Rates for homeowners policies will not be affected by this change. North Carolina’s Commissioner Wayne Goodwin has announced that he is stepping away from his decision for slightly decreasing rates for rental insurance and other types of coverage for properties that are not occupied by their owners, due to a court battle declared by the industry. An out of court settlement has now been reached for the case between the industry and the Insurance Department. A compromise was reached in the settlement that fell between the 2.6 percent decrease in…
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Renters insurance customers can risk losing coverage
Tenants who sublet their space may not be permitted in their policies. The growing number of people who are leasing apartments and are holding off buying homes has also increased the number of renters insurance policyholders that are risking their coverage by taking actions that are not allowed by the terms of their policies. Subletting is a common activity but is not one that is typically allowed in a policy. According to the statistics collected by a commercial real estate firm, Reis Inc., the average cost of rent in the…
Read MoreRenters insurance purchased by less than half of tenants
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…
Read MoreMiddletown Common Council chambers hear strong opposition to dog insurance proposal
Pet insurance liability issue grows in Middleton The Middletown Common Council chambers were filled to the limit on April 3, when, one after the next, individuals representing themselves or various organizations spoke up against a proposed law that would force renters to obtain insurance if they own a dog that weighs over 50 pounds. The opposition to the proposal was very strong and brought up a number of different objections to it. Among them, for example, were that it would cause landlords to be less accepting of tenants who own dogs.…
Read MoreDo your possessions in storage require insurance coverage?
No matter where you may be keeping your belongings – whether it’s in your parents basement or garage, or in a public storage unit – making sure that you have the proper insurance coverage for those items should be considered a necessity if they are of any financial value or if it would cost money to replace them. The Insurance Information Institute recommends that if an item is worth paying for its storage, then it is worth the cost of its coverage. The first thing that you should do is…
Read MoreWhat type of insurance coverage should a college student consider?
If your child is already in college, or will be headed there within the next few months or years, then you may want to begin thinking about the different types of insurance coverage that may be important for him or her during this first time away from home. The odds are that he or she will remain free if incident throughout the entire time at college, but just in case some of those close calls go awry, it is best to be protected. The following are some of the types…
Read MoreSmart renters purchase insurance coverage
Last year came with a wide range of tremendous disasters ranging from extreme weather to tornadoes, which brought the importance of insurance coverage to the attention of many renters who didn’t think that they needed this protection. Unfortunately, all too many renters discovered that they were wrong when they assumed that their landlords’ policies would cover them, as well. The reality, though, is that the landlords’ policies extend only to the protection of the building itself, and not the contents of the units. Renters’ insurance, also known as contents insurance,…
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