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Balboa & Big "I" Markets Team Up to Offer Renters Insurance



BALBOA & BIG “I” MARKETS TEAM UP TO OFFER RENTERS INSURANCE

Agents & Brokers Now Have Online Access to Untapped Renters Market

 

ALEXANDRIA, VA, May 25—Balboa Life & Casualty Group and Big “I” Markets, the online insurance markets-access program (www.bigimarkets.com) of the Independent Insurance Agents & Brokers of America (the Big “I”), today announced Balboa’s renters insurance program is available to independent agents and brokers in 48 states and the District of Columbia.

 

“We welcome Balboa Life & Casualty to the Big ‘I’ Markets family,” says Paul A. Buse, CPCU, ARM president of Big “I” Advantage products and services team that houses Big “I” Markets. “The addition of Balboa’s renters insurance is significant as it marks Big ‘I’ Markets’ entry into products our producers write everyday. Many of our producers do not want to write renters insurance in their main homeowners market. Balboa has extensive experience in this area and is the ideal company to fill this void.”

 

Renters insurance, one of the largest untapped lines in today’s property-casualty market, represents significant opportunities for insurance agents and brokers. A Big “I” consumer survey last year found that nearly two-thirds of individuals and families living in U.S. rental properties are uninsured, risking loss of personal property and loss from personal liability.

 

“Of the nation’s 105 million households, nearly 33 million are rentals. Yet according to insurance industry estimates, only one-third of renters hold renters insurance,” said Patrick Driscoll, CPCU, CPA, senior vice president national sales of the Balboa insurers. “The Balboa renters insurance program provides affordable coverage for individuals and families, and since the product is generally non-underwritten, every renter can qualify.”

 

Balboa’s Renters Insurance program offers coverage against many types of losses, including fire, forced-entry theft and windstorm. Benefits and policy features of the program include:

§         Personal property coverage limits from $10,000 to $40,000

§         Personal liability coverage up to $25,000

§         Guest medical payments for a visitor accidentally injured at the insured’s residence

§         Additional living expenses for up to 20 percent of the insured’s personal property coverage

§         An automatic payment feature, with monthly or yearly premiums charged to a credit card

 

Agents and brokers who are Big “I” members can review criteria, download sales tools and policy specimens, and submit an online quote request for Balboa’s renters insurance by logging on to the online system accessible at www.bigimarkets.com. This quick and easy sales process can take as little as five minutes from start to finish.

 

Agents and brokers who are not Big “I” members can join their state Big “I” associations and then submit a Big “I” Markets Registration Kit. The kit can be downloaded at www.independentagent.com/bigimarkets. Once the kit is processed, the agent or broker will receive a user ID and password to begin accessing Big ”I” Markets and quoting business.

 

To learn more about Big “I” specialized products and services with no volume commitments, visit www.bigimarkets.com.

 

Balboa Insurance Group, Inc. (BIG), a subsidiary of Countrywide® Financial Corporation, has been offering insurance products through its subsidiaries for more than half a century. BIG’s insurance company subsidiaries, which are known collectively as the Balboa Life & Casualty group, consist of Balboa Insurance Company, Meritplan Insurance Company, Newport Insurance Company, Balboa Lloyds Insurance Company, Balboa Life Insurance Company and Balboa Life Insurance Company of New York. The Balboa Life & Casualty group is rated “A” (Excellent) by the A.M. Best Company, an insurance rating and information source.

 

Balboa Life & Casualty Group is headquartered in Irvine, Calif., and has a network of sales and service centers throughout the country. Basic Renters insurance underwritten by Balboa Insurance Company (Meritplan Insurance Company in California and Louisiana).  It is not available in all states. To learn more about Balboa Life & Casualty, please visit www.balboainsurance.com.

 

Big “I” Advantage is adding more than 100 new agencies a month to Big “I” Markets. Big “I” Advantage is a wholly owned holding company that operates a nationally licensed insurance agency with $170 million in premiums of member-exclusive insurance programs and $150 million in retirement assets. A sister entity publishes the award-winning Independent Agent magazine.

 

Founded in 1896, IIABA is the nation’s oldest and largest national association of independent insurance agents and brokers, representing a network of more than 300,000 agents, brokers and their employees nationally. Its members are businesses that offer customers a choice of policies from a variety of insurance companies. Independent agents and brokers offer all lines of insurance—property, casualty, life and health—as well as employee benefit plans and retirement products. Web address: www.independentagent.com.

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