A.M. BestTV: Carriers See Coverage Opportunity in Renters’ Insurance

This A.M.BestTV episode examines how renters across the United States remain underinsured, although recent trends are leading carriers to be more aggressive in this market. Click on http://www.ambest.com/v.asp?v=renters116 to view the entire program.

A recent poll conducted by the Insurance Information Institute found that 95% of homeowners had homeowners’ insurance, while among renters, just 37% had renters’ insurance.

“Typically renters’ insurance has been difficult to write, due to smaller premiums, and therefore, smaller commissions. But that is changing as more and more people want to write it,” said Ross Miller, president, Hanover Fire & Casualty Insurance Company.

An April 2013 report by the U.S. Census Bureau showed that renter households have steadily increased to 35.4% in 2011 from 34.1% in 2009.

Bill Morici, assistant secretary, New Jersey Manufacturers Insurance Company, also sees a positive trend with renters, since he believes, “renter policies tend to funnel into a homeowners type of business and with that a long lasting relationship.”

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