Hello Renters - let's talk about liability insurance
Now, this type of coverage has been associated with homeowners and those with assets. Though true, renters you all have assets as well. Homeowners of course own or are in the process of paying off their mortgage to own their home. Renters your assets can be savings, vehicles, investments rental properties, etc. to protect as well.
Let's take a look at liability insurance more in-depth - it is part of your renter's policy - if you need a renter's policy click here the coverages normally come in 100k (min.), 300k, and 500k. surprisingly there is only about a $25-$40 difference in yearly premium for each increase in coverage-That comes to approximately $2.08-$3.34 extra per month for a max of $300k or $500k in coverage.
Yes it is the affordable
Now let's take a look at what is covered by personal liability coverage - any damage to another's property or injury due to your accidental negligence. The key word here is accidental negligence- most liability policies do not cover intentional acts. Think of one picking up a rock and throwing it through a person's window or an injury provoked by you or someone in your household- normally a child or spouse (always ask what the definition of a household member is) each carrier is different.
Also, you can be liable for damages if the loss originated from your residence. An example would be the origin of a fire that
In closing, have a licensed agent review your risk to determine what is your best option.