Renters insurance provides you peace of mind if you rent your home. It covers your personal belongings in the event of a loss, and it also gives you liability protection.
Value Penguin explains renters insurance can cover your portion of liability and serve as a backup in case your landlord’s insurance refuses to cover the injuries of a guest.
Check your policy
Make sure that you have adequate liability coverage on your policy. You will generally have two types of coverage with one being for liability. You may also have additional coverage for medical payments. Ensure that you have enough coverage that it will protect you from personal liability should someone suffer an injury. Keep in mind, that a person could sue you for not only the injuries and medical care but also pain and suffering.
Know your rights
You are not responsible for all injuries on the property. The landlord also holds some responsibility for ensuring the property is maintained in a safe condition. You generally do not have liability for common areas or places outside your rental that are not maintained by you, such as sidewalks. Generally, you are only responsible for accidents that occur inside your home, but situations may vary depending on the details of your rental.
When someone suffers an injury at your home, it can become costly. Medical expenses add up, and the person may want to recoup other losses that occurred as a result of the accident. Having renters insurance can help protect you and your finances from a claim in court, and in most cases, this insurance is highly affordable.