimum earned premium. Meaning, they only pay for the coverage they need on month-to-month basis.
When you are a client of NREIG, each month, your Client Service Representative sends your invoice that reflects the current month’s inventory of covered locations and related coverages. It is important to review your statement each month and report any changes to us, i.e. occupancy status, coverage amount, etc. Failure to do so may affect your coverage in the event of a loss. For ease of use, you can report changes online.
Reporting occupancy status changes to us is very important in maintaining proper coverage at all times. Most importantly, occupancy status must be accurate at the time of loss. In our Program, there are three occupancy types:
- OCCUPIED: Property currently occupied by a tenant or that will be occupied by tenants within 60 days. Properties that sit vacant for more than 60 days, but reported as occupied may revert to Basic Form coverage in the event of a loss.
- RENOVATION: Currently undergoing renovation or within 60 days after completion. Insurers settle claims on properties under renovation based on invested capital at the time of loss.
- VACANT: Not undergoing renovation and not occupied. Frequently, such properties that are on the market for sale, 60 days after rehab is complete. Vacant properties must be boarded up and secured at all times. Failure to do so may affect your coverage in the event of a loss.
Learn more about our residential Insurance Program for 1 – 8 unit locations here.