THURSDAY, MAY 25, 2023
It’s time to buy a renters insurance plan to help protect you in your new home. Even though you do not own the property, you still face financial risk by occupying the space. The good news is insurance is available to minimize these risks to you. It protects your possessions but it also helps to protect you from high-risk liability situations as well. Why do you need liability insurance and how much do you need to obtain?
Why Do You Need Liability Insurance?
Liability insurance is a part of most standard renters insurance plans. It can help to protect you when other people – not living with you – make claims against you because they’ve suffered losses they believe are your fault. And, the risks can be high. For example, if someone falls in your apartment and is hurt significantly, you could be required to pay medical bills. On average, those costs were $12,000 in 2011. If your pet bites the neighbor, you could be responsible for those bills, too. The average cost of a dog bite in 2011 was $29,396. Liability insurance pays for these losses if you have a policy in place.
How Much Do You Need?
Take a look at your renters insurance plan. How much coverage for liability claims does it offer? The amount you need will differ based on various factors. For example, if you own a dog, your cost will be higher. You may elect to increase the amount of liability insurance you have as well. Increasing the amount of coverage from $100,000 to $250,000, for example, may not cost much more out of your pocket, but it can provide extensive protection for the risks you face. You can work closely with your renters insurance agent to ensure you have ample protection for your individual needs.
If you have not done so yet, take a look at your current policy. Determine how much liability protection and personal possession coverage it offers. Then, consider your needs and your risks. By working with your insurance team, you can adjust this to better match your risks so that you remain protected from any of the risks you face from other people.
Call Gordon Insurance for more information on business insurance.
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It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
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