Reasons To Have Renter's Liability InsuranceThe importance of having Renter's Liability Insurance is as simple as being protected or unprotected if someone is injured while visiting you. Renter's Liability Insurance will help you meet your obligation if someone decides to sue you as a result of personal injury. Property owners are responsible for maintaining a safe environment for anyone who is on their property. They can be held liable for personal injury if a person slips or falls because of a dangerous or hazardous condition on the property. A renter may also share some of the responsibility. Categories Which Necessitate Renter's Liability Insurance There are three legal terms used to define a person that may prompt a renter's obligation to have Renter's Liability Insurance. An invitee is a person who the renter has invited into his or her rented property. This can be a worker or contractor. It is assumed that the invitee has entered a premise that is safe. A licensee is commonly known as a guest of the renter. The licensee does not have a contractual relationship with the premises (as does a worker or contractor), but has been permitted to enter the premises. Renter's Liability Insurance only covers injuries that result from a willful or wanton act against the person. Unfortunately, a renter needs Renter's Liability Insurance for protection from trespassers. Logically, you would think that there should be no obligation to someone who has entered your premises without invitation, as would be the case for an invitee or licensee. However, a renter could be held liable if purposeful acts to injure the trespasser occur. How Renter's Liability Insurance Protects the Renter A renter is protected by a Renter's Liability Insurance policy in several ways. If the renter is sued for personal injury, the insurance company must provide legal defense. The insurance company selects the lawyer and approves the payment of all legal fees and expenses related to the lawsuit. Some Renter's Liability Insurance policies allow the insurance company to make the judgment to settle the case. Renter's Liability Insurance also protects a renter during a move. Most moving companies provide a free estimate based on the weight and distance of the shipment. By law, the moving company must also have some type of insurance. However, it is in the renter's best interest to have additional coverage. The renter will have the option of insuring their personal property based on the actual cash value which is a pre-determined value of their belongings in cases of theft or loss. |