Renter's Insurance

Why Every Renter Benefits from Renter’s Insurance

Although some landlords require renters to purchase renter’s insurance, in many rental situations it is still a voluntary coverage.

Renter’s insurance is low cost coverage and provides security in areas beyond the home. Renters insurance not only covers the loss of valuable possessions but it offers liability.

Most renters insurance policies give you about $100,000 in liability and upgrading to $300,000 in coverage can cost as little as $9 a year. You can even extend your coverage up to half a million dollars for a moderate amount.

Liability from guests…

If you have a party and one of your guests has been drinking in your home and later becomes injured or injures another party, you could be sued. Your renter’s insurance can cover your liability.

Liability for accidents outside the home…

If your child is at the park, for example, and hits another child with a baseball – even if the accident occurs off the property, you could still be sued. Your renter’s insurance would cover this occurrence.

Liability from negligence…

You could be sued for negligent acts. As a personal example, a client of ours was boating and as he was climbing up the latter on the back of the boat, the driver turned the engine on and he was badly injured by the propeller blade. Because he had expensive hospital bills, he sued the driver and the home insurance paid for it because of negligence.

Liability for dog bites…

Dog bite claims are common. An average of $32,000 was paid out for dog bite claims in the U.S. in 2015. If your dog bites someone – inside or outside of your home – your renter’s insurance will pay out the claim. Be mindful, however, that certain breeds aren’t covered.

Your legal costs are covered…

Renter’s insurance covers the legal costs of someone suing you. If you are sued then the insurance company handles the claim. The insurance company has a legal team representing your case, and if you loose the insurance company pays out.

Break-ins and losses…

If your items get stolen anywhere – even outside the home – they’re covered. When prescription meds are stolen from a car or a laptop computer is stolen from a coffee shop, those incidences are covered by renter’s insurance. There is a $500 deductible, but as the items mentioned above are costly, and even smaller items can add up, it may be worth it to put in a claim.

Contact Cappuccino Insurance Agency to schedule a consultation to discuss your insurance options and coverage needs.