Specialty Underwriting Insurance Solutions (SUIS), a division of Specialty Program Group, has announced the launch of a new product for renter-occupied housing units. The new product, HABX, is targeted at real estate owners and real estate investment trusts that own large portfolios of apartment units.
“The number of renter-occupied housing units has grown steadily over the past five years and the pace is increasing rapidly,” said Derek Schiavone, president of SUIS. “Owners interested in a higher level of coverage are finding that many excess carriers are requiring higher attachments on habitational business. HABX solves this important piece of the insurance puzzle for the largest, most respected habitational owners in the US.”
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HABX is written on A-rated paper for owners and managers of multifamily properties and real estate portfolios, as well as real estate investors, SUIS said. Coverage includes market-rate apartments, for-rent single-family housing, contingent liability and lessors risk for retail, commercial, office, hotels/motels, warehouses, shopping centers and more.
Specialty Program Group formed SUIS, an excess casualty MGA, in January 2022. HABX is the first in a series of niche products SUIS plans to launch for the real estate and construction industries.
