Is it possible to get renters insurance backdated to the 1st of the month for landlord purposes only?

1. 

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   Rich Haag

   President, Rich Haag & Associates, Inc., Clayton, NC

   This is when you need an agent to help you. If you have been shopping carriers for the lowest price and have been jumping around to different carriers over the years, there is no loyalty or trust built up with your current company and underwriter. This is a big exception for an underwriter to make so they take a great deal of factors into consideration when making their decision.
   
   Typically insurance companies and their underwriters are not keen on backdating policies. You would have to get with your agent to discuss if they are willing to go to the underwriter to ask for the exception to the rule. If they weer to allow it you would have to sign a certification that there were no losses in the time frame between coverage beginning and the date you actually purchased the policy.

   Answered on January 14, 2015

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2. 

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   David G. Pipes, CLU®, RICP®

   Business Development Officer, T.D. McNeil Insurance Services, Fresno, California

   Insurance companies occasionally back date insurance policies for a variety of reasons. The first concern is to assure that company that all potential losses for the period of time have been fully considered. The second is to show the company that the individual involved is an important client and that such a back-dating is a good business decision.

   Answered on January 14, 2015

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   Terry A. McCarthy, CLU, ChFC

   President, Insurance Associates Agency Inc., West Chester, OH

   Backdating an effective date means coverage was effective from that date forward and as a common practice, it is prohibited by carriers. There are controlled situations where they may permit backdating. One is where there is a "statement of no loss" but it is risky business for the carrier if you are a new customer. We accept a "statement of no loss" when reinstating coverage but only with the permission of the carrier and the form is their requirement not ours. If an agency is willing to backdate without the carrier he/she has probably violated carrier rules and/or state law.

   Answered on February 1, 2015

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