On December 23, 2021, MoneyGeek released an article, "Expert Insight on Comparing Renters Insurance Quotes", featuring our very own Dave Miller, Vice President, Client Executive.
From the article:
What advice would you give tenants on finding affordable renters insurance with the best renters insurance companies?
I would recommend getting renters insurance from the same company that insures your auto. With some companies, it could trigger a multi-policy discount, but more importantly, it can make for a better claims experience if one event triggers a claim on both policies. A vehicle break-in is a good example. Damage to the car would be an auto insurance claim, while property stolen from the car would be a renters insurance claim. With two companies involved, you must work with two different insurance adjusters and pay two deductibles. If the same company insures the car and provides the renters' insurance, you will only have to work with one adjuster, and with some companies, you may only have to pay one deductible.
Renters insurance tends to generate the lowest premiums compared to auto insurance or homeowners insurance. It can also generate more service work than other policies, so the hard truth is that many agents aren’t going to invest a lot of time in securing quotes. The average commission in personal insurance is between 10% and 15%, and a renters insurance policy for a new renter might cost $350/year. At best, the agent will earn $52 in commission, but that assumes he or she will earn your business. If they have a 20% chance of earning your business but spend 30 minutes securing quotes, they must spend over two hours of their time to make $52.
To read the full article on Dave Miller, visit MoneyGeek
