Personal liability insurance for renters refers to a type of coverage that provides financial assistance to those whose property or person was damaged or injured due to your negligence. It is not required by law, though many landlords do require tenants to have liability coverage when renting their property. Personal liability covers dog bites, property damage and injuries incurred on the rental property by providing financial support for medical-related expenses for the injured party as well as your legal fees if you are sued. It will not cover business-related accidents, deliberate damage/injury caused by you towards another person or accidental damage/injury caused to you. Renters liability insurance is one of the cheapest insurance plans with monthly premiums averaging $15. Show
If you’re going to rent or you’re thinking about renting, below is an in-depth look at what liability insurance can do for you. On This Page
When Is Liability Insurance Needed?Personal liability insurance is only required if your landlord stipulates such coverage is necessary as part of your rental agreement. Although you don't legally need personal liability insurance, you should still consider getting it as it helps protect you from financial burden if an accident does occur where you’re living and you are at fault. The typical renters policy includes liability coverage, personal property and additional living expenses. You can also get comprehensive personal liability (CPL) insurance as a standalone policy, but this is harder to come by. Below is a brief comparison between renters insurance and a standalone personal liability policy:
Get Personalized Renters Insurance Quotes HerePersonal liability insurance is only required if it's part of your rental agreement. What Does Personal Liability Insurance for Renters Cover?Personal liability insurance can help pay for someone’s medical bills or repairs to damaged property if you're responsible for their injuries or property damage. Renters liability coverage can also provide aid for legal expenses if you are sued due to an incident that takes place on your rental property. Your personal liability insurance should cover most claims and lawsuits caused by your negligence. Protection includes:
Ask your insurance provider about what dog breeds are excluded from your policy. If your dog is excluded, you can purchase additional liability coverage specifically for your pet.
Renters seeking additional liability coverage beyond the limits of their renters insurance policy should look into getting a personal umbrella policy. Umbrella insurance coverage usually begins once the limits of an underlying policy, such as a renters policy, have been reached, helping provide greater liability protection. Personal Liability Renters Insurance - Compare Quotes and Save! What Isn't Covered by Personal Liability Insurance for Renters?Personal Liability insurance will not cover everything. Situations not covered by personal liability coverage include:
How Much Renters Liability Coverage Do I Need?The amount of renters insurance coverage you get is entirely up to you. Policies typically start with a $100,000 limit. However, there are some who suggest purchasing at least $300,000 worth of protection according to the Insurance Information Institute. Luckily, renters insurance is one of the cheaper forms of coverage with premiums being as low as $15 a month. Your premium is calculated using a number of factors that include:
*An actual cash value policy pays the original amount spent for the item minus its depreciated value. A replacement cost policy will pay the original value of the item up to the policy's limit. You will get an initial payment for the value of your property, regardless of which type of policy you have. Replacement value policies require you to provide receipts. Only then will you get a second payment for the difference between the replacement cost and the actual cash value. Get Personalized Renters Insurance Quotes HereRenters liability insurance is one of the cheapest insurance plans with monthly premiums averaging $15. Personal Liability Insurance FAQsIs renters insurance the same as liability insurance?Renters insurance is not the same as liability insurance. Renters insurance is a group of coverages that include liability coverage, personal property coverage and additional living expenses coverage. Won’t landlord insurance cover me?Landlord insurance will typically not cover you as it is designed to provide financial protection to the landlord, not to the tenants. The liability protection of landlord coverage applies to injuries and damage wherein the landlord is found at fault. How often should you shop for renters insurance?You should shop for renters insurance every year as most renters policies have a one-year term. This helps ensure you find the best value for the coverage you need. Key Takeaways
SmartFinancial can help get the coverage you need at the price you want. Enter your zip code below or call 855.214.2291 to receive your free renters insurance quotes. Get a Free Renters Insurance Quote.What is personal liability coverage?Personal liability insurance is about financial protection – for you and your family. The personal liability coverage within your homeowners policy provides coverage to pay for claims of bodily injury and property damage sustained by others for which you or covered residents of your household are legally responsible.
What is renters insurance California?Renters insurance is a smart option that can protect you from financial losses related to theft, water backup damage, certain natural disasters and more. If you are renting an apartment, home or even a college dorm in California, renters insurance can help cover what your landlord's policy doesn't.
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