KIS Insurance · Restricted Access
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Combined Pro Forma
All programs · Today through December 2028
Expenses & Revenue Share
KIS Commission % of Premium18.3%
USI Commission Cap / Year$350K
Fronting Carrier Fee / Year$150K
Loss Ratio % of Premium10.1%
Admin + Misc Fees / Year$110K
Revenue Share to PHR10.0%
2027 Net to KIS:$4,821,8822028:$10,329,324
Total Premium 2026
$653K
Jun–Dec partial year
Total Premium 2027
$6.19M
Full year projection
Total Premium 2028
$12.25M
+98% vs 2027
Net to KIS 2027
$4.82M
After all expenses
Annual premium vs net income
Gross premium vs net to KIS vs total expenses
Gross Premium
Net to KIS
Total Expenses
2027 premium mix
Share of $6.19M total premium
2028 premium mix
Share of $12.25M total premium
Premium by product — all years
Annual gross premium per program across 2026, 2027 and 2028
2026
2027
2028
Renters Insurance
1st Party · Jun 2026 – Dec 2028

Covers resident-caused accidental damage (fire, smoke, explosion, water) and provides HO-4 equivalent policies for personal property and broader liability. Includes ongoing compliance management to ensure tenants meet the minimum insurance requirements in their leases.

Premium / Policy / Month$15
Renewal TLL Adoption70%
Organic Growth / Month500
Organic TLL Adoption70%
KIS Commission %30%
Loss Ratio %20%
2026 Premium
$539K
7 months
2027 Premium
$3.12M
Full year
2028 Premium
$5.51M
Full year
Net to Captive 2027
$1.56M
After comm + loss
Monthly gross premium
Ramping Jun 2026 – Dec 2028
Policy count ramp
Ending policies per month
Annual cash flows
Premium vs outflows vs net
Annual financial summary
Line Item202620272028
Product Brief — Tenant Renters Insurance
Overview
The TRI program provides residents with required liability coverage while creating a streamlined revenue stream for the property management ecosystem. Using a fixed $15/month premium and a structured opt-out adoption strategy, the program aims to achieve full portfolio integration within 12 months. New residents are auto-enrolled at lease signing — those opting out must provide a valid certificate of insurance meeting minimum requirements within 72 hours prior to move-in or they are force-placed into the master policy.
Ongoing Compliance
For residents providing third-party coverage, KIS verifies on an ongoing basis that policies remain active and carry minimum coverage requirements. Residents with inactive or inadequate policies are placed into the master policy. A "Administrative Compliance Fee" is assessed to residents providing third-party coverage, covering all effort and cost associated with confirming ongoing compliance.
For the Resident
  • "Good to Go" the moment they sign the lease
  • No separate bills — built into rent ledger
  • $15/month equivalent to standalone policy
  • No deductible for resident-caused property damage
  • Broader coverages than typical retail policy
For Property Managers
  • KIS tracks and manages all compliance
  • No coverage gaps — force-placement backstop
  • Quick claims response with PM control over process
  • Eliminates manual COI collection and approval
Projections
  • 40,000 starting leases on 30-month renewal cycle
  • 70% adoption rate at renewal and organic growth
  • 8,983 ending policies by Dec 2026
  • 24,383 policies by Dec 2027
  • Gross premium: $539K (2026) · $3.1M (2027) · $5.5M (2028)
Security Deposit Waiver
1st Party · Jun 2026 – Dec 2028

Allows residents to pay a monthly fee in lieu of a larger upfront deposit. The captive backs the program to cover end-of-lease damages not paid by the tenant. Pricing is based on credit scores rather than rent amounts.

Assumptions
Premium / Policy / Month$30
Existing Door Adoption5%
New Door Adoption5%
Organic Growth / Month500
KIS Commission %30%
Loss Ratio %70%
2026 Premium
$114K
7 months
2027 Premium
$950K
Full year
2028 Premium
$701K
Maturing book
KIS Commission 2027
$197K
Direct to KIS
Guaranteed Rental Income
1st Party · Jan 2027 start

Protects owners against loss of rental income due to eviction, combined with guaranteed monthly disbursements while the property is leased. Provides financial continuity for owners during tenant non-performance and removal proceedings.

Assumptions
Avg Rent / Door / Month$2,500
Premium as % of Rent0.65%
Existing Door Adoption2%
New Door Adoption100%
KIS Commission %30%
Eviction Loss Ratio %57.7%
2027 Premium
$690K
Jan–Dec ramp
2028 Premium
$1.96M
Full year
Net to Captive 2027
$85K
12.3% margin
Monthly gross premium ramp
Jan 2027 start — growing through 2028
Annual financial summary
Line Item202620272028
Product Brief — Guaranteed Rental Income
Overview
Transforms rent collection from a variable risk into a fixed, predictable asset for PHR. By decoupling owner disbursements from resident payment behavior, PHR can offer a "Guaranteed Rent" model that serves as a powerful differentiator for new owner acquisition and churn reduction. A premium of 0.65% of monthly rent is integrated directly into the monthly management fee.
Core Features
Owners receive funds on a fixed day regardless of resident payment status. KIS covers up to 3 months of unpaid rent during eviction proceedings, reimbursing PHR once the claim is filed. PHR maintains the owner's cash flow during legal proceedings while KIS provides back-end reimbursement. Maximum allowable monthly protection: $4,000/month.
Operational Flow
Days 1–4: Rent is due. Days 5–9: Peak collection window (92% of funds captured). Day 10: PHR disburses 100% of rent roll — KIS provides instant liquidity injection to cover the 8% gap. Days 11–20: Late payments repay the KIS injection. Day 21: Any remaining unpaid rent triggers a KIS claim.
For PHR
  • Competitive differentiator in the market
  • Standardizes disbursement accounting
  • KIS absorbs 2.5% eviction risk
  • Bonus revenue for lower eviction rates
For Owner
  • Protection against rent skips up to 3 months
  • Align debt service with guaranteed payments
  • Ideal for investors with tight mortgage margins
Adoption Strategy
  • New doors: 100% inclusion via PHR mgmt fee
  • Legacy renewals: opt-in at 1% rate
  • 500 new doors/month organic growth
  • ~522 doors added monthly at scale
Breed Specific Protection
1st Party · Jan 2027 start

Provides coverage for residents who own one of the 7–9 listed restricted breeds typically excluded from standard landlord liability policies. Fills a critical gap that often prevents residents with certain pets from securing housing.

Assumptions
Premium / Policy / Month$65
Residents with Pets50%
Restricted Breed %5%
Organic BSP / Month12.5
KIS Commission %30%
Loss Ratio %25%
2027 Premium
$486K
Jan–Dec ramp
2028 Premium
$1.38M
Full year
Net to Captive 2027
$219K
45% margin
Monthly gross premium ramp
Jan 2027 start — growing through 2028
Annual financial summary
Line Item202620272028
Pet Damage Waiver
1st Party · Premium TBD — Feasibility Study Required

Incorporated into pet rent, this product supplies properties with dedicated pet damage coverage backed by the captive. Protects owners from repair costs caused by resident pets beyond what standard deposits cover.

Scenario Modeling
Premium / Policy / Month$0
Residents with Pets50%
Lease Renewal %66%
Organic Growth / Month500
KIS Commission %30%
Loss Ratio %20%
2027 Premium (scenario)
$0
Set premium above to model
2028 Premium (scenario)
$0
Full year projection
Net to Captive 2027
$0
After comm + loss
Projected monthly premium (scenario)
Drag the premium slider above to model potential revenue
⚠ Awaiting Feasibility Study
Use the sliders above to model potential scenarios. Based on lease assumptions, an estimated 6,400+ policies could be active by end of 2027 if launched in January. The $20,000 feasibility study cost is included in 2027 combined expenses.
Product Brief — Pet Damage Waiver
Overview
The PDW replaces traditional stagnant pet policies with a dynamic protection model. Residents pay a monthly $50 Pet Rent Premium bifurcated across two stakeholders: $30 goes directly to the owner as additional rental income, and $20 to KIS as a risk premium to fund a professional Pet Damage Guarantee of up to $2,000 for pet-specific property damage.
Coverage
The $2,000 guarantee covers the most expensive pet issues: floor replacement, subfloor sealing, and deep odor remediation. Unlike a traditional pet deposit (capped and legally restricted), this ceiling provides meaningful protection. KIS only triggers the guarantee for catastrophic pet damage — claim frequency is historically below 5%.
For PHR
  • Markets to 100% of applicant pool — no "no pet" barriers
  • Standardized non-negotiable pricing structure
  • Pet-owning residents are statistically less likely to move
  • Reduces vacancy loss and turnover costs
For KIS
  • $20 per pet per month recurring revenue
  • Favorable loss ratio (<5% claim frequency)
  • Scalable with portfolio growth
  • Data aggregation to refine future products
For Owner
  • $2,000 guarantee vs. capped traditional deposit
  • Risk transferred to KIS — no "pet gamble"
  • $30/month additional income per pet
  • Units stay occupied longer
Home Warranty Protection
1st Party · Jan 2027 start · Two tiers

Covers the cost of repairing or replacing major home systems and appliances that break down due to normal wear and tear. Offered in standard and premium tiers to meet varying levels of coverage need across the managed portfolio.

Assumptions
Standard Tier / Month$50
Premium Tier / Month$75
Standard vs Premium Split70/30
Existing Owner Adoption1.5%
Organic Growth Adoption25%
Organic Growth / Month500
2027 Premium
$750K
Jan–Dec ramp
2028 Premium
$2.20M
Full year
Blended Premium
$57.50
Per policy / month
Monthly gross premium ramp
Jan 2027 start
Annual financial summary
Line Item202620272028
Product Brief — Home Warranty Protection
Overview
A professional-grade protection plan designed specifically for rental property owners — moving away from the consumer-grade model plagued by slow response times and restricted vendor lists. The HWP is vendor-neutral, allowing PHR to use their own trusted and vetted vendors. It acts as a financial backstop rather than a dispatch service, covering issues quickly without waiting for authorization on repairs under a threshold (e.g., $500).
Claim Mechanics
Resident submits a work order request → PHR dispatches their vendor instantly → PHR charges the owner a $100 service deductible (25% kept as work order management fee, 75% applied to invoice) → Vendor invoices PHR → PHR pays invoice from owner operating fund → PHR submits invoice to KIS → KIS verifies coverage and pays PHR net of the 75% service fee already collected.
Standard Tier — $45/mo
  • HVAC: Semi-annual tune-ups + parts/labor up to $1,500/year
  • Plumbing: Leaks, clogs, water heater repair/replacement, garbage disposer
  • Electrical: Switches, outlets, panel components
  • Best for new builds or catastrophic-only coverage
Premium Tier — $60/mo
  • Everything in Standard, plus:
  • Appliances: Refrigerator, oven, dishwasher, washer/dryer
  • Roof leak: Patching and minor repairs (not full replacement)
  • Re-keying: Complimentary during tenant turnover
Owner Value
  • Covered issues resolved quickly — no dispatch delays
  • Reduces or eliminates large surprise expense items
  • More predictable cash flow for owners
  • Premiums are tax deductible
  • 2,050 projected policies by end of 2027
  • Gross premium: $750K (2027) · $2.2M (2028)
Eviction Recovery Insurance
1st Party · Jan 2027 start · 0.65% of rent

Covers the legal costs associated with removing non-performing tenants, including attorney fees and court costs. Reduces financial exposure for property owners navigating the eviction process.

Assumptions
Avg Rent / Door / Month$2,500
Premium as % of Rent0.65%
Existing Door Adoption2%
New Door Adoption25%
Organic Growth / Month500
Adoption Window (months)5 mo
2027 Premium
$195K
Jan–Dec ramp
2028 Premium
$494K
Full year
Implied Premium / Month
$16.25
Per policy
Monthly gross premium ramp
Jan 2027 start
Annual financial summary
Line Item202620272028
Product Brief — Eviction Recovery Protection
Overview
An optional risk-mitigation product designed to sit alongside — but remain distinct from — Guaranteed Rental Income. It covers the financial expenses related to legal/attorney fees, process serving, filing, and court costs resulting from evictions and regaining possession of the property. For a low monthly fee, KIS indemnifies the owner against all filing, legal, and administrative costs up to $4,000 per incident, transforming a volatile high-cost event into a predictable line item.
Mechanics
PHR submits premiums to KIS monthly. When an eviction claim is made, PHR submits all fees to KIS for reimbursement. The premium is set at 0.65% of monthly rent — approximately $16.25/month per door at the $2,500 average rent assumption.
For PHR
  • Streamlined claims submission process
  • Differentiator in owner acquisition
  • Reduces owner attrition during eviction events
For Owner
  • No surprise expenses from eviction proceedings
  • Up to $4,000 coverage per incident
  • Predictable, low monthly cost
  • Covers attorney, filing and court fees
Projections
  • Premium: 0.65% of monthly rent
  • ~$16.25/month per policy at $2,500 avg rent
  • Projected 1,722 policies by end of 2027
  • Gross premium: $195K (2027) · $494K (2028)
Landlord Liability & Dwelling
3rd Party · Mar 2026 start

Provides rental dwelling coverage and liability protection with optional rent loss coverage from a covered peril. Delivered through a Master Policy specifically designed for owners via a national insurance provider — offering broader coverage and competitive rates. KIS earns a commission with no risk of loss.

3rd Party
Assumptions
Avg Premium / Year$1,750
KIS Commission %15%
Existing Door Adoption0.5%
Organic Growth / Month500
Max Organic Adoption30%
Total Starting Doors40K
KIS Commissions 2026
$138K
Mar–Dec partial year
KIS Commissions 2027
$487K
Full year plateau
Avg Policies 2027
1,855
Existing + organic
Monthly KIS commissions
Commission income — reaches plateau as book matures
Policy count growth
Annual commission summary
Line Item202620272028
Product Brief — Landlord Liability & Dwelling
Overview
LLD insurance was designed specifically for the residential rental market. Unlike standard homeowner policies — which often contain occupancy clauses that void coverage if the owner doesn't reside on-site — LLD is built to protect non-resident investors. The product is delivered through SWBC via a Master Policy. KIS earns a 15% commission with no risk of loss.
Two Coverage Pillars
Dwelling Coverage: All-risk protection for the physical structure — fire, wind, hail, water damage — with optional Loss of Rent coverage if the property becomes uninhabitable. Liability Coverage: $1,000,000 liability protection against bodily injury or property damage lawsuits, specifically designed to meet PHR Property Management Agreement indemnity requirements.
For Owner
  • Seamless compliance — no manual insurance uploads
  • Group-style rates through SWBC
  • No "vacant property" or "tenant damage" exclusions
  • Optional Loss of Rents coverage
  • Avoids 60-day vacancy trap
  • $1M liability coverage
For PHR
  • Reduces liability across portfolio
  • Eliminates COI tracking burden
  • Every enrolled door backed by verified policy
Implementation
  • Legacy conversion: PMA renewal trigger
  • Target 0.5% adoption — 200 policies Year 1
  • New onboarding: preferred solution at PMA signing
  • Organic adoption ramps from 5% to 25% by Month 5
  • KIS: 15% commission, zero risk
Product Brief — Master Vendor Policy
Overview
The Master Vendor Policy solves the compliance gap that exists with smaller vendors lacking required liability insurance, while large vendors present a continuous administrative burden to track and verify coverage. Every vendor — regardless of size — contributes to a master liability wrap managed by KIS. The program uses two distinct tiers based on vendor size and existing coverage.
Tier 1 — Compliance Gap
  • Target: Handymen, cleaners, solo contractors
  • No independent $1M/$2M CGL policy
  • Auto-enrolled in KIS Master Policy
  • Percentage-based fee deducted from every invoice
  • Provides pay-as-you-go professional coverage
Tier 2 — Compliance-as-a-Service
  • Target: Large firms with existing insurance
  • Contingent wrap secondary to vendor's primary policy
  • Flat $15–$25 administrative fee per invoice
  • Backstop against policy lapses or hidden exclusions
  • KIS handles all COI auditing
Value Proposition
  • For PHR: Eliminates COI paper chase and manual errors
  • Shifts 100% of vendor liability off PM's books
  • For Owner: Every vendor backed by institutional policy
  • Collection via PM deduction from vendor invoice
  • Monthly remittance to KIS
Timeline with Milestones
KASTL Insurance Captive · Q1 2026 – Q4 2027
4
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9
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