One of the first things most renters learn after a disaster such as a fire consumes their home is that the landlord is not responsible for much of anything unless criminal neglect can be proven. And usually, it can’t be. While the landlord is no doubt insured, in most cases, his insurance only covers the structure of the building.
Some that rent tend to live under the illusion that they don’t have a lot of valuables. But, even in the course of one or two years of renting, we accumulate stuff. Lots of stuff that would cost money to replace, and would be very difficult to live without.
Your amount of coverage depends on the value of contents (furniture and appliances) as well as personal property such as jewelry, furs, fine arts, electronics, clothing and other items. Appropriate safeguards should be in place and a current appraisal of high value and antique itmes should be available to substantiate any loss. An inventory and picture record or video is important to document the existence and aid in recovery.
Liability covers you against lawsuits for bodily injury or property damage that you or family members cause to other people. It may also pay for damage caused by your pets. So, if your son, daughter, or dog accidentally ruins your neighbor's expensive rug, you are covered. However, if they destroy your rug, you are not covered.
The liability portion of your policy pays for both the cost of defending you in court and any court awards—up to the limit of your policy. You are also covered not just in your home, but anywhere in the world.
Liability limits generally start at about $100,000. However, we recommend that you purchase at least $500,000 worth of protection. Some people feel more comfortable with even more coverage. You can purchase an umbrella or excess liability policy which provides broader coverage, including claims against you for libel and slander, as well as higher liability limits.
Your policy also provides no-fault medical coverage. In the event a friend or neighbor is injured in your home, he or she can simply submit medical bills to your insurance company. This way, expenses are paid without a liability claim being filed against you. You can generally get $1,000 to $5,000 worth of this coverage. It does not, however, pay the medical bills for your family or your pet.
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