Liability Coverage and Your Renters Insurance

Do you need liability coverage on your renters insurance.Yep! Because if you don't have it, you are liable to be in very big trouble if someone is injured in your rented home or apartment.

It's one thing to find yourself sitting in an emergency room waiting room while a friend is treated for an injury sustained in your home. It's another one to find yourslef sitting in the poor house because the accident wasn't covered by liability insurance.

Even if an accident is not your fault and has nothing to do with your home, you might still be found liable. The safety of your guests is your concern from the moment they walk in your door.

Renters insurance with liability coverage will help you pay your friend's medical bills. It might also pay your legal bills if it turns out your "friend" is not really one and takes you to court.

Renters Insurance Includes Liability Coverage

Most renters insurance policies provide coverage for injuries that occur in your home as a result of an accident. they also cover accidents that occur outside your home that are caused by you, your pet or your property. (Please note: this does not include car accidents.) The liability coverage you get as part of most renters insurance policies also includes legal defense costs, in case you're taken to court over an associated accident.

You can typically choose between $100,000 and $500,000 of liability coverage on an insurance policy.

What About My Landlord's Policy?

There is a common misperception among renters that they are covered under their landlord's homeowners policy. This is not the true. Most landlords' policies only cover the common areas of the building and its surrounding infrastructure.

Why You Need Renters Insurance

Not only does the insurance provide liability coverage, it also provides coverage for your belongings if they are lost or damaged because of theft, fire, smoke, lightning, windstorm or hail and vandalism while you live in a rented property.

You may think you don't have enough stuff worth insuring. But look around your home and start taking a mental inventory of your belongings--your furniture, computer and electronic equipment, CD and DVD collections, clothing, your bike, dishes, rugs etc. The cost to replace all your personal property adds up quickly.

Some renters insurance policies will even cover living expenses if you're forced to relocate due to a covered loss.

Renters Insurance Is Affordable

Renters insurance policies typically only cost between $15 and $30 a month (NAIC.org). When you consider not only the liability protection, but also coverage for your personal belongings, renters insurance truly is one of the best values on the insurance market today.

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