Does a Renter Need Umbrella Insurance?
Take into consideration what you could face as a renter in terms of insurance risk. You invite your friend’s child over to play. The child trips and falls, hitting his or her head on the floor, all because of a tear in the carpeting or a misplaced toy. You may think that this is just “kids being kids,” but in fact, it can lead to a serious liability matter. If that child suffers significant loss, perhaps even has brain damage from the fall, you could be liable for those losses.
When considering the importance of purchasing renters insurance, realize that it really does matter what type and amount of coverage you buy. First, most people think of renters insurance as a way to protect their personal possessions in cases of a loss such as a fire. However, most policies also have a layer of liability coverage. This is basic liability insurance that helps to pay for the losses suffered by other people in situations where you are responsible.
If that child fell and had to get a few stitches, your average renters insurance plan is likely enough to cover the medical costs. However, if that injury was much more significant (perhaps requiring surgeries or a long hospital stay), the costs go up and your liability coverage may not be enough to cover the expenses. In these situations, it makes sense to have more liability protection.
Most renters should invest in a higher level of insurance. Often called excess liability or umbrella insurance, it provides more protection from many of the risks you may face in all types of liability matters. These policies can offer $1 million or more in protection and that can add up quickly.
Do you need excess liability or umbrella insurance? The fact is, this type of renters insurance add-on tends to be very affordable. As a result, it is oftentimes a good idea to purchase these policies because they offer incredible protection in situations where you most often cannot predict their occurrence, prevent them or afford to pay for the losses sustained. Consider a quote for a higher level of renters insurance with more liability coverage.
Get the protection you need. Call McDonald Insurance Group for more information on renters insurance.