On the liability side, the economy is having a direct impact on frivolous claims like slip/falls. An insurance carrier has to defend an owner per the policy so when an attorney is involved, even if the case is fraudulent, owners are facing deductibles and impacts to their claims loss ratios just due to the carrier defending claims. Additionally, many owners are frustrated as the carriers often elect to stroke checks to make claims go away vs. fighting the claims due to defense cost uncertainty. Needless to say, this trend over the last few years has caught up with the insurance industry and rates for those owners with any claims activity are creeping upward.

On the property insurance front, disasters like tornados in “Tornado Alley” ($7.5b), Japan earthquake ($210b), New Zealand earthquake ($20b), and Australia flooding ($7.3b) all impact the U.S. multifamily insurance marketplace due to the consolidation of reinsurance carriers over the last 10 years and the truly global nature of the reinsurance market.

Another “ding” to owners of multifamily in wind prone areas is the revised version of the leading software that “models” insurance accounts to predict probable loss from hurricane activity. The new version of the “RMS” modeling software known in the industry as “RMS11″ is illustrating a signficant increase in the likelihood of more catastrophic damage in wind events than previous versions of the software.

Despite the developments mentioned, the good news is that rates are still down for most owners from where they have been at their height in the last 10 years.

Our team of multifamily specialists is happy to discuss your program or any questions you may have about the changing marketplace.

Give us a call at 407-998-5427 for Jeremy Burr or 407-925-0932 for Rob Stephenson.

Apartment rental insurance also covers you if …

* Your apartment is damaged and you need to temporarily live somewhere else for a while.

* Your property is stolen someplace else, such as if your laptop computer is stolen while you’re at the library.

* You damage the landlord’s property and have to pay for repairs.

Decide How Much Coverage You Need

Your first step to get cheap apartment rental insurance is to decide how much coverage you need. Make a list of all your personal possessions and estimate how much it would cost to replace them. This will give you an idea of how much coverage you need.

You also need to decide how much of a deductible you can afford to pay. The deductible is the amount you pay on a claim before the insurance company pays. The higher your deductible, the lower your insurance premium. Just make sure you can pay the deductible if you ever need to make a claim.

Check with Your Car Insurance Company

To find cheap apartment rental insurance, first check with the company that insures your car. You may be able to get a discount for having both policies with the same company.

Other discounts you might be able to get include:

* Non-smoker’s discount if no one in your residence smokes.

* Security discounts if your apartment has deadbolts, smoke detectors, or other safety features.

* Senior’s discount if you’re a retired senior.

Look on the Internet

Search online for companies that offer cheap apartment rental insurance. You can go to insurance websites, fill out a single form, and get fast quotes from several insurance companies (see link below).

Make sure you use the same coverage limits, deductibles, and discounts for each company so you can compare them fairly.