Topic: Renters Insurance Water Damage Coverage

I am looking for a renters insurance company that covers water damage.

Water is the #1 cause of personal property damage and loss at our apartments.

Know anyone from experience?

Sandy,

I know state insurance commissioners are pretty protective of their territory. If your management if part of your local apartment association, I would check with them as I am sure there are some insurance company/companies that belong to the association that may give you some special rates!

If there is no joy there, then email my your state and city and let me see if I can beat the bush and find you a good one based upon contacts that I may have and trust. If I come up empty, I will let you know as well!

The properties are in Charlotte, NC. Thanks!

Hello Sandy,

I was told to check out this site and put in your zip code for the area it is needed in and they can get some free quotes: www.geico.com/information/aboutinsurance/renters/

Most of the larger carriers (state farm, nationwide, farmers, etc) include water damage in their renters. The companies I've worked with that deal with apartments specifically (erenter and assurant) also do. The best thing to do is educate your residents in what to look for in a GOOD renter's policy:

1. replacement coverage (versus market value)
2. temporary housing coverage - in the event their unit is not livable
3. water damage & electrical damage
4. sufficient coverage of personal electronics/computers/game consoles/etc
5. a deductible they are comfortable with coming up with on short-notice, if needed.

They will also want to make sure they inventory their possessions before-hand so they have a clear and documented picture of what's covered or what the loss claim is for. The inventory should be kept somewhere else (cloud storage!).

We have recently had an issue where the renters' insurance carrier said they wouldn't cover damages because the issue didn't start in their clients' apartment, but in another adjoining apartment home. Has anyone else had this challenge? It happened to have been Nationwide, but it could be a function of the policy type and not the company.
I've been told by companies like ePremium, Renters' Legal Liability, and SafeRent that primarily deal with renters/landlords that you want a company that specializes in this kind of insurance for that reason, that they cover the risks that renters are more likely to face...I am not sure that the others (State Farm, Nationwide, etc.) don't; I just know that's the "specialists' claim."
So we try to encourage our residents to go through ours. Plus it integrates with our PM System!
Would LOVE renters' insurance providers' comments on this topic!