Balboa to Sell Renters Insurance Program Through Agents, Brokers

By | November 25, 2003

Balboa Insurance Group Inc. has announced new delivery methods for a renters insurance program offered through two of its insurance company subsidiaries. BIG’s renters product, which has been sold through financial instituations for about 20 years, is now being sold through independent agents and brokers.

“We are re-launching this product by offering it to different markets,” Rich Lewis, executive vice president of BIG, said. “We are currently accepting new appointments of agents and brokers for this product.”

BIG’s insurers have reintroduced its renters insurance program to make the product available through agents and brokers, as well as to simplify its application process. The non-underwritten renters product allows for quick approval with minimal information, including the customer’s name, address and billing account information. The Web-based application process and rate structure make it easy to understand and explain. Monthly or annual payments by credit or debit card are also offered.

“From an agent’s point of view, the application process is very quick,” Lewis commented. According to Lewis, the application asks very few questions and provides a broad spectrum of coverages with some limitations. Lewis explained that because the policy is non-underwritten, the program’s coverages exclude some types of losses, such as schedule jewelry, and has lower liability limits than a standard renters insurance policy.

BIG increased its focus on the renters market to accommodate growing interest nationwide. Census data estimates that 35 percent to 40 percent of U.S. households are renters, representing more than 30 million households. According to the Insurance Information Institute only 20 percent to 25 percent of renters have renters insurance.

“We are signing up agents now,” Lewis said. The program is available to agents and brokers in most states across the nation.

For more information visit www. balboainsurance.com, or to inquire about appointments contact: Todd DeAngelis at todd_deangelis@balboainsurance.com, or Patrick Driscol at patrick_driscoll@balboainsurance.com.

www.balboainsurance.com

About Andrea Wells

Andrea Wells is a veteran insurance editor and Editor-in-Chef of Insurance Journal Magazine. More from Andrea Wells

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