What Insurance Do I Need As A Tenant?

FERGAL LYNCH | July 9, 2019

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Whether you’re about to rent a room or a property or you are already a tenant paying rent to a landlord for the place you live in, you might be thinking about tenants’ insurance. What exactly is tenants’ insurance? What does it cover? Must you have it? What does tenant liability mean and how do you get cover for that? How does this differ from regular contents insurance? As a tenant, do you need to insure the building? All of these questions and more will be answered below.

Spotlight

Patriot Insurance

Patriot Insurance has been providing peace of mind for families and businesses in New England for over 50 years. Headquartered in Yarmouth, Maine, we are a regional carrier offering business, home, auto, life and surety products backed by local, autonomous claims, loss control and underwriting teams. We work exclusively with independent agents who can give our customers the personal guidance and service they deserve. Since 2007, we have partnered with Frankenmuth Insurance, a longstanding company founded in Michigan in 1868.

OTHER ARTICLES
CORE INSURANCE

Unlocking the potential of deeper customer-agent-insurer relationships

Article | December 27, 2021

Mr. and Mrs. Garcia purchased their first life insurance policies from their agent more than a decade ago, when their eldest son was born. They soon bundled their home and auto policies for a discount. A few years later, when the Garcias started a small business, they worked with their agent to establish commercial insurance. As the business thrived, the family set up fixed indexed annuities and mutual funds to put their growing savings to work. All of their policies and accounts are easily accessible via an online platform, and when a new need arises, they simply message their agent to discuss a new policy. The agent also reaches out regularly to make sure the Garcias’ evolving needs are always met. The experience of the hypothetical Garcia family shows how simple it would be for insurers to build deeper customer relationships. But many insurers continue to struggle to develop relationships with their customers that span multiple products. In fact, limited successes in this area have convinced some insurance executives that there is limited value in cross-sales initiatives. In our experience, however, a more coordinated approach can unlock huge opportunities to meet customers’ comprehensive needs through a principal adviser.

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CLAIMS

Builders Risk Insurance Vs. Liability Coverage: How Each Benefit Works

Article | December 22, 2021

For construction contractors, there is nothing more important than safeguarding your works in progress. After all, if something were to damage the property and interrupt your progress, then you might face a huge financial setback. At this point, it’s critical that you have builder’s risk insurance ready and waiting. Your policy will be there to assist you following property damage at construction sites. However, your builder’s risk policy will not offer the same coverage to injuries or property damage that you cause to other parties. In this case, separate liability insurance benefits will provide the necessary benefits. Though separate from your builder’s risk policy, liability coverage is equally important. Let’s take a closer look at how these benefits work.

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INSURANCE TECHNOLOGY

Making the digital leap in underwriting

Article | December 16, 2021

Underwriting has historically been one of the most data-intensive areas of insurance. But when it comes to looking at investments and results, data and information handling for underwriting at most carriers is still disjointed and disconnected. This is underwriting’s version of the digital divide we’ve been discussing in this series, and it leads to inefficiencies and ineffective underwriting. The divide exists because today’s underwriting platforms have not evolved to meet the needs of a modern digital carrier. To see why, let’s take a quick look at the history of these platforms. The first generation of underwriting platforms was built to provide rating systems and core policy management needed to price and administer the underwriting of policies. The technology they run on has changed from mainframe to servers to the cloud, but the platforms themselves remain focused on managing the least information necessary to price and maintain the policy.

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How InsurTech-Insurance Partnership Delivers New Product Innovations

Article | February 14, 2020

In 2019, InsurTech funding reached $6 billion, acknowledging the pace that technology can bring to overcome the age-old Insurance problems, the State of AI in Insurance 2020 says. While Incumbents are known for their core competencies in end-to-end insurance processes (from underwriting to claims settlement and reinsurance), InsurTechs are enticing millennials with fully digital innovative products and solutions.

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Spotlight

Patriot Insurance

Patriot Insurance has been providing peace of mind for families and businesses in New England for over 50 years. Headquartered in Yarmouth, Maine, we are a regional carrier offering business, home, auto, life and surety products backed by local, autonomous claims, loss control and underwriting teams. We work exclusively with independent agents who can give our customers the personal guidance and service they deserve. Since 2007, we have partnered with Frankenmuth Insurance, a longstanding company founded in Michigan in 1868.

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