Do I Need Renters Liability Insurance?

As a renter, you may be focused on protecting your personal belongings from damage or theft, but there’s another crucial part of renters insurance that often goes overlooked: liability insurance. If you’ve ever wondered, “Do I need renters liability insurance?”, the short answer is yes. Below, we’ll dive into why it’s a crucial requirement for every renter.

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What is Renters Liability Insurance?

Renters liability insurance, a part of most standard renters insurance policies, helps cover the costs if you’re held responsible for injury to others or damage to their property. It can typically cover legal defense costs and any monetary judgment against you, up to the limit of your policy.

Why Do You Need Renters Liability Insurance?

There are several reasons why having renters liability insurance is important:

Accidents Happen

Regardless of how cautious we are, accidents can occur. For instance, you might accidentally leave the water running, causing flooding that damages your neighbour’s property.

Protection Against Liability Claims

Without liability insurance, you would be responsible for paying all the legal expenses out of your pocket if a guest gets injured at your home. This could turn out to be a significant financial burden.

It’s Often Required by Landlords

In many cases, landlords require tenants to have some form of liability insurance as part of the lease agreement to protect the property owner against lawsuits from accidents that occur on the property.

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How Much Renters Liability Insurance Should You Have?

The amount of coverage you’ll need depends largely on your financial situation and risk tolerance. A standard renters insurance policy usually includes $100,000 in liability coverage. However, if you have considerable assets, you may want to consider increasing this limit to better protect yourself.

Other Considerations

While renters liability insurance is definitely a necessity, remember that it typically does not cover:

• Damage to your own property (that’s where a personal property coverage comes in handy).

• Injuries you cause to yourself. (Your health insurance policy can take care of this).

While renters insurance is often extremely affordable, the exact cost will depend on your chosen deductibles, policy limits, and personal circumstances.

APOLLO is Canada’s leading provider of tenant insurance, designed specifically for renters and customizable to your lifestyle. Get your free quote in less than a minute and we’ll send your policy documents right to your inbox.

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