Proctor Financial, Inc. (PFI) offers an Investor/REO Rental Program which provides property and liability coverage for residential rental properties held by financial institutions, property investors, REITs and other real estate capital companies. The Investor/REO Rental Program is underwritten as a master policy with properties reported utilizing PFI's web-based reporting form. The result is immediate coverage, no individual property underwriting and streamlined administration.
A Managing General Agent (MGA) is an insurance agency or business entity who is granted authority by an insurance carrier to administer insurance programs and negotiate contracts on its behalf. The MGA acts as an intermediary between carriers and agents and/or insureds. Partnering with an MGA can be thought of as working with a dedicated branch office that provides specialized insurance programs within specific target classes. Working with an MGA can provide value-added expertise, access to multiple insurance markets, and a more efficient process in obtaining specific coverages as needed.
Large and small American investors are taking advantage of the current residential trends and are seizing the opportunity to expand their portfolios. Buying, renovating, and renting residential properties is becoming a mainstream alternative to traditional ways of earning income. As an investor, a traditional home owners policy may not provide enough protection to safeguard your assets; especially if the property is vacant. Understanding property and liability insurance coverages is a critical component for anyone that invests in rental real estate properties because it can dictate your business’ overall success and protect your valuable investment.