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What Insurance Agents Need to Know about Renter’s Insurance

Say “renters” and most people picture a gaggle of post-college kids sleeping on secondhand furniture in beer-soaked apartments. But it may be time to start rethinking that stereotype.

According to the Wall Street Journal, a 2015 report by New York University and Capital One Financial Corp. found that renters are now the majority in nine of the nation's largest metropolitan areas.

In other words, there is probably a surge of renters in your area who have more to worry about than an old futon. Let’s review some Renter’s Insurance basics so you can market to them.

What Is Renter’s Insurance?

What Is Renter’s Insurance?

Standard Renter’s Insurance is written on the HO-4 form (also called the Contents Broad form). The standard form typically includes personal property and liability coverage.

The property portion can pay to replace or repair the policyholder's belongings when they are damaged by:

  • Fire.
  • Theft.
  • Vandalism.
  • Lightning.

Some insurers also pay for living expenses if a covered event makes the space uninhabitable.

Some insurers also pay for living expenses if a covered event makes the space uninhabitable. The liability portion can pay for legal expenses or medical bills if a visitor is hurt at the insured's residence or when the insured damages someone's property. For example, your client may make a claim on their Renter's Insurance when…

  • A fire in their apartment causes smoke damage to the surrounding units.
  • A guest slips on your client's wet kitchen floor.
  • Your client's dog bites the mail carrier.
  • Their overflowing sink causes water damage in the unit below.

Use these examples to help your client understand how easily they can become the target of a lawsuit.

Which Clients Need Renter’s Insurance?

Which Clients Need Renter’s Insurance?

Any of your clients who rent a place to live can benefit from Renter’s Insurance. And remember, rental properties aren’t limited to apartments. Your clients may lease…

  • Townhomes.
  • Condos.
  • Single-family houses.

Even if they already have Renter's coverage, you can help them save money by comparing quotes on Noodle. Use Noodle's universal application to find competitive and accurate rates from top-rated carriers.

What Do Agents Need to Know about Writing Renter’s Insurance?

What Do Agents Need to Know about Writing Renter’s Insurance?

Compared to writing commercial lines, Renter’s Insurance is fairly straightforward. These questions can help you assess your client's risk:

  • Is Renter’s Insurance a requirement of your lease? Sometimes landlords require a certain amount of liability coverage, so go over the lease with your client.
  • Do you have any high-value belongings? Expensive items, such as jewelry, guns, and furs, may need to be scheduled separately.
  • Is the property in a high-risk zone for flood or seismic activity? Unfortunately, Insurance Noodle doesn't offer flood or earthquake coverage. Flood insurance can be purchased through the National Flood Insurance Program, and most states have earthquake insurance programs.
  • Do you have a dog? Certain dog breeds have bad reputations that can impact carrier appetite.

Get to know your client's risk – the more accurate the application is, the more accurate the quotes will be.

How Does Insurance Noodle Help Agents Market Renter's Insurance?

How Does Insurance Noodle Help Agents Market Renter's Insurance?

Your Insurance Noodle portal gives you access to quality Homeowner’s Insurance providers, such as…

  • Stillwater.
  • Safeco.
  • Lexington.

With immediate access to these providers, you can market almost any renter's risk. Simply log in to your portal and complete the online application to find appropriate coverage for your client. Questions? Call 888.466.8868 or email [email protected] to learn more about Renter's Insurance.

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