No. Monoline does not provide standalone umbrella coverage for rental properties. To be eligible, an application must include a primary residence to serve as the "anchor" for the policy. Once the primary residence is established, you may then add rental properties to the schedule.
1. The Primary Residence Anchor
The umbrella must be anchored by a primary residence with proper underlying coverage.
Eligible Types: Single-family houses, townhouses, condos, or apartments.
Requirement: The primary residence must maintain a minimum liability limit of $300,000 CSL (Combined Single Limit).
If there is no primary residence, the risk is ineligible for a Monoline umbrella.
2. Rental Property Unit Limits & Scheduling
Unit Maximum: Each individual rental property listed can have a maximum of 4 units.
Scheduling Guidance: Properties should be added based on how the underlying coverage is written:
Single Underlying Policy: If one property has 4 units and is covered by one policy, list the rental property once and denote "4 units."
Multiple Underlying Policies: If units at the same location are covered under separate policies, list them as individual line items to match the underlying documentation.
3. Underlying Coverage Standards
Capacity: You may add up to 40 rental properties, provided they are anchored by the primary residence.
Minimum Limits: All underlying policies (both the primary residence and all rentals) must maintain at least $300,000 CSL.
Carrier Eligibility: The carrier for every underlying policy must be documented and must appear on the Approved Carrier List.
4. Address and Documentation Accuracy
Exact Matching: The full address of each property must match the address documented on the underlying policy exactly.
Risk Profile: Monoline requires the primary home policy to be the foundation. This allows for a comprehensive review of the entire risk profile and ensures the umbrella functions as excess liability over a consistent base of coverage.