For underwriting purposes, the Renters Legal Liability™ Insurance coverage has
certain requirements
- It is preferred that properties to be covered should be either
Class A or Class B market classification.
- Optimum property size for underwriting is 100
units or greater, at one site, or a combination of sites
- Properties must be professionally managed by the owner/landlord or a professional management company
- The property manager must have responsibility for day-to-day operations, and must have a business mailing address and/or business office where he/she can be reached during normal business hours.
- Properties must qualify residents by having in place a method of screening residents’ credit and criminal backgrounds
Class A Market Classification - A classification used to describe a
building with asking gross rents based on a specified range between the top
30-40% of the rents in the marketplace. Class A buildings are well-located,
systems (mechanical, HVAC, elevator and utility) have capacities that meet both
resident current requirements as well as
anticipated future needs. The building finishes have high quality design and
materials and the building must continue to remain competitive with new
construction. Finishes are characterized by efficient layouts and the best
quality trim and interior finish. Building services are characterized by above
average maintenance, management and upkeep. Buildings must exhibit more than one
of the characteristics but need not exhibit all of the characteristics to be
considered Class A.
Class B Market Classification -
A classification used to describe a building with asking gross rents based
on a specified range between the asking gross rents of the bottom 35% of rents
in the marketplace and those of Class A buildings. Class B buildings are in
average to good locations, building systems (mechanical, HVAC, elevator and
utility) have adequate capacities to deliver services currently required by
residents. The building finishes have average to good quality design and
materials. Resident finishes are characterized by good quality trim and interior
finish. Building services are characterized by average to good maintenance,
management and upkeep. Buildings must exhibit more than one of the
characteristics but need not exhibit all of the characteristics to be considered
Class B.
More Information Call:
Renters Legal Liability™ Insurance @
1-800-770-9660