Renters liability insurance/recommendatons (apartment, renter, car insurance)

[john3232]

If any landlords or renters can recommend the company they use for renters liability insurance that would be great.

My property management recommends a company out of Ohio (Great American E&S Insurance) but when I call them for information I can't get a return call.

I'm hoping to find a company which will provide say 100 grand in liability insurance covering fire, smoke, water damage and pet damage. The current policy runs $9.50 a month.

I realize tenants can obtain their own renters liability insurance but I would like to have a company on file should I need to purchase such insurance on behalf of the tenants.

Thanks.

[JGMotorsport64]

I've used Assurant through Geico on such occasion. Rates were approx 15-25/month, 100k in liability, flood, damage, the works.

You never know what a tenant can accomplish.

[john3232]

Do you recall what your tenants were paying per month for Assurant's renters liability insurance?

[ScottsdaleMark]

I used Geico/Travelers in the past and they were dirt cheap and the policy language seemed pretty solid in terms of coverage. I believe many insurers offer this stuff so you could start off by just calling whomever writes your auto policy.

The above mentioned 15-25 a month sounds pretty accurate for an apartment.

[john3232]

O.K. I'll give Geico a call. Thanks

[john3232]

I spoke with Geico and they can provide renters liability insurance.

If the tenants decided they would like me to arrange for the liability insurance but pay the monthly premium the liability insurance policy would be in my name.

However, if I were to file a claim with Geico renters liability insurance this would also would adversely affect the State Farm homeowners coverage I have been using for many years.

Or is this incorrect

[john3232]

I spoke with State Farm which handles my homeowner insurance including renting the home.

The State Farm rep. explained if I provide my renters with liability insurance through Geico and filed a claim State Farm (which periodically checks the history of the property) might adjust my premiums depending on the number of claims filed outside of State Farm.

However, they wouldn't cancel my State Farm policy and any premium hike would depend on the number of claims filed.

In other words State Farm would monitor the activity but filing with Geico wouldn't affect my SF policy too much unless claims were repeatedly filed against the property.

So, now I will try and find out exactly how much coverage renters liability insurance (though Geico) actually provides.

I don't allow renters to use the fireplace (which should reduce smoke concerns) and the kitchen stoves are eclectic. Now, I've yet to have water damage caused by a bathtub overflowing but there's always a first time.

Damage to the carpet and property by a pet is handy to have.

[autism360]

recently switched to state farm because of a teenage driver, they included renters insurance for my teen daughter and it cost her a couple bucks but dropped her car insurance 50 a month so check for multiple discounts

[JGMotorsport64]

Originally Posted by john3232

I spoke with State Farm which handles my homeowner insurance including renting the home.

The State Farm rep. explained if I provide my renters with liability insurance through Geico and filed a claim State Farm (which periodically checks the history of the property) might adjust my premiums depending on the number of claims filed outside of State Farm.

However, they wouldn't cancel my State Farm policy and any premium hike would depend on the number of claims filed.

In other words State Farm would monitor the activity but filing with Geico wouldn't affect my SF policy too much unless claims were repeatedly filed against the property.

So, now I will try and find out exactly how much coverage renters liability insurance (though Geico) actually provides.

I don't allow renters to use the fireplace (which should reduce smoke concerns) and the kitchen stoves are eclectic. Now, I've yet to have water damage caused by a bathtub overflowing but there's always a first time.

Damage to the carpet and property by a pet is handy to have.

One perk of having multiple and concurrent, although differing in type and scope, insurance policies on a home, is that when the inevitable tenant causes some problem and you get sued, the suing party has two insurance policies to pull from. This is good for 2 reasons. The first is that your insurer's can work out the nitty gritty details with each other, and the second is that if the suing party is legitimately injured, they will have some policy limits to work with to get them back to square one.

When you get the Renter's insurance you should be able to select how much liability coverage you want (what I would be primarily concerned about), I have 100k on all my rentals, that's more than enough to supplement whatever half plan the Renter came up with, and covers my rear end if they let their policy lapse or whatever.

The reason I chose Geico for Renters was, as autism360 points out above, I use them for my autos. They charged me approx 15/month per house, but my auto rates fell further than the Rental Insurance increased giving me a win/win, so I'd contact your auto insurer so see if they will offer something similar. Or just switch and run both policies.

[john3232]

I called Geico and was told a renters liability policy has to be held in the tenants name.

I can't sign up and then have the tenants reimburse me for the premium.