When you sign up for renter’s insurance, you’re not only protecting the contents of your home, you’re also protecting yourself financially from any liability cases brought against you. Most (but not all) renter’s policies provide a $100,000 (minimum) of financial protection for covered accidental bodily injury or property damage to others.
What is Renters Liability Coverage?
In the event that a claim is made against you or you are sued as a result of a covered occurrence, your renters personal liability coverage can help to cover the associated legal costs and subsequent damages. As an example, if someone is injured in your home, your policy may be able to help protect you from mounting medical costs.
Most insurance policies provide the $100,000 (minimum) of financial protection against covered liability claims and lawsuits brought by others for accidental bodily injury or damage to their property. Some examples of this coverage are:
• Visitors injured while in your home
• Injury/damaged caused by personal activities, including most sports
• Caused by your children or pets
Another type of liability coverage extended to renters insurance is medical payments to others. Sometimes, a renter’s policy will pay up to $1,000 per person for necessary medical expenses, regardless of the legal responsibility, for injuries sustained on your property. And of course, you can always purchase higher amounts of coverage if needed.
Master Renters Program
Another perspective comes from the landlord. If you have a tenant that doesn’t obtain renter’s insurance or doesn’t know where to begin, Ramey King offers a program called the Master Renters Program. While we have multiple options of coverage for both the tenant and landlord, the Master Renters Program is a one-stop shop for coverage. Our program provides first party coverage for the perils of fire, water overflow, smoke, and explosion as well as sewer backup and contents insurance for the tenant. In most cases, the landlord will recognize that these perils are the most common occurrences that typically emanate from the tenant.
Cost-effectiveness is another benefit of the program and the expense can be passed to the tenant easily and conveniently. The program is arranged by the landlord, which makes it very convenient for tenants to opt into the program. It also allows a tenant to opt out if they have their own renter’s policy. It can be purchased for a variety of rental properties, from an apartment complex to a fleet of rental homes. This flexible protection is beneficial for all involved!
At Ramey King, we’d love to talk more about renter’s liability coverage and answer any questions you may have. Contact us today for more information!