Many people assume because they rent, and your landlord has insurance that insurance policy will kick in when disaster strikes. A Landlord insurance policy protects the owner’s property, while they may, in fact, have coverage that insurance policy protects the structure itself and the landlord’s “stuff” their lawnmower, as a renter you have no coverage under their policy. An interesting example is the landlord’s lawnmower: If you had the same exact lawnmower because you just moved from your home to a rental for a year while you find another home to purchase and both mowers were stolen out of the garage without a renter’s policy your mower will not be covered, and the landlord will get a new shiny lawn-mower.
A renter’s policy is essential protection for your personal “STUFF”, but let’s talk about yourpersonal liability it’s just as crucial.
While you may think you don't need insurance because you rent, that couldn't be further from the truth. Let's say you have friends over for some Sunday football watching. And one of your guest trips over the coffee table on the way to the restroom and breaks their leg. While of course, it was an accident, it happened in your apartment, and you could be liable for their medical bills. But having the right renter’s policy in place could help you cover these expenses.
Here’s the good news, for a relatively low premium, most sometimes just a couple hundred dollars a year, you could have up to $100,000 of financial protection for claims or lawsuits made against you. Liability insurance provides coverage when you cause accidental bodily injury or damage to someone else's property:
Renters isn't just for those who live in apartments, but more and more apartment owners are asking for it. It's just as important if you rent a home, townhome or condos. For example, let's say you are trying a fabulous new Pinterest recipe that you found, and things get a little bit out of control, and before you know it, you have a kitchen fire. The damage caused by this small, accidental fire is up to you to repair. The right renters' policy can help you cover the damage.
Another great benefit of renter’s insurance is that you can bundle it with an auto policy for discounts on your annual premiums for both policies. Sometimes making the purchase of both an be less then just the auto policy itself.
The second type of liability coverage in a renter’s insurance policy is medical payments to others coverage. The renters' insurance policy usually can pay $1,000 per person for necessary medical expenses and can go to $5,000 per person for as little as $9.00. Typically, regardless of your legal responsibility when a covered accident on your property involves someone having bodily injuries. It may also provide coverage in other situations as well. These higher amounts of coverage are available and can help limit the pain in your wallet.
To learn more about renter’s liability coverage, contact the experts at compareaquote.com or call 1-888-255-8688. Our Licensed Insurance experts will be happy to answer any questions you may have.