A renters insurance policy covers your belongings and provides liability coverage when you live in a rental house or apartment. However, not all renters policies offer the same coverage limit for liability damages. Therefore, explore different policies and choose the one that meets your coverage requirements. Read on to learn more about renters liability coverage.
What is renters liability coverage?
When buying renters insurance, you must look for the coverage limit the policy can offer. Most renters insurance policies provide a minimum of $100,000 coverage for lawsuits and liability claims.
Generally, renters insurance policy will cover:
- Visitors injured on your property
- Physical injury or property damage caused to others by your children, pets, or personal activities, including sports
Liability coverage also covers medical costs for the injured. If someone is injured on your property, your renters insurance policy will pay up to $1000 per person for their medical expenses, despite legal responsibility. Also, you can buy higher amounts of liability coverage if required.
What is a master renters program?
Landlords can buy a master renters program if they have a tenant who does not have renters insurance. This policy will cover both the landlord and the tenant. For the landlords, this program covers the damages and repairs resulting from smoke, explosion, fire, and water overflow, and for the tenants, it covers the sewer backup and contents in the home.
The master renters program is usually arranged by the landlord, making it easier for the tenant to opt into the program. Also, the tenant can withdraw from the program if they have their renters liability insurance.
Renters liability coverage may protect renters in several situations. If you are living in a rental home, make sure you have the right renters insurance. For assistance with all your coverage needs, contact an insurance professional at Westwood Insurance Agency today.
