Tenant Insurance, Floods, and Personal Liability
Floods can happen due to bad weather or accidents around the house. Maybe you did a DIY home project at the apartment you’re renting but accidentally hit a pipe. Suddenly, your apartment floods, causing harm to your furniture, the unit, and even others.
Tenant or Renter’s Insurance is a great and affordable way to protect against the financial consequences of floods, especially when it leads to a lawsuit.
This article explains how tenant insurance protects you from lawsuits that arise from at-home floods, whether it was your fault or an act of nature. It also discusses other ways tenants’ insurance can come in handy during a flood or other peril.
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Personal liability and floods
Tenant Insurance is a policy that protects tenants from various risks by covering expenses related to unfortunate circumstances.
Additionally, personal liability coverage is financial protection against legal claims for injury or property damage when you’re legally responsible as a tenant. This coverage pays for legal fees, damage awards, and other expenses if someone sues you, so you won’t have to manage these costs out-of-pocket. Often, insurers may entirely step into your shoes and manage the whole litigation process on your behalf.
Suppose your home faces a minor flood. If someone visits your place, slips on a wet floor, and injures themselves, they could have a legal claim against you for medical expenses, pain and suffering, and an inability to earn wages.
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In another example, your apartment unit could flood due to a broken pipe. In this case, the flooding might not only damage your unit but damage the unit below you. This situation could lead to a lawsuit from whoever owns that apartment, leaving you with legal fees and bills for repairing their unit, as well.
Renter’s Insurance won’t cover every flood, however. Below are some scenarios where you can’t claim Tenant insurance:
The flood occurs as a result of your business or professional activities. These claims require a business insurance policy.
You caused the flood intentionally
The harm or property damage is caused to you or residents of your apartment or housing unit
Ultimately, Tenant Insurance may vary from insurer to insurer, and it’s best to read the details and speak with an insurance expert to understand the limits of your policy.
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What else does Tenant Insurance cover?
In the personal liability capacity, renter’s insurance also covers perils aside from floods. Fires, break-ins, and bad weather are all unfortunate circumstances that can cause legal liability or other financial consequences.
Tenant Insurance further covers the following risks:
Contents coverage: This protection compensates for the repair or replacement costs to items destroyed or stolen at your home. For example, if you face a flood and your furniture is ruined, contents coverage can provide enough to purchase replacement furniture.
Additional living expenses: This protection covers additional living or storage expenses if you temporarily can’t live in your apartment or house due to an unfortunate circumstance. Suppose a flood occurs and your landlord requires three weeks to repair the damage. During this time, you may need to check into a hotel or other short-term living accommodation, which is likely more expensive than your monthly rent. Additional living coverage can pay for these expenses and more.
Floods can cause significant legal liability for you, even if you’re only renting a house or apartment. But tenant insurance can mitigate the financial consequences by paying for legal fees and damage awards. Additionally, tenant insurance provides many other protections to make your renting life less worrisome.
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Originally published October 28, 2021, updated September 5, 2023
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