We are an independent agency and Surplus Lines broker focusing exclusively on the unique and difficult to place risk.
Founded in 2022, our mission is to provide a better solution to the underserved insurance market.
When it comes to the unique risk, no two are alike, and they require more than simple “canned” coverage solutions offered at the click of a button.
At BR Risk Group™ Specialty Insurance, we take the time to truly know and understand your needs, and work diligently to find the best insurance coverage solutions possible for your unique situation.
There can be several reasons a risk may be deemed unique and potentially difficult for the typical agency to find adequate coverage in the standard market, including the following:
Properties Undergoing Extensive Renovations
Properties undergoing extensive renovations are typically viewed as “high” or “higher -risk” by most traditional insurance agents and companies, especially those that are exclusive renovation investment properties (also known as “fix-and-flip” investments).
For example, a property undergoing extensive renovations can result in injuries to those doing the renovations, as well as others in and around the property while it is being renovated.
Additionally, these types of properties are typically not lived in while the renovations are taking place, and a standard homeowner policy is not designed and intended for properties for which the dwelling is not occupied.
Further, renovation investment properties are generally intended to be sold once the renovations have been completed. Again, a standard homeowner policy is not designed or intended for this type of risk exposure. Given the unique nature of properties undergoing extensive renovations, Specialty Insurance coverage (typically referred to as Renovation Insurance) is generally required.
Property Usage
Property usage is another reason a dwelling may be viewed as either unique or difficult to insure.
Specifically, if a dwelling is purchased to be used exclusively as a rental property, either as part of a real estate investment portfolio or as a one-off purchase, it will not qualify for standard homeowner coverage.
While a typical homeowner policy will provide limited coverage for a dwelling that is occasionally rented to others, it is designed and intended for dwellings used as either primary or secondary residencies, not full-time rental units – regardless of the duration of the lease terms.
For these types of risk exposures, specialty rental property coverage is generally required, often times referred to as Rental Property Coverage or Landlord Insurance.
Property Occupancy
Similar to property usage, property occupancy is another reason a dwelling may be viewed as either unique or difficult to insure.
Specifically, the lack of occupancy, i.e., a dwelling that is not lived in on a full-time basis. In other words, a vacant dwelling.
A vacant dwelling situation can arise when a property is being held for sale, is undergoing extensive renovations, or a myriad of other reasons (other than it simply being abandoned by its owner…).
While the typical homeowner policy does provide some coverage for very limited duration property vacancies, it is designed and intended for properties that will be utilized on a full-time basis as either a primary or secondary residence.
A Specialty Insurance policy specifically designed to allow for a long term vacancy of a property is generally necessary to ensure proper insurance coverage for these unique risk exposures.
Property Location
Depending on the location of a property, it may be deemed “high-risk”, and therefore “uninsurable”, by some standard market insurance companies.
For example, if a property is located in an area that is not easily accessible by the local fire department and/or for which there is no readily available public water supply, like a fire hydrant, that property may viewed as “uninsurable” by a traditional insurance company (this would typically be referred to as a “Protection Class 9 or 10” risk).
And even if coverage is available in the standard insurance market, it may not provide all of the coverages or coverage limits needed by the property owner.
Ensuring proper insurance coverage protection for unique risk exposures such as these often times requires a non-traditional, specialized approach.
Prior Claim/Loss Activity
Properties with prior claim/loss activity are typically viewed by standard insurance agents and companies as “high-risk”.
The particular reason or reasons for the prior claim/loss activity often times doesn’t matter to the traditional insurance carrier. The mere fact that an individual has had prior losses is enough to label the property and/or the individual “high-risk”.
Similarly, an individual that has suffered some unfortunate losses may find themselves no longer “insurable” by their current insurance company.
And due to the perceived “high-risk” nature of prior claim/loss activity, finding new homeowner coverage in the standard insurance market may be exceedingly difficult, with potentially only limited coverage options available.
The Specialty Insurance market, on the other hand, is designed to provide creative coverage solutions for these types of unique and difficult to place risk exposures.
Others
While this is by no means an exhaustive list of scenarios for which a property may be deemed unique and potentially difficult to place in the standard insurance market, it is an example of some of the more common reasons.
Other scenarios, like tiny homes, earthen or geodesic homes, etc., also provide unique situations requiring subject matter expertise and tailored coverage solutions.
Working closely with an agency that specializes in the unique and difficult to place risk, like BR Risk Group™ Specialty Insurance, can help ensure that you get the coverage you need, without purchasing potentially unnecessary coverages, or worse, ending up with gaps in coverage at the time when you need your insurance the most!