When Will I Need to Use My Renters Liability Insurance?
When you rent your home, your landlord will likely tell you that they require you to buy renters insurance, or more specifically, renters liability insurance.
You might wonder why you are required to buy this coverage, and you might not consider it worth much of an investment. On the contrary, liability insurance is one of the most important pieces of coverage that you can buy when you’re a renter. It helps you take responsibility for the fact that you have a personal investment in your home, even if you don’t own it.
What is Renters Liability Insurance?
Liability insurance is a type of policy that will help you repay other when you make mistakes that cause them harm. You might make not intend to cause a problem for someone else, but sometimes, the simple fact of your negligence makes you responsible their losses. Your liability insurance is designed to help you compensate that person without facing an insurmountable personal cost.
Why do I Need this Coverage?
You renters liability insurance is what enables you to take responsibility for yourself in your property. Consider some of the situations where this policy can really come in handy.
- One of your friends comes to visit, and when coming downstairs, they slip and fall on a rug that is at the bottom of the stairs. They might sustain a head injury, broken bones or other harm. Afterwards, they might sue you to pay their medical bills, cover the income they lost from missing work, or provide other restitution. Your bodily injury liability insurance can help you pay for these losses.
- Perhaps you accidentally cause a fire while cooking. The fire both damages your own rental unit, but also a neighbor’s. In this situation, the damage was your fault, however unintentional it was. You can use property damage liability coverage to repay the neighbor for their losses, and to compensate your landlord for theirs.
Additionally, other perks might be available through your liability policy, such as:
- Personal injury coverage
- Pet bite liability coverage
- Accidental medical payments benefits
However, depending on the plan, you might have to buy this coverage as an endorsement if it is not included in your coverage automatically. Additionally, if you feel that you need more coverage than your standard liability benefits will provide, then consider investing in umbrella liability insurance, which can provide excess coverage when you have exhausted the limits of your existing policy.
Our agents are happy to work with you to develop the renters liability coverage that is best for you, and we understand the security the right coverage can bring. Don’t hesitate to work with us if you want to make your search for quality benefits an easy one.
Also Read: How Does Renters Insurance Work with Pets?