Venbrook Group has teamed up with DB Insurance to offer a new insurance product aimed at multi-unit residential properties in California. This new coverage focuses on condominium and townhome homeowners associations and marks the first release from Venbrook’s newly formed Specialty Product Group.
This product is designed especially for California property owners who have had trouble finding insurance. Challenges like natural disasters, strict regulations, and limited insurance options have made coverage hard to get. The product, supported by DB Insurance, covers only California condominiums and townhomes and has specific eligibility rules.
One key feature of this insurance is that it’s offered through an admitted carrier, meaning it meets state insurance guidelines. The policy includes liability coverage of $1 million per occurrence and $2 million aggregate, medical payments up to $5,000 per person, business income coverage including additional living expenses, and extended replacement cost protection up to 125% of the insured value.
Venbrook’s new Specialty Product Group, which plans to create more offerings for the construction and real estate industries, will be led by Bryan Meyer, the company’s executive vice president. Venbrook itself is a holding company that operates various subsidiaries engaged in retail and wholesale insurance broking, as well as program management and claims services.
This partnership and new product could offer much-needed relief to California multi-unit property owners facing tough insurance markets. It’s an effort to bring more choice and security to a sector shaken by recent environmental and regulatory challenges.