Renters Liability Insurance
A Common Sense Approach to Renters Liability Insurance
Whether you own a single apartment to rent out to college students or you rent out duplexes across your city, you crave clear instructions on how to shop for renters liability insurance, how to protect yourself against financial catastrophe, and how to minimize your costs and efforts. This article hopefully can clarify the basics about renters property insurance, so that, when you do lease out your condominium, apartment, or home, you'll have peace of mind.
Renters Liability Insurance: What Is and Is Not Your Responsibility
As a property owner, you likely already own insurance on your building and its structure. So if some catastrophe -- be it a fire, storm, or toxic chemical spill -- destroyed the building or polluted the property, you would have coverage to help pay for costs and damages. But you do not need extra insurance to cover your renter's possessions. Your tenant will have to get that coverage on his or her own. [One exception may be appliances: if you own a washer, dryer, oven or other appliance in the unit to be leased, you may want to cover these yourself.]
Renters Property Insurance: Premises Liability Concerns
Let's face it: we live in a litigious society. If someone steps into your home and slips and falls and breaks her leg, she can theoretically hold you liable for all sorts of costs, ranging from her medical care to her visit to a chiropractor. To that end, property owners and renters alike usually cushion themselves with liability protection.
In general, if a guest hurts himself in a tenant's living quarters e.g. bathroom or kitchen), the tenant himself will be liable. Of course, legal gray areas here abound. Say some kind of structural problem with the building -- such as rotting wooden steps -- contributes to an injury. In that case, you theoretically could be held liable. To that end, discuss how to ensure that your renters liability insurance really does cover all the bases with a credentialed agent.
Cost Savings Tips for Renters Liability Insurance
A dazzling array of factors can influence your insurance quotes: from the safety of the neighborhood to your credit score to whether or not you own rambunctious animals, like rottweilers or pit bulls. Minimize your upfront costs by raising your deductible to lower your premiums, excluding unnecessary coverage, and shopping around for renters liability insurance.
Leveraging NetQuote to Find Renters Liability Insurance
NetQuote is a free online service that allows policy shoppers to collect and cross compare quotes a minimum of five, maybe more) compiled from a catalog of over a hundred insurers. NetQuote makes policy shopping and bargain hunting faster and more efficient than the traditional method.
See how easy it is to shop for and save on renters insurance -- get your free quote now.