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Rental Liability Insurance

When a residence has been rented, the homeowner will possibly have some type of insurance that covers the home. By doing so, the homeowner is provided protection over the external and internal structure of the home in case of a damaging event, as well as over their own personal property and any liability. Although this insurance does help in some capacity, the renter should also consider their own personal property and the fact that liability could arise on their part also. Even if the renter does not own much personal property, the costs of liability could be inevitable in the event of an accident. By purchasing rental liability insurance, the liability becomes covered by the insurance company. In the event that the renter is deemed responsible for the injury or damage to another person or their property, this type of insurance will cover at least part of the costs related to this issues.

Fast Facts

  • Rental liability policies tend to have around $300,000 in liability coverage
  • Around a third of tenants don't have rental insurance

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