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Renters Liability Insurance: Coverage Options and Considerations

Jul 05, 2023

Personal Insurance

Renters Insurance: Coverage Options Renters Insurance: Coverage Options

If you're considering renting or already planning to rent a property, it's essential to familiarize yourself with renters liability insurance. This type of insurance provides coverage and protection for renters in case of unexpected incidents or damages. Understanding the key details and benefits of renters liability insurance can help you make informed decisions and safeguard your belongings. Below, you'll find comprehensive information about this insurance, ensuring you're well-prepared and aware of its significance.

Table of Contents

How Does Renters Liability Insurance Work?

Renters liability insurance covers you if someone else’s things are damaged or if someone is hurt on your property. For instance, a friend visiting your property slips and falls and suffers a severe injury while also breaking their phone. Your friend would file a claim, and your policy will help cover the expenses for the injury treatment along with paying for the replacement/repair of the phone.

How Many Renters Liability Coverage Do I Need?

The value of the renter's liability insurance you need depends on you completely. Standard policies start from a limit of $100,000. This is one of the cheapest insurance policies, with premiums as low as $15/month. Factors determining your premium value include the property type, location, deductible, coverage limit, and cost value vs. replacement expenses.

Is Renters Liability Insurance Required?

There is a need for a renters liability insurance policy if the landlord specifies strictly that this is necessary for the rental agreement. A typical renters insurance policy includes personal property, liability coverage, and additional living costs.

What Does Renters Liability Insurance Cover?

Here are some of the things that are covered by the renters liability insurance:

  • Damage to someone’s property – This policy offers financial protection if you or anyone from your household causes damage to someone else’s property by mistake.
  • Covered losses away from home – You might accidentally damage the lobby of a store. Renter's liability insurance will cover you even if the incident is away from your home. If the business asks for compensation, the coverage will provide financial aid.
  • Dog bites – If your dog bites another person, renters liability insurance will help cover the treatment's costs. The majority of dog breeds are covered under this policy.
  • Lost wages – Lost wages are covered by this insurance policy when someone loses the ability to work because of an injury on your property.
  • Legal fees – If someone sues you for injuries or property damage, the renters liability insurance covers a lawyer's expenses and legal costs.

What Isn't Covered by Renters Liability Insurance?

Certain things renters liability insurance doesn’t cover. Some of them are:

  • Deliberate damage or injury to any person or property.
  • Business claims of any kind.
  • Your damages or injuries.
  • Car accidents.

Does My Landlord's Policy Protect Me?

A landlord insurance policy provides protection and coverage specifically for the landlord rather than the tenants. The liability protection included in the policy applies when the landlord is at fault for damages or injuries. It does not directly extend coverage to the personal belongings or liability of the tenants themselves. Therefore, tenants are advised to obtain their renter's insurance to protect their belongings and liabilities adequately.

Secure Your Peace of Mind with TA Swain Insurance Group LLC!

If you're searching for renter's liability insurance or any other insurance coverage, reach out to TA Swain Insurance Group LLC. Our company provides top-notch insurance plans tailored to your specific needs. Don't hesitate to contact us at (614) 224 1329 for further information and secure the best insurance solution for your peace of mind.

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