Spruce launches rental coverage policy

Spruce, a real estate startup offering title and closing services, is introducing SpruceProtect: HOA Guarantee, the “first and only” HOA (homeowner’s association) rental coverage policy.

The product provides financial coverage in the event of rental restrictions that could impact the rentability of an investment property located within an HOA. Property owners can recoup losses of up to $50k to cover expenses such as closing costs, home improvements, and rental revenue loss.

SpruceProtect is offered as an endorsement to a title policy issued in partnership with American Digital Title Insurance Company.

“Working closely with some of the biggest institutional investors across the U.S., we identified a gap in asset protection that SpruceProtect can now solve. SpruceProtect gives confidence to our ambitious investor clients as they work with us to reliably scale and maintain their portfolios.” – Patrick Burns, CEO and co-founder of Spruce.