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Maybe you can see if the homeowner can lower the rent to accommodate the increase in insurance.
This is one idea.
Another is, of course, to move.
It IS unfortunate that the LL insurance claim can affect you, but that is how its going to work.
Especially water damage.
The LL was actually foolish to file a claim due to a busted water heater, especially if damage was minimal. HIS/HER rates have also gine up.
When we were rear ended (clearly the other woman's fault, but we are a no-fault state, and our rate went up although our agent Said it wasn't supposed to.
Insurance is basically a losing proposition if you chose to have it.
BUT, it us also a Godsend if you need it.
I had a renters policy ($100/qtr for $10k coverage), and 2 years later rented an old cape style home.
In the middle of the night in February in New England it caught fire due to faulty wiring.
I had to crawl out a bedroom window, wearing ONLY what i wore to bed...a pair of socks and a pair if underwear!!!
Fortunately my winter jacjet was on the chair by the window I crawled out of.
also spent the night in the hospital for smoke inhalation.
The hospital was kind enough to give me a pr of scrubs pants to wear out of the hospital.
I had a whole 3br house full of stuff and lost every bit of it. I had a $10k policy and due to the total loss. I got every bit of it, BUT my calculated loss was $22k!!!
So, my advice us to do what you need to...move or pay up to get it , do whatever you have to.
But I'm not you, and I am certainly 'experienced ' unfortunately.
BUT, it us also a Godsend if you need it.
I had a renters policy ($100/qtr for $10k coverage), and 2 years later rented an old cape style home.
In the middle of the night in February in New England it caught fire due to faulty wiring.
I had to crawl out a bedroom window, wearing ONLY what i wore to bed...a pair of socks and a pair if underwear!!!
Fortunately my winter jacjet was on the chair by the window I crawled out of.
also spent the night in the hospital for smoke inhalation.
The hospital was kind enough to give me a pr of scrubs pants to wear out of the hospital.
"Always leave your trousers and shoes where you can find them in the dark." -- Robert A Heinlein
i came home from work a few years ago and there are dozens of fire trucks and 200 firemen in the circle in front of our building ...
there was a 5 alarm fire on the roof of our twin building next door .. everyone was evacuated in a flash .... it was 105 degrees out and firemen were dropping like flies with all the gear ...most of us brought down all the bottles of water we had for them ....it was crazy ... but it shows you how in an instant you need to have a go bag packed with everything you need ......
if anyone wants to see the pictures we took i will post them .
I was paying around $24 a month for $20K renters insurance back when I was renting a condo. It gave me peace of mind knowing if something happened I could at least afford to buy new furnishings.
This is pretty much a no-brainer. The insurance company knows that the water heater already busted once and there was flood damage. Statistically, once there's been a claim for water damage, there is likely to be more water damage in the future. The risk to insure the renter's stuff has gone up. Thus, the rates have gone up.
I do think it's worth a shot to try to get the rent lowered to offset the increase. Nothing to lose by asking.
It IS unfortunate that the LL insurance claim can affect you, but that is how its going to work.
Especially water damage.
The LL was actually foolish to file a claim due to a busted water heater, especially if damage was minimal. HIS/HER rates have also gine up.
When we were rear ended (clearly the other woman's fault, but we are a no-fault state, and our rate went up although our agent Said it wasn't supposed to.
Insurance is basically a losing proposition if you chose to have it.
BUT, it us also a Godsend if you need it.
I had a renters policy ($100/qtr for $10k coverage), and 2 years later rented an old cape style home.
In the middle of the night in February in New England it caught fire due to faulty wiring.
I had to crawl out a bedroom window, wearing ONLY what i wore to bed...a pair of socks and a pair if underwear!!!
Fortunately my winter jacjet was on the chair by the window I crawled out of.
also spent the night in the hospital for smoke inhalation.
The hospital was kind enough to give me a pr of scrubs pants to wear out of the hospital.
I had a whole 3br house full of stuff and lost every bit of it. I had a $10k policy and due to the total loss. I got every bit of it, BUT my calculated loss was $22k!!!
So, my advice us to do what you need to...move or pay up to get it , do whatever you have to.
But I'm not you, and I am certainly 'experienced ' unfortunately.
Best of luck sorting it out...
I always keep my keys and wallet at an easy to reach location, and one night electrical fire started on the unit next to mine, burned down 8 units in a matter of a couple hours. I was the only one to have keys to drive some place and wallet to buy food, etc. I was also the only one of the 8 units to have renter's insurance, it was $12/month for $30k coverage back then. I didn't think I have $30k worth of stuff but when you think of every little item you possess over 20-30 years they add up to way more than you imagine. I still feel bad to this day for the tenants waiting in line for the red cross to give them a voucher for some clothing, but at least we were all alive.
It IS unfortunate that the LL insurance claim can affect you, but that is how its going to work.
Especially water damage.
The LL was actually foolish to file a claim due to a busted water heater, especially if damage was minimal. HIS/HER rates have also gine up.
When we were rear ended (clearly the other woman's fault, but we are a no-fault state, and our rate went up although our agent Said it wasn't supposed to.
Insurance is basically a losing proposition if you chose to have it.
BUT, it us also a Godsend if you need it.
I had a renters policy ($100/qtr for $10k coverage), and 2 years later rented an old cape style home.
In the middle of the night in February in New England it caught fire due to faulty wiring.
I had to crawl out a bedroom window, wearing ONLY what i wore to bed...a pair of socks and a pair if underwear!!!
Fortunately my winter jacjet was on the chair by the window I crawled out of.
also spent the night in the hospital for smoke inhalation.
The hospital was kind enough to give me a pr of scrubs pants to wear out of the hospital.
I had a whole 3br house full of stuff and lost every bit of it. I had a $10k policy and due to the total loss. I got every bit of it, BUT my calculated loss was $22k!!!
So, my advice us to do what you need to...move or pay up to get it , do whatever you have to.
But I'm not you, and I am certainly 'experienced ' unfortunately.
Best of luck sorting it out...
I’m just glad you were ok! At least stuff can be replaced.
I admit I only carry insurance for situations like that - massive or total loss. My insurance is fantastic, I love the company, and I pay highly for specialized insurance to meet my needs. But I rarely file claims. We had one recently where my GF had to file for backing into a parked car (ugh...) and I wouldn’t have done that if it were my money. I’d have paid in cash and avoided filing anything. But she didn’t have the cash and my insurance company doesn’t seem to care that much, rates didn’t change.
I’ve had a few minor scrapes with cars and always paid out of pocket. I’ve had an uninsured drunk driver total a $40,000 car that was two years old, though, and my insurance wrote me a check for $40K and I went and got the newest model year car of the same type, because of agreed upon value insurance meaning there was no depreciation in the stated value of the car. Since I was uninjured, it felt like the old saying of falling into an outhouse and coming out smelling like roses. Great insurance can be worthwhile. But I wouldn’t plan on using it for small things - I keep enough cash to deal with those.
I’m just glad you were ok! At least stuff can be replaced.
I admit I only carry insurance for situations like that - massive or total loss. My insurance is fantastic, I love the company, and I pay highly for specialized insurance to meet my needs. But I rarely file claims. We had one recently where my GF had to file for backing into a parked car (ugh...) and I wouldn’t have done that if it were my money. I’d have paid in cash and avoided filing anything. But she didn’t have the cash and my insurance company doesn’t seem to care that much, rates didn’t change.
I’ve had a few minor scrapes with cars and always paid out of pocket. I’ve had an uninsured drunk driver total a $40,000 car that was two years old, though, and my insurance wrote me a check for $40K and I went and got the newest model year car of the same type, because of agreed upon value insurance meaning there was no depreciation in the stated value of the car. Since I was uninjured, it felt like the old saying of falling into an outhouse and coming out smelling like roses. Great insurance can be worthwhile. But I wouldn’t plan on using it for small things - I keep enough cash to deal with those.
Oh, totally. Insurance is to cover catastrophic losses--that's what their predictive loss analyses are based on. It's making claims on things you should be able to pay yourself that will trigger rate increases or cancellations.
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no-fault state, and our rate went up although our agent Said it wasn't supposed to. 
