Property managers, when a resident starts a fire at 1 am and burns down 3 units, are you confident your liability insurance will come through?
If the answer is anything but a firm “yes,” it’s time to rethink your risk strategy.
At Get Covered, we believe your insurance should be as reliable as your reputation, and that starts with who’s backing your policy. We share exactly why we only partner with AM Best A-rated carriers—and what that means—to deliver the highest level of protection for both your properties and residents.
What does “AM Best A-rated” really mean?
AM Best is an independent credit rating agency specializing in the insurance industry. Their rating scale ranges from A++ (Superior) down to D (Poor).
An “A-rated” carrier, which includes A++, A+ A, and A-, is considered financially secure, with a superior or excellent ability to meet its ongoing insurance obligations.
Source: https://www.ambest.com/ratings/guide.pdf
The Risk of Working With Non A-Rated Carriers
Opting for a lower-rated insurance provider might seem like a cost-saving decision, but it comes with hidden risks that can run up more in the long run:
- Unreliable Claims Payout: Lower-rated carriers might not have enough reserves to cover claims, especially during large-scale disasters. When hundreds of claims hit at once, underfunded carriers are known to delay, underpay, or deny claims altogether.
- Compliance Gaps: Many lenders and institutional investors require insurance from A-rated carriers.
- Resident Distrust: Residents expect their renters insurance to be there when they need it. Allowing them to go with low-rated carriers can weaken trust, especially if policies are denied.
4 Reasons Why AM Best A-Rated Insurance Is Essential
- Financial Strength & Stability: A-rated carriers are better equipped to pay claims fully and promptly, even in large-scale events.
- Reduced Liability Risks: Strong financial backing means fewer risks for property owners across their portfolio.
- Compliance Ready: Meets the insurance standards set by lenders and investors.
- Resident & Stakeholder Trust: Demonstrate your commitment to quality and responsibility by choosing the most reliable carriers.
How Get Covered Guarantees A-Rated Protection
At Get Covered, protecting your properties starts with who we trust to write the policies. That’s why we only partner with AM Best A-Rated carriers. Here’s how we ensure every policy at your property meets that standard:
- Master Policies and HO-4 Policies: Whether it’s a Master Policy covering your portfolio or a renter’s HO-4 policy, every plan is underwritten by an AM Best A-rated carrier. That means your coverage is backed by the most financially stable carriers in the industry.
- Third-Party Policy Verification: If a property manager requires residents to only use AM Best A-rated Carriers, we can verify the policy even if a resident uses a third-party insurance provider. We use both OCR (Optical Character Recognition) technology and a real human on our team to confirm that the policy was correctly administered through an AM Best A-rated carrier.
- No A-Rating, No Approval: If the resident submits a policy from a non-AM Best A-rated carrier, the policy gets denied. The resident is required to resubmit an A-rated carrier policy and our team works with them to ensure all requirements are met.
Built for Compliance, Backed by A-Rated Protection
Get Covered takes the stress out of renters insurance compliance for you and your residents. Utilizing advanced technology, we track and manage compliance while automatically enrolling any non-compliant residents into a master policy backed by AM Best A-rated carriers. This eliminates administrative burdens for your property teams and ensures full compliance across your portfolio. In addition, our customizable programs and resident communication serve as a seamless extension of your brand, delivering a white-glove experience for your residents.
Interested in learning more? Let’s start a conversation today.
