Tag: contents insurance

Renters insurance options that are available when a home is leased

Nordstrom
Renters Insurance

What tenants should know about protecting their possessions. Renters insurance is one of the only ways that tenants can protect themselves against the destruction or loss of their possessions while renting an apartment or house. The NAIC says that a tenant’s contents aren’t protected by a landlord’s coverage. One of the most common misconceptions about coverage, says the National Association of Insurance Commissioners (NAIC), is that the belongings of tenants, contained in the rental property, are covered by the policy of the landlord. Many people think that renters insurance is…

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Renters insurance purchased by less than half of tenants

Julie Campbell
Renters Insurance

Though people who rent their homes are aware of the risks, less than 50 percent buy coverage. The data from the U.S. Census Bureau, in combination with a renters insurance survey performed by Allstate, has shown that only 45 percent of tenants have purchased coverage. Still, tenants have a fear that fire will destroy their possessions. Moreover, 54 percent of the survey respondents indicated that it would take a minimum of three years to replace their possessions if they should ever be lost to a fire or other disaster. Though…

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Mercury Insurance to raise rates in California, agitating consumer advocates

S.Vagus

Mercury Insurance is looking to raise rates on homeowners and renters insurance policies in California. The company has plans to raise rates by an average of 8.8% for some 300,000 consumers in the state. If state regulators approve the proposal, the company will be generating an additional $19 million per year in profits. Consumer Watchdog, a non-profit organization concerned with fairness for insurance consumers, claims that the proposal is unreasonable because the insurer is already awash with profit. According to Consumer Watchdog, the company paid less than 50 cents on…

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