Do You Need An Umbrella Insurance Policy As A Renter?

Renters Insurance and Umbrella Policies

Most renters assume that since they do not own their house, they do not need an umbrella insurance policy. However, just like a homeowner, there are many risks that you can face that can easily dig deep into your bank account.

When deciding if you need a personal umbrella policy as a renter, take a look at your exposures. The higher your risk level is, the more you can benefit in an umbrella insurance policy. Having a dog or a backyard swimming pool at your rented home can increase your chances of a liability issue, which is where your umbrella insurance policy will kick in.

Typical personal umbrella insurance policies start at $1 million in coverage and then increase in million dollar increments at a very low cost. Typical renter’s insurance policies only cost around $300 a year for coverage. While you may think that $1 million is way more coverage than you will ever need, it probably is not. With hundreds of lawsuits filed each day, you can easily reach the limit of your renter’s insurance policy after just one accident. If you do not have the additional protection that is offered by an umbrella insurance policy, you will be left paying for the damages out of your own pocket.

Keep in mind that although a personal umbrella insurance policy will provide protection for many perils, it does come with some exceptions. Carefully read over your entire policy to ensure that you know exactly what you are covered for and that you have the protection that you deserve.

When looking for the right umbrella policies that will work best for your specific needs, contact Robert J. Los Insurance Agency in Hamburg, New York. We will work with you to make sure that you have the protection that you need, all at the right price.