TrueNorth Companies announced a new property program designed to help community associations and apartments owners, including affordable housing and student housing properties, secure broad coverage at a competitive price.
As buildings get older, they lose access to standard insurance markets. Once a property passes an insurer’s internal age cutoff for new business, most carriers will renew coverage but won’t write it fresh, shrinking the pool of available markets and driving up prices for owners with fewer options.
TrueNorth built the program around an internal underwriting facility, allowing the firm to evaluate each property on its own merits rather than applying blanket restrictions based on a building’s age or claims history.
The approach gives TrueNorth more flexibility to structure pricing, terms and coverage around a property’s risk level, without the co-insurance penalties or coverage restrictions that often apply to older buildings in the traditional market.
The program is built to serve community associations — condominiums, homeowners associations and townhome communities — as well as apartment properties across the market-rate and affordable housing and student housing spectrum.
Cedar Rapids, Iowa-based TrueNorth Companies is a privately-held risk management and insurance brokerage
Topics New Markets Property
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