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My annual renters insurance policy is due, and so I thought to shop around and find better rates. I currently pay around $20 monthly, or around $200 annually (discount for paid in full). When I started shopping around, I kept coming across rates that are around $40 monthly. I decided to reach out to these insurance companies and ask why exactly these rates are so high. Normally renters insurance only costs around $10-$15 per month, so why am I paying nearly $40? For no frills, very basic renters insurance?
Well it turns out that in February of this year( six months ago) the landlords water heater broke, causing water damage while I was at work. He filed a homeowners insurance claim through his insurance company. None of my property was damaged. But because a claim was filed for the address location, I’m no longer able to find affordable renters insurance.
So I am curious, has this happened to anyone else? This sucks that I have to pay 2-3X renters insurance premiums because my landlord filed an insurance claim six months ago for his property. I honestly find this bizarre.
Have you talked to your insurance Co? Explain that YOU didn't Not file a claim Did Not have any damage?
I did, yes. I was told that because a claim was filed at the address, rates will go up at that address, even though it was a different insurance company and someone other than I that filed the claim.
It's the building that is the risk of loss, not you.
It works a bit like car insurance. You might have no claims and no tickets but if you drive a hot Mustang you will pay more for insurance than if you drive an economy Honda.
with many types of claims not only does the insured who filed the claim get their CLUE REPORT dinged but many times the property is flagged in CLUE too .. that hammers renters and potential buyers as well even though they had nothing to do with the claim .
with many types of claims not only does the insured who filed the claim get their CLUE REPORT dinged but many times the property is flagged in CLUE too .. that hammers renters and potential buyers as well even though they had nothing to do with the claim .
It's the building that is the risk of loss, not you.
It works a bit like car insurance. You might have no claims and no tickets but if you drive a hot Mustang you will pay more for insurance than if you drive an economy Honda.
A better analogy is that you will pay more for your car insurance if you live in downtown Baltimore (higher level of thefts and damage) than if you live in the suburbs. The location itself presents more change for damage.
My guess is that it is not just one insurance claim that it making your rates increase. This might be just the latest in insurance claims that is telling your renter insurance company that this is a risky place to rent as damage happens more often than other places.
You are paying higher rate because there is higher chances that your property might be damaged. So just because you directly didn't file a claim doesn't mean anything because they are issuing insurance for your stuff in the that apartment building that had prior claims.
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