Renters Insurance - Liability ONLY?

[dragoncar]

Has anyone been successful getting renters insurance with little to no property coverage?  I've been seeing quotes along the lines of:

$15k property (minimum) - $100 premium
$300k liability - $50 premium

If course I'd rather self-insure my property but I need the $300k liability to underlie my umbrella policy.  Maybe it's just the way the quoting system works, but $100/year seems crazy to cover my personal effects.

[legacyoneup]

I have renters insurance for 2014 through Assurant. I've sent my stamp collection to my mom's locker so was looking to merely meet the liability requirements. I've paid $129 for the year (Location : Plano, Texas).

You seem to be getting a decent deal if its just $50 per annum for liability!

[TLV]

The minimum property coverage on ours is $5k - but increasing it to $15k would only increase the premium by ~$10/year, so nearly all of the cost ($104/year) is liability. It does seem odd that your quote is so heavily weighted toward property, but the total amount is in the ballpark. We're with Assurant through Geico.

[dragoncar]

Thanks -- I realize that insurance will vary on a state-to-state basis.  Most of my quotes are in the same ballpark so I guess it is what it is, but I was just pretty surprised at the way they broke it down. 

[Nords]

$15k property (minimum) - $100 premium
$300k liability - $50 premium
If course I'd rather self-insure my property but I need the $300k liability to underlie my umbrella policy.  Maybe it's just the way the quoting system works, but $100/year seems crazy to cover my personal effects.

Maybe the best approach on the personal-property part of the insurance would be a very high deductible.  Maybe even a $15K deductible. 

I understand why it's called "umbrella" liability, but what will your liability insurer charge to issue you another policy to provide the underlying liability coverage?  If it's less than $150 then you could ditch the personal-property insurer and go with your liability insurer for both parts of the coverage.

[dragoncar]

$15k property (minimum) - $100 premium
$300k liability - $50 premium
If course I'd rather self-insure my property but I need the $300k liability to underlie my umbrella policy.  Maybe it's just the way the quoting system works, but $100/year seems crazy to cover my personal effects.

Maybe the best approach on the personal-property part of the insurance would be a very high deductible.  Maybe even a $15K deductible. 

I understand why it's called "umbrella" liability, but what will your liability insurer charge to issue you another policy to provide the underlying liability coverage?  If it's less than $150 then you could ditch the personal-property insurer and go with your liability insurer for both parts of the coverage.

Interesting solution -- I know my current umbrella insurer won't do that, but I haven't asked others.  Do you know of any insurers who offer that option?

[sarahsmc22]

I was an insurance agent, so I have a little bit of experience here. I typically wrote renters policies for the minimum, which came to roughly $100/year. HOWEVER, the discount for having multiple policies (if they had their auto with the same company) was actually right around the same cost, or even slightly higher than the renters premium. I would check into discounts.

[dragoncar]

I was an insurance agent, so I have a little bit of experience here. I typically wrote renters policies for the minimum, which came to roughly $100/year. HOWEVER, the discount for having multiple policies (if they had their auto with the same company) was actually right around the same cost, or even slightly higher than the renters premium. I would check into discounts.

Good advice-- is it happens my umbrella is with my auto insurer but their renters insurance quote was pretty high (but I think maybe it was from a "trusted partner" and they don't directly insure rentals in my state).

I went with the same insurer as my current renters policy, which I am keeping for another month while I finish moving.  I failed to ask if the rate would increase when I cancel the first policy.  But at least insurance seems to be one of the easiest contracts on earth to cancel (maybe with fees but I think because it's highly regulated)

[Nords]

$15k property (minimum) - $100 premium
$300k liability - $50 premium
If course I'd rather self-insure my property but I need the $300k liability to underlie my umbrella policy.  Maybe it's just the way the quoting system works, but $100/year seems crazy to cover my personal effects.

Maybe the best approach on the personal-property part of the insurance would be a very high deductible.  Maybe even a $15K deductible. 

I understand why it's called "umbrella" liability, but what will your liability insurer charge to issue you another policy to provide the underlying liability coverage?  If it's less than $150 then you could ditch the personal-property insurer and go with your liability insurer for both parts of the coverage.

Interesting solution -- I know my current umbrella insurer won't do that, but I haven't asked others.  Do you know of any insurers who offer that option?

No, but I've only worked with USAA and Armed Forces Insurance.  We don't carry personal property insurance, but we own a home so liability insurance is included with our homeowner's policy (and our umbrella liability policy kicks in on top of that). 

I recommend that you talk with an insurance broker.  When I look at our state insurance regulator's website, there are dozens of insurers doing business here who I've never heard of before.  You're in a niche where you don't own a residence and so you don't need a home insurance policy (with its liability coverage).  There are companies which will give you a quote for your niche business, but the issue is whether they'll be cheaper than your current company (with at least the equivalent in financial strength & customer service).  An insurance broker earns commissions to help find those answers.