NREIG is unlike any other insurance agency, and because of that, we understand why it might be difficult to figure out our role in insuring your properties. To help clear up some confusion, let’s take a closer look at the responsibilities of NREIG and our insurance carrier partners.
NREIG: As an independent insurance agency, we partner with carriers to provide specialized coverage to our clients (real estate investors) with whom we also have a close working relationship.
Carrier: The carrier, or insurer, is the company that underwrites the policies and assumes the financial risk associated with insuring your properties. Insurance carriers grant NREIG various authorities and responsibilities outlined below.
Setting Rates & Billing
NREIG
Our in-house billing department ensures smooth transactions and accurate billing procedures. Responsibilities include processing and applying payments to client accounts and handling refunds when necessary. We compile and distribute monthly statements, Notices of Intent to Cancel (NOIC), Notices of Cancellation (NOC), collections notifications, and Evidence of Insurance (EOI) documents when requested by either you or your lender. Our team also assists in updating client billing information, securing escrow details, and facilitating billing requests to lenders on behalf of our clients. Should you have inquiries regarding our monthly billing process, the billing team is available via email at Billing@NREIG.com or phone at 888-741-8454 Ext. 3001
Carrier
Our insurance carrier partners establish the rates for each coverage, which determines the premium based on various factors, including coverage amounts, deductibles, geographic location, and underwriting considerations. Carriers may adjust insurance rates periodically to account for changes in risk exposure, market conditions, or inflation. These rate adjustments ensure that premiums remain comparable to the level of risk and help maintain the financial stability of the insurance company. Carriers communicate any rate or deductible changes to NREIG, and our team then communicates those changes to our clients.
Service & Support
NREIG
Our team collects property information to help tailor coverage proposals to meet the specific needs of each unique location. We answer any policy questions clients may have and explain coverage details. As requested by the client, we implement changes to coverage, including adding or removing ancillary products, adjusting coverage amounts, and switching deductible amounts.
Underwriting Guidelines & Exclusions
NREIG
Each of our carrier partners has distinct guidelines for insuring properties. As such, our team meticulously evaluates property information gathered from proposal requests and other resources to ensure compliance and accuracy. If a property aligns with a carrier’s underwriting criteria, we have the authority to bind coverage. Our industry expertise and close collaboration with carriers allow us to negotiate optimal underwriting terms, ensuring effective coverage for your investment properties.
Carrier
Each carrier has its own set of underwriting guidelines that a property must fit into to be covered. They may exclude coverage for certain risks, such as mold, earth movement, or acts of terrorism, some of which can be bought back by endorsement. Carriers may also choose whether they are willing to accept certain risk criteria such as distance to coast, wiring type, unit count, number of stories, etc. To manage risk exposure, it is also common for carriers to impose moratoriums, temporarily suspending the writing of new business or increase of coverage in certain high-risk areas experiencing severe weather or natural disasters.
Claim Management
NREIG
Our Client Experience team acts as a claims intermediary, advocating on behalf of our clients to streamline processes when a loss occurs. After you report an incident, our team submits the initial claim details to the carrier. As the carrier and adjuster fulfill their responsibilities, we act as your liaison and, when necessary, we directly advocate for you with the carrier, ensuring your interests are represented and addressed effectively. NREIG does not have the authority to approve or deny claims.
Carrier/Adjuster
Upon receiving claim details, the carrier assigns a lead adjuster who handles inspections, reviews findings, and analyzes the policy to determine if the loss is covered. If the loss is covered, the lead adjuster will use the findings of the physical inspection to write an estimate and settlement recommendation. The carrier will then review the coverage/settlement recommendation and either approve or deny the claim. The lead adjuster will notify you of the carrier’s decision and coordinate payment if necessary.
Watch the video below to learn more about our innovative approach and how a program like NREIG’s can benefit you.
Note: This is not a complete list of all insurance responsibilities maintained by NREIG and its carrier partners.
