No, Monoline does not provide standalone umbrella coverage for rental properties. All policies must be anchored by a primary residence. This guide explains how to correctly schedule multi-unit properties like duplexes based on their underlying insurance structure.
1. The Primary Residence Anchor
To be eligible for a Monoline umbrella, the application must include a primary residence to serve as the "anchor" for the policy.
Requirement: You must insure the named insured's primary residence (Single-family, townhouse, condo, or apartment).
Minimum Limit: The primary residence must maintain a minimum liability limit of $300,000 CSL (Combined Single Limit).
Ineligibility: If there is no primary residence, the risk is ineligible. You cannot write a "rental only" umbrella.
2. Scheduling Multi-Unit Properties (Duplex, Triplex, Fourplex)
Confusion often arises regarding how to count properties. You should schedule properties based on the number of underlying policies, not the number of units.
Unit Maximum: A single scheduled location can have a maximum of 4 units.
Scenario A: One Underlying Policy (Most Common for Duplexes)
If a Duplex, Triplex, or Fourplex is covered under one single underlying liability policy (e.g., a Landlord or Dwelling Fire policy), you should list it as 1 Rental Property.
Action: Schedule the address once and indicate the number of units (e.g., "2 units" for a duplex) in the unit count field.
Scenario B: Multiple Underlying Policies
If the units at a single address are insured by separate underlying policies (e.g., Unit A has Policy X and Unit B has Policy Y), you must list them as separate rental properties.
Action: Schedule each unit individually to match the distinct underlying declarations pages.
ADUs (Accessory Dwelling Units):
If the ADU is included in the main Homeowners policy, do not schedule it separately.
If the ADU has its own separate Dwelling Fire policy, schedule it as an additional rental property.
3. Underlying Coverage Standards
Capacity: You may add up to 40 rental properties, provided the policy is anchored by a primary residence.
Minimum Limits: All underlying policies (primary residence and all rentals) must maintain at least $300,000 CSL (or $250/500/100 split limits).
Carrier Eligibility: The carrier for every underlying policy must be listed on the Approved Carrier List.
4. Address and Documentation Accuracy
Exact Matching: The address entered in the Monoline portal must exactly match the address listed on the underlying policy's declarations page.
Risk Profile: We require the primary home policy to be the foundation. This allows for a comprehensive review of the entire risk profile and ensures the umbrella functions correctly as excess liability over a consistent base of coverage.