Renters sometimes overlook the benefits of renters insurance. This coverage is designed to protect your valuable belongings from fire, and other disasters. Personal liability insurance for renters extends financial protection in multiple ways. Here’s a look at what you get with liability coverage from renters insurance.
Is personal liability coverage the same as renters insurance?
Personal liability insurance for renters is not the same kind of policy as renters liability insurance, but they have overlapping similarities. Personal liability is part of both a standard homeowners insurance policy and a renters insurance plan.
What does a personal liability insurance policy generally cover?
Some of the main items personal liability insurance for renters plan covers injuries to you or others within your rental space and damage to your personal possessions. As far as the building in which you reside, that’s already covered by the commercial property owner.
Various types of injuries can occur at your apartment, such as your dog biting a visitor. Thousands of these injuries occur every year but don’t get much news coverage. Dog owners often don’t think these unfortunate events are possible, so they don’t worry about the insurance coverage. When they fail to get some form of personal liability insurance, they can fall thousands of dollars into debt from a claim.
Another type of accident that may occur in your rental space is someone may fall down by tripping or skidding. Once again, your renters insurance should cover it. Your renters insurance provides no-fault medical coverage, including when contractors come to your home and get injured.
When should you get a personal liability insurance plan?
Anytime you rent an apartment, house, or some other living space, you should get personal liability insurance for renters. It will help you recover financial value for lost, stolen, or damaged personal belongings. Getting appropriate liability coverage should be a top concern before renting a property.
When does personal liability coverage not provide any protection to you?
A personal liability insurance for renters policy typically provides coverage up to $100,000. However, if the damages exceed this amount, you’ll have to pay the balance out of your pocket. Unless you purchase additional coverage, the plan won’t protect you from certain disasters such as earthquakes or floods.
How much personal liability coverage amount should you get?
The coverage you choose for personal liability depends on your risk levels. If you live a high-risk lifestyle that includes jumping out of airplanes, speed skating, or skiing, you should consider raising your coverage limits higher than the norm. However, if you prioritize a safer lifestyle and don’t engage in dangerous activities, you won’t need to make any major coverage limit adjustments.
The key to finding the right personal liability insurance for renters coverage is to contact an insurance expert and discuss your situation. Depending on your lifestyle and assets as a renter, your insurer will help set you up with the plan that best matches your needs. Contact our insurance experts at Advanced Insurance Group for more information about securing the right personal liability and renters insurance coverage.