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Unread 01-28-2009, 02:11 PM
 
3 posts, read 20,144 times
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Default rental insurance issue

This may be specific to North Carolina. My property manager is requesting some language inserted into my current rental insurance policy that follows: "be sure that Ticon Properties has been listed as an 'interested or notified party' on your current policy". My insurer (Nationwide) insists that including this is illegal in this state, or at least at the discretion of the insurer. This all seems a trivial matter. Anybody know anything about this issue?
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Unread 01-28-2009, 02:26 PM
 
Location: Raleigh, NC
498 posts, read 879,036 times
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I've never heard of that, as I'd think duty is between you and Nationwide (you pay, they cover you in the event of a loss). Beside, a rental policy protects your personal belongings inside of the property. Your property manager shouldn't have an interest in what you own and should have their own coverage on the structure. I don't recall anything like that being in my policies when I was a renter, but that was years ago and I'm not an insurance person.

Sticking around to see what others think.
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Unread 01-28-2009, 02:26 PM
 
8,136 posts, read 14,098,023 times
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Yes, this issue is now coming up frequently.

Some insurance companies will notify an "interested party" if insurance is canceled, some won't do it unless it's a homeowner's policy and the "interested party" holds a mortgage.

Give your landlord:

1. A copy of the declarations page on your policy showing dates and coverages
2. A note that your insurer will not add "interested parties" to renter's policies
3. The insurer's phone number if they want to verify

The landlord's interest is in the liability coverage.

Both my landlord and my daughter's accepted this with no problems

If you are given any problem, contact the NC insurance commissioner's office
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Unread 01-28-2009, 02:31 PM
 
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Default other companies?

Does anybody know which Insurance companies will allow this language, I can always change if I have to.
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Unread 01-28-2009, 02:34 PM
 
8,136 posts, read 14,098,023 times
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Quote:
Originally Posted by Tom Randall View Post
Does anybody know which Insurance companies will allow this language, I can always change if I have to.
Don't change if you're happy or get a discount for having renter's and auto with the same insurer.

State Farm has this option, as I'm told. but you absolutely do not have to change insurers for this reason.
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Unread 01-28-2009, 03:31 PM
 
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If you're moving into a community that requires renter's insurance (which many do these days), then yes, they are an interested party as SaturnFan mentioned. Having your policy current is a term of your lease agreement, so should the status of your policy change, it could prove to be a default on your lease. Ask your manager what you should do if Nationwide won't do it. If the information Saturnfan outlined isn't acceptable to them, then you may have to look for another company. Typically communities that require it have a relationship with a company you can work with. Also, State Farm is usually great with renters. I know of a very good local agent who deals with us frequently in the apartment industry if you need a rec.

Last edited by Babytarheelz; 01-28-2009 at 03:32 PM.. Reason: spelling
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Unread 01-28-2009, 03:43 PM
 
8,136 posts, read 14,098,023 times
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Quote:
Originally Posted by Babytarheelz View Post
If you're moving into a community that requires renter's insurance (which many do these days), then yes, they are an interested party as SaturnFan mentioned. Having your policy current is a term of your lease agreement, so should the status of your policy change, it could prove to be a default on your lease. Ask your manager what you should do if Nationwide won't do it. If the information Saturnfan outlined isn't acceptable to them, then you may have to look for another company. Typically communities that require it have a relationship with a company you can work with. Also, State Farm is usually great with renters. I know of a very good local agent who deals with us frequently in the apartment industry if you need a rec.
I'd not change insurers if you are happy with your current insurer.

This is becoming a frequent issue and the NC Insurance Commissioner should decide how to uniformly handle it.

My landlord and my daughter's were perfectly satisfied with what we gave them.
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Unread 01-29-2009, 08:51 AM
 
3 posts, read 20,144 times
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Default resolution to rental insurance problem

I had a second Nationwide rep contact Ticon and they also told them the company did not allow this language on a policy. Apparently this was enough as Ticon backed down and approved my rental insurance policy as is. No explanation.
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Unread 01-29-2009, 12:45 PM
 
8,136 posts, read 14,098,023 times
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Quote:
Originally Posted by Tom Randall View Post
I had a second Nationwide rep contact Ticon and they also told them the company did not allow this language on a policy. Apparently this was enough as Ticon backed down and approved my rental insurance policy as is. No explanation.
My landlord had no issue when Met Life did the same for us.

We've had renters and auto with them for 14 years and had no reason to change.
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Unread 01-29-2009, 01:10 PM
 
850 posts, read 2,506,236 times
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That's great it all worked out
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