Does Monoline accept standalone rental properties?
No, in order to add rental properties, a qualifying owner-occupied primary residence must be on the policy as well. Once your primary residence is established, you may add rental properties to the schedule. We do not accept standalone rentals.
How many rental properties can I add?
You may add up to 40 rental properties when there is a qualifying primary residence.
What are the unit limits and how should I schedule rental properties?
Unit Maximum: Each individual rental property listed can have a maximum of 4 units. Properties should be added based on how the underlying coverage is written:
Single Underlying Policy: If one property has multiple units covered under one policy, list the rental property once and denote the number of units (e.g., "4 units").
Multiple Underlying Policies: If units at the same location are covered under separate policies, list them as individual rentals to match the underlying documentation.
ADUs (Accessory Dwelling Units): If the ADU is covered under the homeowners policy, do not schedule separately. If the ADU has a separate dwelling fire policy and is used as a rental, schedule it as an additional rental property.
What are the underlying coverage requirements for rental properties?
All rental properties must meet these requirements:
Minimum Limits: All underlying policies must maintain at least $300,000 Comprehensive Personal Liability (CPL).
Carrier Eligibility: The carrier for every underlying policy must be documented and appear on the Approved Carrier List.
Exact Matching: The full address of each property must exactly match the address on the underlying policy's declarations page.