Why Does My Renters Insurance Cost More Than My Neighbor’s?

Why Does My Renters Insurance Cost More Than My Neighbor's?

Why Does My Renters Insurance Cost More Than My Neighbor’s?

Recently, we received an inquiry from a client who has a Texas renters insurance policy.  The insured’s daughter lived the same apartment complex and maintained the same coverage.

The mother’s policy was 50% more than her daughter’s, and she wanted to know why.  This is an interesting question, especially in light of the fact that insurance premiums often drop as you get somewhat older, because you become less risky than, for example, an average college student.  While we certainly can’t publicly speak to the specifics of their policies, we can run through some common factors that impact the price of renters insurance. [Read more...]

Auto Insurance Is Mandatory, Why Isn’t Personal Liability?

Auto Insurance Is Mandatory, Why Isn't Personal Liability

Auto Insurance Is Mandatory, Why Isn’t Personal Liability

Putting aside the rental communities that mandate renters insurance as part of the lease, as things stand today, anyone is free to go about their day to day business without a thought towards how much injury or damage they might cause to another person or entity.

In harder markets, especially where states retain tight control over premium increase, subrogation is on the rise.  But subrogation only works if the liable party is able to make good on the loss.  If that were the case, it wouldn’t be necessary to subrogate, or even for the injured party to file a claim at all.  The individual responsible for the loss would simply cover the cost and all would be right with the world. [Read more...]

What Is The Residence Rental Theft Endorsement?

What Is The Residence Rental Theft Endorsement?

What Is The Residence Rental Theft Endorsement?

When people buy renters insurance policies without input from an insurance expert, they often feel compelled to add something called “Residence Rental Theft” coverage.  They have the best of intentions, thinking they need coverage for personal property that gets stolen, but is that the right way to go about it?

[Read more...]