Cision PR Newswire

Spruce Announces Industry's First HOA Rental Coverage Policy for Investors

SpruceProtect: HOA Guarantee Rolling Out Across U.S.

NEW YORK, Jan. 25, 2023 /PRNewswire/ -- Spruce, the leading title and closing partner for investors, today announced SpruceProtect: HOA Guarantee, the industry's first and only HOA (homeowner's association) rental coverage policy. SpruceProtect provides financial coverage in the event of rental restrictions that could negatively impact the rentability of an investment property located within an HOA.

Today, HOA filings, documentation, and regulations present deeply nuanced complexities that require time and resources to surface and navigate. For example, bylaws and contracts can differ from HOA to HOA, and rental restrictions can be found in amendments that are either never filed, or don't make it into the governing documents–making these restrictions virtually impossible to locate in pre-closing diligence until after a property is listed for rent. With SpruceProtect, Spruce's SFR clients can protect their investment with previously unavailable coverage in the event that their properties cannot be rented as a result of an HOA restriction.

In the industry's first offering of its kind, SpruceProtect offers investors the opportunity to recoup certain losses (such as loss of rental revenue and costs of resale efforts) up to $50,000, for an additional endorsement fee per property.

SpruceProtect covers certain non-recoverable expenses, including:

  • Home improvements
  • Closing costs
  • Loss of rental income on properties declared unrentable due to HOA rental restrictions

"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," said Patrick Burns, CEO and co-founder of Spruce. "SpruceProtect gives confidence to our ambitious investor clients as they work with us to reliably scale and maintain their portfolios."

Spruce offers nationwide title insurance, closing, escrow, and recording services through proprietary technology and centralized teams, resulting in a reliable process that grows alongside its clients. Combining the best of technology with a team of experts, Spruce's scalable model serves forward-thinking real estate investors, lenders, and relocation management companies.

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


Spruce is digitizing real estate transactions for forward-thinking real estate companies. By leveraging proprietary technology and best-in-class operations, Spruce provides a reliable title and closing process nationwide. Spruce was founded by Andrew Weisgall and Patrick Burns in 2016, and is headquartered in New York with hubs across the U.S. Learn more about how Spruce can bring your business digital:

Hadley Stecker
Director of Marketing

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