Chicago, IL (PressExposure) September 27, 2009 -- /1888PressRelease/ Whether youâre a home, condo or apartment renter, one of the most important types of coverage you can include in your renters insurance policy is liability coverage. Because of the responsibility you have towards guests in your home, you can easily end up paying thousands or hundreds of thousands of dollars in medical and legal expenses if someone is injured in your home.
Many renters make the mistake of thinking, because they donât own their unit, that they donât have to bother with insurance. Theyâre dead wrong: thereâs still the matter of getting coverage for all of your personal belongings, as well as liability coverage.
âAlthough renting affords you the luxury of not having to insure the building you live in, you do need renters insurance to insure other circumstances that could arise. Extensive liability coverage is crucial if something unfortunate were to occur on your property,â the article says.
Sufficient renters liability coverage should at least include the following: â¢ Coverage for damage or injury caused by you or your property in your home as well as outside of your home (not including auto accidents) â¢ Coverage for medical costs and legal bills that could result from said damage or injury â¢ Substantial coverage limit of at least $500,000
While $500,000 may seem like a lot of money, it can easily be used up and surpassed in a bad liability case. â[I]t is strongly encouraged to increase your limit to $1 million if possible. Your liability coverage will be useless if you donât have a high enough limit and are caught in a dispute that involves medical and legal bills,â the article states. Renters liability insurance shouldnât be overlooked.
To find out more about it, and to get in touch with local renters insurance agents, visit InsuranceAgents.com.
staff contribution: Meha Ahmad