FREQUENTLY ASKED QUESTIONS - HIGHLIGHTS FOR PARENTS
Insuring your student under your homeowners policy (even if possible) may be a terrible and costly idea.
Homeowners policies generally have much higher deductibles ($1000 or more) than renters insurance - meaning many typical losses such as a stolen phone, ipad etc. are essentially not covered and you'll pay way more out of pocket.
Any claims made on a Homeowners Policy can effect your insurance record which insurers may use to raise all of your insurance rates - and those of your family - home, auto etc. for many years to come.
Your rental community arranged for pre-approved, competitively priced, customizable coverage options from a Fortune 500 company.
These coverages, from as low as $129/year (or less in some states) have been purchased by millions of renters, can be bought in 5 minutes by phone or web, and claims will not impact your other insurance rates. We believe this is likely the best option for you.
Can't my student obtain the required liability coverage under my homeowners policy?
Maybe. Some homeowner’s policies may cover a full time student, but many do not cover students if they live away from home in an apartment. Contact your Agent to discuss your policy. However, just because you can, doen't mean you should! Even if possible, it may be a costly decision.
Why should I purchase a separate insurance policy for my student and avoid covering him or her under my homeowners policy?
Many insurance experts consider it risky to to cover your student under an existing policy because a claim or even a claim inquiry can negatively impact a family’s homeowner’s rates and auto insurance rates for many years. Securing a separate policy for your student has been said to be “the best money you didn’t save.” Also, many homeowners policies have deductibles as high as $1500 or more and therefore, provide no real protection for student belongings which may cost less. Renters policies, in comparison, have deductibles as low as $100, and are inexpensive, so you will pay much less out of pocket and have the piece of mind that your other insurance rates won't be negatively impacted by a claim.
How can a claim by my student cause home & auto insurance rates for the rest of my family to go up?
According to the Privacy Rights Clearinghouse, a national consumer advocacy organization, a claim on your homeowner’s policy can make your auto premiums skyrocket, cause your homeowner’s insurance premiums to rise or can even cause your homeowner’s policy to be cancelled. Why? Because most of the large "name brand" insurance companies report claims or even inquiries about a potential claim to national insurance databases such as CLUE or A-Plus. The information in these databases, may be used by insurance companies to negatively impact your future insurance rates. Unfortunately, student caused cooking fires and other accidents occur quite frequently as students learn new skills. Why risk the chance of paying higher rates for your homeowner’s or auto coverage for years to come if your student has a claim?
If I purchase from Multifamily Insurance Partners, won't a student claim carry the same risk to my future auto & homeowners rates as from the large "name brand" insurers.
NO! If you buy coverage from Multifamily Insurance Partners, we do not penalize you or your student by reporting claims to the insurance databases. Other companies (including most all the large "name brand" insurers) may report claims made by your student which will negatively impact his/her future record. We understand students are learning new skills and don't want to penalize them for an accident.
Why purchase my required insurance from Multifamily Insurance Partners?
As specialists in insurance for renters, we understand your needs. Our products have been specifically designed for your situation. Just a few of the reasons to consider us:
Your student is pre-approved and guaranteed coverage. NO credit checks or insurance claims history review.
Enroll in as little as 5 minutes - pre-approval means no long list of underwriting questions about how far the building is from a fire hydrant.
Large number of product choices. PIck your contents coverage in $1000 increments to cover only what you need. Many insurers offer coverage only in $10,000 increments causing big price jumps and causing you to perhaps over or under insure your belongings.
Choose from several deductibles as low as $100.
Customize your payment plan to meet your needs or save the most by picking an annual payment.
No unusual exclusions such as for theft or dog bites. Many policies cut corners and don't cover common events.