Commercial Insurance Requirements
I am told that to keep a commercial insurance policy all units must be kept occupied and in good condition. My question is, how does one meet these requirements when the property is undergoing rehab, and the units are vacated while being rehabed? Have any of you had this problem??
Most carriers will have an occupancy requirement of, usually, 75% or more. Anything 4 families or less, if you need to rehab a unit or more, may force you to find an "Excess and/or Surplus lines" insurer. Scottsdale and Foremost are 2 carriers that we use for these scenarios.
Best regards,
Tim
THANKS! I have sent emails to both. I appreciate your help!
No problem. Best regards, Tim