Am I Paying Too Much For Asheville, NC Renters Insurance?
North Carolina Renters Insurance prices are regulated by the state. This means that, in theory, there is a maximum price that companies can charge for a given set of coverage. With that in mind, it’s highly unlikely that you’re paying too much for Asheville, NC renters insurance because of this. However, there are a few things to keep in mind.
Did You Sign A Consent To Rate Form?
In and of itself, this doesn’t mean you’re paying too much for renters insurance in Asheville, just to be clear. It’s a fairly common practice in the industry to have the form signed up front when the policy is issued. But you should be aware that the consent to rate form gives the company the ability to increase your rate to 250% of the state approved rate, should it ever become necessary.
Why would it become necessary? Because the company perceives that the level of risk you present as an insured has changed. Material changes in risk like moving out and leaving the apartment vacant can result in cancellation or non-renewal, but other types of changes in risk may simply result in an increase at renewal.
Signing a consent to rate doesn’t mean your price is too high, but it does mean that you should review your price, your coverage, and your renewals with a renters insurance expert. Effective Coverage is happy to review the policy for you to help you understand if you’re paying above market rate for your policy.
Is Your Rate Drastically Different From The NCRB Approved Rate?
You could be paying too much. Or, you could be in a high risk area, for instance. The NCRB approved rates have some flexibility with a consent to rate form, as we saw above. But if you’re paying 200% over the suggested rate, it’s worth taking a look at why.
Just because your rate is different doesn’t mean much on its own. First of all, if you have a basic policy, most companies have a “minimum premium.” That simply means that they will round the annual price up to a pre-set number. $125.00 for the year is a common number in the industry. If that minimum premium applies, you should ask your insurance provider “How much coverage can I get for that $125.00?” You might be surprised how much more coverage you can get without changing the price.
If You’re Paying Too Much For Renters Insurance In Asheville, There Could Be A Good Reason
If you’re paying too much for Asheville renters insurance, it may be because there’s a rating factor that’s impacting it. If so, that would mean you’re not paying too much, but being charged for those rating factors. Do you have a pool or a trampoline? Some companies uprate for these additional (and significant) liability risks.
How far are you from the closest fire department? Are there paved roads the entire distance? Is there a nearby hydrant or other reliable, year-round source of water for that fire department to use, or will they have to truck in water? All of that and more goes into what’s called a “protection class,” which is a significant factor in your pricing for obvious reasons.
What about your credit? Credit can be a significant rating factor in renters insurance. It can even keep you from getting a policy from some companies. Effective Coverage works to make renters insurance available to everyone who wants it, even in places like western NC, where it can be tough to find. We may have options for your situation that can get you an affordable policy quickly. To find out more, just call (800)892-4308 or click to get covered - whether you need Asheville renters insurance quotes online or coverage anywhere else!
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