If your premium increases it is likely due: 1) longer lease term 2) higher rent amount 3) your building requested more coverage.
Once your application has been approved and your building's leasing team has confirmed your lease details, our team will provide you with an invoice for your policy. The invoice amount is determined by your lease details, namely:
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- Monthly rent amount confirmed by the leasing team
- Coverage amount requested by the leasing team
- Lease length confirmed by the leasing team
If your premium increases after the initial invoice or during policy renewal, it is likely due to one of these changes to your application:
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- The monthly rent amount for the lease has increased
- Your building has requested more coverage
- Your lease term (length) has increased
A longer lease or a higher monthly rent will result in more coverage being included in your policy and a higher premium amount.
I already paid my invoice. Why do I have an outstanding balance?
Your premium is subject to increase if your building later provides an update to your lease details or requests additional coverage.
In the event that your premium increases after you have submitted a payment, our team will send you an updated invoice via email for the outstanding balance.