Residential Rental Properties

 
Residential Rental Property Coverage

We now have a program for residential rental properties on the Bigfoot Insurance Underwriting Platform HERE.

Highlights:

  • Eligible risks: 1-4 locations

  • Property coverage limit: $1,000,000 per risk (higher limits are available on a case by case basis)

  • Available Coverages: All Risk property coverage, loss of rents, G.L and flood

  • Annual and short term rentals are eligible for this program. Short term rental exposures will have a separate GL policy.

  • No property age restrictions as long as updated within last 35 years to electrical, heating, plumbing, H.V.A.C, and roof

  • Eligible locations: All 50 States excluding the listed locations, below

  • Coverages can include: Property, General Liability, Flood, and Earthquake

  • No property inspections are required

Note: Bigfoot Specialty Insurance has underwriting authority with several markets so we have plenty of capacity

Submission documents for Insurance Agents (Mark can assist if you need help!):

  • Submit application on Bigfoot Platform

  • 3 years of loss runs or letter of no loss from insured

Appetite questions? Please email the head underwriter Robert Rogacki.

Exclusions:

We cannot write in the following locations:

  • Detroit- MI

  • Monroe, Miami-Dade, Broward Counties- FL

  • Galveston Island-TX Padre Island- TX

  • Hunt, Collin, Dallas, Denton, Ellis, Kaufman, Rockwall Counties- TX

  • Baltimore- MD

  • Philadelphia, PA

  • 5 Boroughs- NY

  • New Orleans, LA

  • Outer banks of Carolinas

  • Lava zones 1-3

  • Barrier islands

Frequently Asked Questions:

Do I need to send acords

We only need you to submit an application on Bigfoot Platform and include 3 years of loss runs or letter of no loss from insured

WHAT'S COVERED?

This is a commercial policy and coverage terms are provided in a quote packet. Final price may vary based on additional information provided. Premium estimates expire after 30 days. The effective date of your coverage cannot be before receipt of payment.

What carriers are in this program?

We have three carrier options depending on the information provided.

Do you accept Section 8 Rentals?

Unfortunately we do not write the Section 8 Rentals in this program but you can inquire about these properties to our Commercial Property Underwriter Fara Schnur.

What if there are businesses on the properties?

Unfortunately this program does not accommodate risks with businesses on the property
. Due to COVID-19 restrictions and many people working from home, we encourage you to learn coverages and risk exposures during these interesting time.s

Is there a minimum number of risks?

This program is great for 1-4 properties. For more, check out our Investor Program for multiple rental properties.

In what states do you write?

All 50 States. Excludes: Detroit Metro Area, Galveston and Padre Island TX, and Florida Keys

What if I add or remove properties? How is premium calculated?

Premium is calculated on a daily pro-rata basis for properties added or deleted during the policy term.

How easy is it to add/remove properties?

Simply make a request in the Bigfoot Insurance Underwriting Platform. Properties are added and deleted on a prorata daily basis.

Have more questions? Email us at support@bigfoot.insure or call us at 855-900-2960 ext. 0 and we’ll try to help you out.

OR check out our knowledge base: https://bigfoot.zendesk.com/hc/en-us

HOW SOON CAN I GET a quote?

Our personal lines underwriters are assigned to submissions within 24 hours. Depending on the nature of the risk, location, etc. and the risk is acceptable, you will get a quote within 2-4 days. Feel free to email the underwriter Robert@bigfootbinds.com

HOW LONG IS A POLICY TERM?

12 months

WHAT ARE MY PAYMENT PLAN OPTIONS?

We have information on our Payments and Financing link. We accept check, ACH, and credit cards. Please review the details in your quote packet.

HOW MUCH IS an average policy?

Similar to other lines of insurance, the cost varies depending on the location, coverages selected, year of updates, and claim history. Safety or security questions may yield a better rate such as alarms and sprinklers but will be confirmed with an inspection. Be sure to ask your client about any lakes, ponds, swimming pools, wood stoves, animals, etc. These details will be confirmed with a post-bind inspection.

What’s the underwriting process like?

Here’s the progress from submission to policy.

  1. Submitted, Indicated (Note that an indication does not mean the risk has been accepted)

  2. Underwriting, With Carrier

  3. Quoted

  4. Bind Requested

  5. Bound

  6. Policy Issued

Please note that requests for additional information will have a .5 status and the application will be unlocked for you to provide requested information. We will send weekly reminders until you provide the information and notify the underwriter that additional information provided. Please refer to the comments section for a list of any missing information that may be required to offer a quote, bind coverage, or issue a policy.

Is there a post-bind inspection?

This program does not require an inspection unlike our Homeowners Program.

Do you accept Mobile or Manufactured Homes?

We cannot write mobile or manufactured homes in this program.

Appetite questions?

Please consult with our Zendesk Guide. To contact our Underwriter Robert@bigfootbinds.com

Note: Not all of our appetites are listed here and the appetites that we can do vary by state and risk exposure. If you cannot find what you are looking for fill out our application form as best as you can, hit submit, and make a comment with any specific questions you may have. Our underwriters will be in touch within one business day. Get quoting HERE.

 
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