What Is Renters Liability Insurance

Coverages and losses for renters

So, what is renters liability insurance? An insurance policy for renters is a group of covered policies designed to help protect a person living in a house or apartment. There are three types of coverages that help protect one's belongings and arrangement of livings after a covered loss. Tenant or renters insurance helps cover unexpected events known as covered perils under renters liability insurance. Liability insurance for renters, do I need it? There are times when certain situations cannot be prevented like theft, robbery, or visitor’s injury, that’s where tenant insurance comes in.
Coverage types:
• Personal property
Covers the costs required to replace or repair one's belongings. It has certain limits in insurance policies.
• Liability
Covers the expenses of the unintentionally destroyed property or a guest's medical bills if one is found responsible for their injuries.
• Additional living expenses
This includes hotel bills or if the property you are currently renting is damaged or is left uninhabitable.

Tenant's Property Coverage

If a tenant's belongings are accidentally or unexpectedly destroyed or damaged then personal property coverage, recognized as a working component of tenants insurance, may help cover the cost of replacing or repairing one's belongings. This protection normally applies to risks like fire, flood or other natural events (also known as "perils"). As per information shared by the insurance information institute, if one's stuff like clothing or furniture is destroyed in a fire, this coverage may help him pay for the cost of replacing the stuff. However, keep in mind the limit of liability renters insurance – the amount your policy will cover for the loss of personal property will apply. You should remember that personal property coverage is usually deductible. Meaning, there is a certain amount you have to pay towards the loss before you receive insurance money.
what is renters liability insurance

Uninsured Property Under Tenants Insurance

Although it is good to have it, personal property coverage may not be enough to protect everything you own. Certain belongings such as jewellery or collections have restricted coverage under the standard renter's insurance policy. You might be able to add additional coverage called scheduled personal property coverage. No one ever expects to have an accident. However, if someone from the tenant's side makes any damages to a neighbour's property or if you are found responsible for a guest's medical bills after they visit your rented home or apartment then liability coverage may help cover the cost. Like any other coverage, limits apply to the insured amount paid after a covered loss. Read your renter's liability insurance document to know how much coverage you are getting or if it fits your needs.

liability insurance for renters do i need it

How To File Renters Insurance Claims

If you need to file a tenant insurance claim, there are tips you should follow and will be helpful in the process. You should remember that the claims process differs based on damage done.
• Get in touch with your agent to report a claim ASAP.
• Keep your items away from any further damage. Inform your agent if any emergency repairs are needed.
• The agent will ask about the damages and you should answer any question he may have about the process.
• You should discuss the amount of coverage you’re getting under a certain situation.
• Keep the record of damages in terms of photos, videos, or documents before replacing or repairing begins.
Renters or tenants insurance is most likely needed, specifically in these times when accidents are more often occurring. But insurance should be availed only on those things on which it is required like medical bills and valuable things like gold or jewellery. Always keep in mind what needs to be insured or not and how or when you can benefit from your insurance.