Renters insurance provides you with several types of financial protection, but perhaps the most important one, and least understood, is liability protection. Now, we know you may be thinking, “I don’t have enough stuff or money for anyone to want to sue me.”
Unfortunately, when it comes to lawsuits, neither the size of your savings account, your age nor your work status have much bearing on whether you will be sued. Plus, you may be surprised how much your possessions are really worth, especially to someone who is looking for compensation for injury or damages. A proper renters insurance policy with liability coverage is the armor that will protect you.
Renters Insurance Liability Coverage – What is it exactly?
This critical protection is included in all renters insurance policies issued by Lighthouse Insurance and safeguards you against lawsuits for:
- bodily injury you or your family members cause to others
- property damage that you or your family members cause to others
Your policy will also provide you with no-fault medical coverage which means that you can submit medical bills directly to your insurance carrier should someone get injured in your home. Liability coverage will also pay for the cost of defending you in court and for any money awarded to the complainants, up to the limit of the policy.
Lighthouse Insurance Liability Coverage for Renters
Sounds great so far, right? Now, bear with us, this is where the liability portion of your renters insurance policy gets a little more complicated. Liability coverage limits generally start at about $100,000, but depending on your specific lifestyle, a limit of $300,000 or more might be worth it to protect your bank account, your belongings, and your reputation. Plus the difference between $100,000 and $500,000 in liability coverage is only about $20-25 annually, so we believe it’s a shrewd decision on your part to go with a higher limit. And, if you’re a go-getter who has already accumulated some wealth or valuable assets, you may want to consider an umbrella or excess liability policy, which provides even higher limits and broader coverage.
All of this protection is wrapped up in our standard renters insurance policy and can cost you as little as $12-20 per month, which makes a renters insurance policy with liability coverage a really smart choice for every renter in Boston and the surrounding communities.
At Lighthouse Insurance we understand that every renter’s needs are different. Our team looks forward to getting to know you better so that we can recommend the best renters insurance for you. Call us for a free renters insurance quote today, 617-464-3777.