Landlord required Resident Legal Liability Insurance is a trend in the multifamily housing industry that has gained considerable popularity over the last fifteen years. It has become commonplace in today's market in all subsections of the habitational market - including traditional market rate, senior & student housing, single family rentals and manufactured housing. The available providers of this product have also grown dramatically and include traditional insurance companies, Managing General Agents, property management software providers and self-insured solutions. Available programs not only provide protection from tenant negligence, but also have the potential to be a significant source of ancillary income. This has led to a niche industry for resident insurance in which there are varying degrees of products and coverage available to apartment managers and owners. These products compete with the large personal lines insurers that residents can procure on their own.
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We have the knowledge
- We are the preeminent provider of Resident Liability Insurance solutions in the country with clients operating in all 50 states
- Our team is the largest and most experienced group in the country as it relates to Resident Liability Insurance solutions in fully insured and self-insured arrangement
- We have our own proprietary captive insurance facility that allows our clients to maximize ancillary income with minimal upfront cost
- Our programs are simple to administer and every client is supported by a dedicated service team throughout the entire process - from launch to fully operational
We understand the options
- Apartment managers have the legal right to require their residents carry insurance for exposures for which the property manager has an insurable interest
- The quality of resident insurance coverage can vary wildly from market to market. At Stern Risk Partners we ensure our clients understand the entire landscape of coverage options
- We"ll help you evaluate the options and select the appropriate program structure
- Stern Risk Partners can integrate your resident program with your traditional property and casualty placement.
We are the leader in profit center solutions
- We've designed customized resident insurance programs for owners, property managers and Multifamily software providers
- We know what works and implement programs to create new sources of revenue for our clients
- As an insurance broker and captive management firm, we create the most advantageous financial arrangement for our clients
- Whether it's a profit sharing structure or a client-owned captive insurance program, Stern Risk Partners has the experience to deliver a completely customized solution