scrubbedexpat091

Any renters here with tenants insurance? Which company are you using, and have you had any issues?

We currently use Square One and have since 2013 but the policy is expiring Dec 26th and they are refusing a monthly payment plan, and can't pay a years premium upfront so in search of a new company.

BristolUK

Maybe look at Sonnet

Obviously my only experience is as a homeowner but my monthly payment with State Farm was about to go from $96 a month to $106 on renewal.

I changed to Sonnet and saved more than $40 a month.

It may be Square One policy to not take monthly payments but if you're happy with them can you not ask if they'll reward your loyalty and allow monthly payments to continue?

Five years...that must be a few addresses you've stayed with them.

suzeandmatt

scrubbedexpat134

I have tenants insurance with liability and contents through BCAA have been with them for 25 years and pay $30 a month direct debit. i have never made a claim so have quite a good discount, if you are not a BCAA member you will pay a bit more.

scrubbedexpat091

I'll look into it, we are not BCAA as we dont have a car and so no need for such membership.

Square One never gave discounts for non-claims, we never had a claim but they were consistent at raising premiums each and every year.

We have had them everywhere we have lived since we signed up in 2013. I have already talked to them regarding monthly payments and they wont budge on it, they want annual payment paid upfront in full on renewal, so I am going to cancel the policy and go elsewhere, I can't come up with $500 by December 26 to pay upfront for the year.

We have not had a claim in those 5 years, nor missed a payment.

scrubbedexpat091

Sonnet seems reasonable, $38/month

$50,000 coverage for personal items including extra expenses after a loss such as moving.
2 million in liability
1,000 deductible
Sewer backup coverage*
Overland water damage*
Hail*


Have to add on earthquake coverage for $2.25 as damage caused by quakes is not covered under the standard policy

Earthquake deductible is 5% of the total claim with a maximum of 50,000 for personal items.

* premium doesn't go down by refusing those 3.

BristolUK

As suzeandmatt says, Sonnet is all on line. None of this suggestion that you can do it on line and it turns out they're going to email you a quote or they want to phone you, it really is in front of your eyes instantly.

They're not small either and are part of Economical Insurance.

Edited to add....Ah...I see you tried them.

BristolUK

Unless renting a house I wouldn't think those were essential.

scrubbedexpat091

BCAA is $38/month with lower deductibles and slightly better coverage so may go with them.

scrubbedexpat091

The ones marked with * were included as standard, declining them didn't lower the premium, I tried both ways.

BristolUK

Yes, I saw that. It just struck me as not needed regardless of whether they were optional. At least declining the earthquake premium is still an option.

scrubbedexpat091

Need the earthquake in this area, its to cover contents and loss of housing in the event of a quake, the standard policy does not cover losses caused by a quake including contents, so yeah too risky to decline it in this area where there is a probability a loss will be caused by a quake.

scilly

Except that you would be pretty stupid to decline it if living in the Lower Mainland or Vancouver Island, as well as several other areas of BC. That applies to tenants as well as owners.

Not many people realise that we have quite a few small earthquakes in the Lower Mainland every month, sometimes every DAY. We can't keep pictures on the wall straight in our house for more than a few days, not even a week!

BristolUK

I guess it depends what you have that might get damaged and what your deductible is. I understand they can range from $500 to $2000.

Yes, if you have the odd Picasso or Jackson Pollock on the wall, insurance might be a good idea.

Now I don't know if any of my tenants had a Fabergé egg tucked away or $400 shoes or other designer wear but in rented accommodation with appliances provided their most obviously expensive items were likely a computer and/or a TV that may very well be covered by the deductible.

So rather than be stupid, it might just be that what you own isn't that valuable over and above your deductible and might be easily replaced with budget or used items if that's your choice.

scrubbedexpat091

Deductible for earthquake coverage of the companies I looked at was a % of the total claim, I chose 5%. So from what I could figure out if you had a 30,000 claim, the deductible would be 5% or whatever % is chosen, they offered a few options.

Normal policy coverage deductible was $1,000 with one and $500 with another as standard with options to raise or lower it.