AIC (Apartment Insurance Consultants) is a national company and program manager that specializes in providing apartment owners and property managers with habitational property insurance through our exclusive master policy program. As a managing general agency, we offer property coverage for medium to large apartments, condominiums, homeowner associations as well as select mixed-use habitational/commercial LRO properties.

To Request a Quote, Please Send All Submissions to Submissions@AICinsure.com

Eligible Class of Business:

Apartments, Condominiums, and other Habitational Rental Properties as well as Homeowner and Condo Associations, Mixed-Use Habitational/LRO Commercial risks

Premium and TIV Requirements:

Although our rates and deductibles are geared towards and most competitive on larger Total Insurable Values (TIV) risks, we currently do not have any set minimum premium or TIV requirements

Coverage Highlights:

Replacement Cost, Agreed Amount, No Coinsurance, Blanket Limit per Location coverage options including coverage for Loss of Rents/Business Income, Business Personal Property, Terrorism (TRIA), Boiler and/or Machinery Equipment Breakdown, Building Ordinance or Law, Sewer & Drain Backup, policy wording that does NOT exclude fences, carports, signs, storage buildings, cabanas and pools and MORE!

Attractive Per Location Deductibles!

All deductibles are per location, NOT per building! Minimum AOP deductibles starting as low as $25K per location/per occurrence for all states and Windstorm/Hail deductibles starting as low as $25K per location/per occurrence for lower wind/hail exposed states/regions and starting at either 2% or 3% (Subject to a $100K min) or 5% TIV (Subject to a $250k min) in higher wind/hail exposed areas.

Property Program Overview:

• Our 3/1 Habitational Property Program is a monoline property policy– All liability, as well as coverages such as flood, earthquake, worker’s compensation, D&O, crime, etc., would need to be placed separately elsewhere. Although we can try to secure liability options for you if specifically needed, please note that since we do not currently have a direct program for liability, we would only be shopping coverage in the open market and/or through a partner broker.
• Features A and A+ rated carriers and is typically Fannie Mae/Freddie Mac compliant or approved with applicable waivers if needed.
• Please note that our 3/1 Program has a common program policy date and term that runs from March 1^st to March 1^st each year. We do NOT offer rolling annual term options so coverage initially would run from your effective date of binding through 3/1 of the following year and coverage premiums would be pro-rated accordingly. Any risks renewed in the program the following term would renew annually from 3/1 to 3/1 thereafter.
• Program has a $250M Loss Limit per occurrence except $50M Named Storm per occurrence limit for Tier 1 Counties, $100M Terrorism Loss Limit per occurrence, and $100M Boiler and/or Machinery Equipment Breakdown per occurrence per accident. Building Ordinance or Law Coverage A is included as well as $10M sublimits for each Coverage B & C and $10M for Coverage D. Individual deductibles are determined on a per state, per risk basis, so please inquire if you have a question on a particular state or risk, otherwise, specific deductibles and other notable sublimits, exclusions, and warranties will be included with your quote.

Appetite Guidelines and Underwriting/Quoting Requirements:

• Available for Class A and B quality habitational and mixed-used risks only. Locations/properties MUST be well-maintained quality risks. Lower Class C or D quality properties are NOT eligible.
• 1970’s to 1980’s or NEWER preferred, but can consider some 1960’s builds if the risk is well maintained and updated
• Our program rates and minimum deductibles are designed for larger properties so medium to large-sized properties are encouraged, but not required.
• Market rate housing and occupancy preferred, but some subsidized, tax credit, student, and senior housing are permitted. The percentage allowed varies though, so please inquire for more details
• ITV of $105/sqft or more per location required for blanket limit coverage
• Business income/rents average of $650 per unit, per 12 months or higher required EXCEPT for homeowner, condo, or townhome associations
• 80% or higher minimum occupancy is required for ALL risks including new constructions. Pre-leasing numbers can be considered towards this requirement on a new construction risk, but please inquire regarding eligibility

Underwriting Restrictions:

Please note that the following exposures are PROHIBITED in our program and therefore ineligible for quoting:

• Even for property-only coverage, risks MUST be crime-free to be considered. Locations found to have had shootings, murders, assaults, or crimes of any kind are ineligible. For this reason, risks in high crime areas may be more susceptible to declinations including but not limited to- Detroit MI, Camden County NJ, Baltimore MD, Memphis TN, or certain areas in/around Chicago IL or Atlanta, Decatur, College Park, or DeKalb County GA
• Un-remediated/un-protected aluminum is STRICTLY PROHIBITED
• Remediated aluminum can be considered on a case-by-case basis IF ALL receptacles and switches have been 100% remediated by way of CO/ALR, or with UL-listed COPALUM pigtail or AlumiConn pigtail connectors only. All other aluminum remediation types are STRICTLY PROHIBITED
• Knob and tube or cloth-wrapped wiring
• Federal Pacific, Stab-Lok, Zinsco, Challenger (can potentially consider post 2000’s builds), Sylvania, or GTE circuit breakers
• Fuses of any kind
• Wood shake
• Deferred maintenance, graffiti, or litter
• Builder’s risk and/or major construction or renovation work
• Assisted living and/or assisted or support services of any kind
• Hotels/motels, bed & breakfast, short-term or extended stay rentals, timeshares, sororities, fraternities, or museums
• Risks with clubs/bars/taverns, daycares, churches, manufacturing operations, or auto repair shops on premises

Limited and Restricted Quoting Areas:

Please inquire for more details on availability and appetite for quoting in the following areas-

• Tier 1 Coastal
• California and Nevada
• High wildfire or brush exposure areas

Coverage is RESTRICTED and currently not available in the following areas-

• States/Territories- Florida, New York, Hawaii, Alaska, Puerto Rico, or Guam
• Counties/Parishes-
  • Texas – Brazoria County, Galveston County
  • Louisiana – Assumption Parish, Cameron Parish, Iberia Parish, Jefferson Parish, Lafourche Parish, Orleans Parish, Plaquemines Parish, St Bernard Parish, St Charles Parish, St Mary Parish, St Tammany Parish, Terrebonne Parish, Vermilion Parish
  • Mississippi – Hancock County, Harrison County, Jackson County

Submission Requirements for Formal Quoting:

Basic SOV’s and Acord forms are welcome if needed to vet target pricing needs and/or for high-level eligibility questions and concerns but, please note that we MUST HAVE the following to RESERVE/BLOCK a submission for your agency:

• AIC Underwriting Supplemental Spreadsheet- Completed in FULL
• A complete 5 years loss history for all loss locations being considered