How the Rising Injury Claims Affects Renters Insurance

Coming home to find your precious belongings stolen or damaged in a disaster is perhaps the worst nightmare any renter can experience. While your landlord can cater for repairs on the physical structure of the building, your personal belongings are your sole responsibility. Fortunately, Quest Financial and Insurance Services offers affordable renters insurance policies for Colombus and Twinsburg, OH residents to help you cover these unforeseen losses.
Rising Claim Rates for Renters Insurance
According to statistics from ISO, about 5.3 percent of insured homes made claims in 2014. Property damage, including vandalism and theft, amounted to 97.3 percent of these claims. This rising number of claims has pushed insurance companies to adjust their renters’ insurance rates over the last three years. However, your location still plays a significant role in the amount of premium you’ll pay on your renter’s insurance. High-crime areas pose a greater risk, hence higher premiums. Areas prone to natural disasters like windstorms may also attract higher premiums.
Does Making a Claim Affect my Rates?
When you file a homeowner’s insurance claim, your insurance provider is likely to increase your premiums. That’s why many renters often avoid making insurance claims for minor losses for fear of paying more on their renter’s insurance premiums, which is a big misconception. The Claims Loss Underwriting Exchange is a national database that helps insurance companies to check the insurance eligibility for new applicants and determine their rates. However, renters’ insurance providers don’t often report to CLUE. The body only tracks claims made from auto and homeowners policies. That means that as a renter, you shouldn’t worry about making any insurance claims since your records will not be reported to CLUE, meaning that your claim history will not affect your premium rates.
Are you looking for a reliable renter’s insurance policy in Colombus or Twinsburg, OH, or the surrounding areas? Look no further than Quest Financial and Insurance Services. Our experienced agents are always on standby to answer any queries you may have concerning renters insurance. Give us a call today or visit our Twinsburg, OH offices.