What is personal liability coverage when referring to renters insurance?
February 26, 2012 Categories: Insurance
Don Asked:
What is individualized liability coverage when referring to renters insurance?
It’s state I have $ 50,000 individualized liability insurance for my rental insurance. What does this mean?
Best answer:
Answer by engineer50
It is for endorsement against injury or alteration caused by your negligence (for example, you begin a fire).
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If someone sues you for bodily injury or property damage, your insurance company will hire a lawyer, and pay any judgement up to $ 50,000.
Examples of covered claims (on a standard policy) would be your dog biting someone, someone tripping over your unsecured area rug and falling and breaking a leg, you hitting someone with a golf cart accidentally, on the golf course.
its coverage for anything you can be held liable for, so if someone sues you, you have coverage on your policy up to this amount.
You do not have to be ‘sued’ before this coverage becomes available. An injured party can pursue a claim without filing suit, but essentially all of the answers are correct. The insurance company will pay up to $ 50k for any bodily injury or property damage claim that is present against your policy assuming you were negligent.
This would be for anything you are found legally liable for. Such as something you did or failed to do that caused injury. This would be for non-motor vehicle related incidents (that is what auto insurance liability is for). As part of your lease, if you are responsible for clearing ice & snow & didn’t & the UPS person slipped & fell, you could be held liable. If you are walking down the street & open your umbrella & poke someone’s eye out, you could be held liable & be sued.
I didn’t even know there was any company that wrote $ 50,000. The lowest I have seen in YEARS is $ 100,000. On most policies you can get $ 500,000 liability for less than $ 30 per year, get a quote to see what it is.
$ 50,000 won’t get you very far. If someone has a serious injury, or not so serious injury, I am sure they will sue for more than the $ 50,000.