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Hi all. I posted this in the Renters section, but maybe I would get better results here?
Ok, here goes:
I rent a house in Arizona. Six months ago (February) my landlord filed a homeowner insurance claim for the water heater leaking and causing water damage. None of my personal property was damaged. However, I am finding getting affordable renters insurance rates difficult now. Normally rates would be around $15/per month. I am finding them in the $40/per month range due to my landlords insurance claim. When I spoke to the companies that are quoting $40/per month, they all tell me I will not be able to find rates in the $15/per month range because an insurance claim was opened at the address I live at.
I was hoping to find and obtain renters insurance and add extra things to it to cover more personal belongings, but now that I am finding out BASIC coverage to be this expensive, I'll have to pass.
So my question is, for those that would know, is this a normal insurance thing? Is there anything I can do, short of moving, to get better rates?
I am not sure, but I would think that homeowners (landlord) insurance cover the actual building you live in (and associated structures like garages), while renter's insurance does not. Renters insurance covers personal property and liability owned by the tenant. Therefore those should be two separate things and the rate should not relate to each other.
"...is this a normal insurance thing?"
yes.
after the First Claim, rates go up.
they figure something is wrong,
so they want more to cover it.
homeowners insurance is the same.
it is better to pay $500 yourself ( to fix it )
than file a claim which increases your premium
to $220 from the original $88.
I am not sure, but I would think that homeowners (landlord) insurance cover the actual building you live in (and associated structures like garages), while renter's insurance does not. Renters insurance covers personal property and liability owned by the tenant. Therefore those should be two separate things and the rate should not relate to each other.
Hmm, ok. Unfortunately the insurance companies I spoke to say the rate quotes I was given are directly related to the claim my landlord filed six months previously.
"...is this a normal insurance thing?"
yes.
after the First Claim, rates go up.
they figure something is wrong,
so they want more to cover it.
homeowners insurance is the same.
it is better to pay $500 yourself ( to fix it )
than file a claim which increases your premium
to $220 from the original $88.
While I understand that IF it was I that filed the claim. It was not though.
Hmm, ok. Unfortunately the insurance companies I spoke to say the rate quotes I was given are directly related to the claim my landlord filed six months previously.
Insurance companies are intensely afraid of water damage and water damage claims. It's not unheard of for what starts as a broken water heater claim to end up as a building totaled because of mold damage.
There is a central database used by most all homeowners insurance companies to record claims. It lists them by address, so a water damage claim at that address will affect new owners or tenants for years to come.
However, it seems to me that you should be able to get a renter's policy distinct from the homeowner claim.
If you haven't yet, go to a couple of independent insurance agents--not chained to any particular insurance company--and see if they can't find an insurer for your situation.
Insurance companies are intensely afraid of water damage and water damage claims. It's not unheard of for what starts as a broken water heater claim to end up as a building totaled because of mold damage.
There is a central database used by most all homeowners insurance companies to record claims. It lists them by address, so a water damage claim at that address will affect new owners or tenants for years to come.
However, it seems to me that you should be able to get a renter's policy distinct from the homeowner claim.
If you haven't yet, go to a couple of independent insurance agents--not chained to any particular insurance company--and see if they can't find an insurer for your situation.
water damage tends to follow the property many times ... not only is the person who filed the claim flagged with a claim on their CLUE report but the property can be flagged too . that effects potential buyers and renters
water damage tends to follow the property many times ... not only is the person who filed the claim flagged with a claim on their CLUE report but the property can be flagged too . that effects potential buyers and renters
Maybe you can see if the homeowner can lower the rent to accommodate the increase in insurance.
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