As a renter or tenant, you have a legal liability for damage to the property you are renting caused by fire, explosion, water escape or smoke. For example, an improperly disposed of cigarette in your apartment could case a fire. If that fire affects other units, you may be held responsible to pay for damages. So your renters policy isn’t just to insure your stuff, but also your stupidity! 😉
Personal liability insurance is designed to protect you and your family against liability imposed upon you by law, arising out of your activities which result in injury or property damage to others. Accidents do happen and sometimes those accidents can be quite costly- typical liability limits on a renter’s policy are $1,000,000 or $2,000,000. We always recommend purchasing the highest liability limit available as the cost difference is usually minimal.
Of course, your renters or tenant’s policy includes coverage for your belongings as well. It is important to review the coverage limit you have selected for your policy, and make sure it would be enough to cover replacing all of your belongings with brand new items. If you aren’t able to live in your unit because of a fire or other insured loss, no worries, a renter’s policy includes “additional living expenses” coverage. This will help you pay for additional & necessary expenses you might incur such as the cost of a hotel until you are able to return to your unit. If you need more information on this, or would like to review your coverage, we would be happy to answer your questions! Give us a call on 1-866-683-6444, send us an email, or connect with us on our live chat!