Insurance Blog

Life on your own can be an arduous experience for college-aged adults. Signing up for classes, finding a job and looking for a place to live are just a few of the tough challenges that come with life after high school.

If things go wrong, you need to be ready. That’s why it’s smart to consider purchasing Renters Insurance so you can protect your personal belongings while living in an apartment or rental home.

According to a 2006, Insurance Research Council study, only 43 percent of renters had Renters Insurance.

“It’s important for young adults living on their own to think about all of the ‘what-ifs’ associated with renting an apartment or home,” said Darrin Sanger, NW Insurance Council communications director. “Many renters aren’t aware that a landlord’s insurance policy doesn’t cover a tenant’s personal property or liability.”

For $10 to $15 per month, Renters Insurance can protect you and your personal property in the event of a burglary or fire. Renters Insurance will also protect you if you’re found liable for injury to others. Obtaining Renters insurance through the same company that insures your vehicle may also earn you a multi-policy discount.

Renters Insurance covers:

• Personal belongings such as clothes, furniture, jewelry, computers, artwork, bikes, televisions, stereo equipment and accessories.
• Financial responsibility to other people injured at your home or elsewhere by you, a family member or your pet.
• Additional living expenses if you are unable to live in your home or apartment because of a fire or another covered loss. Most policies will reimburse you the difference between your additional living expenses and your normal living expenses.
• Legal defense costs if you are taken to court.
• Personal property from your vehicle such as stereos that are not permanently-installed, textbooks and sports equipment.

If you have further questions regarding Renters Insurance, contact your insurance agent or company. To order free brochures, Renters Insurance, call (800) 664-4942, or visit http://www.nwinsurance.org/index.htm.

Creation of an optional federal charter for insurers will be on Congress’ 2011 agenda because it has strong bipartisan support, Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, has told state insurance legislators.

Coincidentally, the National Association of Professional Insurance Agents this week said that it is asking its members to lobby their congressmen during this month’s congressional recess to be steadfastly opposed to federal regulation of insurance in any form.

“PIA members will remind members of Congress and congressional candidates during August that America’s Main Street insurance agents expect them to vote ‘no’ on the so-called optional federal charter—no excuses and no compromises,” PIA president Jon D. Spalding said in a statement.

Rep. Frank made his comments to the National Conference of Insurance Legislators (NCOIL) during their summer meeting late last month.

NCOIL provided a summary of his remarks in its monthly newsletter.

Rep. Frank said he would remain neutral during the debate, and that he personally “saw no need for federal oversight of auto insurance.”

He also said the coming debate was a “not-surprising” follow-up to the massive financial services reform legislation just enacted by Congress, H.R. 4173, the Dodd-Frank Wall Street Reform and Consumer Protection Act.

He said that in his view, “the bill recognized the importance of state oversight.”

Rep. Frank’s comments are consistent with prior statements. He has repeatedly said that his experience as a Massachusetts state legislator “taught him long ago the tough realities of regulating auto insurance.”

NU Online News Service, Aug. 6, 1:56 p.m. EDT
Creation of an optional federal charter for insurers will be on Congress’ 2011 agenda because it has strong bipartisan support, Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, has told state insurance legislators.

Coincidentally, the National Association of Professional Insurance Agents this week said that it is asking its members to lobby their congressmen during this month’s congressional recess to be steadfastly opposed to federal regulation of insurance in any form.

“PIA members will remind members of Congress and congressional candidates during August that America’s Main Street insurance agents expect them to vote ‘no’ on the so-called optional federal charter—no excuses and no compromises,” PIA president Jon D. Spalding said in a statement.

Rep. Frank made his comments to the National Conference of Insurance Legislators (NCOIL) during their summer meeting late last month.

NCOIL provided a summary of his remarks in its monthly newsletter.

Rep. Frank said he would remain neutral during the debate, and that he personally “saw no need for federal oversight of auto insurance.”

He also said the coming debate was a “not-surprising” follow-up to the massive financial services reform legislation just enacted by Congress, H.R. 4173, the Dodd-Frank Wall Street Reform and Consumer Protection Act.

He said that in his view, “the bill recognized the importance of state oversight.”

Rep. Frank’s comments are consistent with prior statements. He has repeatedly said that his experience as a Massachusetts state legislator “taught him long ago the tough realities of regulating auto insurance.”

Aug. 6, 2010
National Underwriter

As insurers report increases in 2010 catastrophe losses, many times due to storms with hail, an analysis by the National Crime Insurance Bureau (NICB) reveals a 107 percent increase in questionable claims referrals for hail damage claims.

The NICB has worked with law enforcement “in pursuing suspected unscrupulous roofing companies that take advantage of storms to fake or deliberately cause damage to roofs in an effort to pay for a replacement roof that wasn’t damaged by a storm,” said Joe Wehrle, NICB president and chief executive officer, in a statement.

Overall, the NICB found a 14 percent increase in questionable claims referrals during the 2010 first half compared with the first half last year.

The report examines suspicious property, casualty, commercial, workers’ compensation, vehicle and miscellaneous claims submitted to the NICB by member companies for review and investigation. There was an increase in referrals in four of the six categories as of the end of June.

In tracking first-half referrals since 2008 there has been a steady increase in all property referral reasons except for fire/arson, which actually decreased 3 percent in 2010 from 2009.

The most common referral reason was suspicious theft or loss with 3,647, a 16 percent increase comparing the first halves of 2009 and 2010.

Among 16 vehicle referral reasons, there were more than six times more referrals for auto glass fraud during the 2010 first half than there were during the same time in 2009. Previous signals of desperation due to the economy, referrals for owner give-ups, suspicious vehicle fire and questionable theft were all down in the first half of this year.

More than 39 percent of all casualty referrals were due to allegations against a medical provider such as excessive treatment, billing for services not rendered, inflated billing and solicitation. More than 7,000 referrals were submitted for a faked or exaggerated injury, an 11 percent increase. Staged accidents continue to be a problem as there were 27 percent more referrals for this than in the first half of 2009.

Referrals for questionable commercial and workers’ compensation claims decreased 6 percent and 9 percent, respectively.

One claim can have several referral reasons, the NICB explained.

Aug. 2, 2010
National Underwriter