WHAT INSURERS LOOK FOR BEFORE OFFERING STANDARD COVERAGE If your properties end up only being eligible for non-admitted market options, your agent should be able to address any additional concerns you may have. It’s worth having an open, honest conversation about whether admitted options are available or what steps, if any, you can take to improve eligibility. While you can’t change your property’s location, focusing on controllable factors can make a meaningful difference.
ATTRIBUTES THAT ADMITTED INSURERS LOOK AT WHEN CONSIDERING WHETHER TO OFFER COVERAGE INCLUDE:
• Age of the buildings (Most admitted carriers prefer newer builds under 30 years old) • Type of construction (non-frame structures tend to get better rates) • Clean and tidy properties (those with a high focus on building and ground maintenance) • Properties that are adopting newer building codes and are updating older building systems (wiring, plumbing, and HVAC) • Properties that go above and beyond what is legally required for safety (sprinkler systems, central-station fire alarms) • Properties requiring tenants to carry renters’ insurance (prevents landlords from covering claims that are outside of their scope of liability) • Low or no claims within the past 5 years
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