When friends and acquaintances visit, you do everything you can to make their stay enjoyable, and the last thing you want is for anyone to get hurt or sustain damage to their belongings. But accidents do happen, and if one occurs in your rented apartment or house, you might be the one paying the tab.
Thankfully, that’s what renters insurance is there for. You can protect your guests, bank account, and friendships with a policy that can cover the medical bills in the event of an injury or personal property damage. Here, Muller Insurance explains how your renters insurance can ensure your liability is covered after an accident – whether you live in New Jersey or elsewhere in the United States.
Understanding Your Liability
While you don’t own your home, the law still expects you to maintain your duty of care, which is the responsibility to keep visitors safe and warn them of any hidden dangers. When a guest gets hurt in your rented space, you can be held legally responsible for violating your duty of care and allowing them to become injured. Likewise, you may also be liable if your guests’ belongings become damaged in your rented home, whether it was your fault or due to an unanticipated event like a fire.
Despite your best efforts to keep everyone and their belongings safe, accidents can happen, such as:
- Emergencies like fires or floods
- Bites from overzealous pets
- Cuts from broken glass
- Fireplace or oven burns
- Trips and falls
When something like these instances occurs, you are expected to compensate for the cost of any medical bills and lost belongings. Your guests can also sue for personal damages, costing you even more money and heartache.
Protecting Your Guests and Yourself
Injuries to guests could be costly, as can replacing any of their damaged items, from cell phones to clothing. Luckily, that’s where renters insurance comes into play. With the right policy, it can cover your liability in the event that your guests become injured or sustain damage to their belongings while in your home. In other words, the insurance will pay for most of your guest’s medical bills so they can afford a healthy recovery, and it will reimburse them for damaged belongings – without putting your finances at risk. If your guest still decides to sue, your insurance may also cover some of the legal expenses from the lawsuit.
Risks of Being Underinsured
If you own a renters policy, you should be safe, right? In reality, medical bills and other reimbursements are often more expensive than you expect, and your policy will only pay up to its limit. If your coverage isn’t enough for the medical bills or damaged items, you may need to pay the remaining balance out of your own wallet. Inability to afford the expense can have consequences such as:
- Less medical help for injured friends who need it
- Going into debt in order to pay for the medical bills or damaged belongings
- Financial tensions that test relationships
If you’re unsure about how much coverage your renters insurance policy should have, speak to professionals like the ones at Muller Insurance. A quick conversation can provide peace of mind that your policy will fully cover potential liability expenses.
Inquire about Renters Insurance Now
With renters insurance in place, everyone achieves a better outcome should guests become injured or their items sustain damage at your place. Medical expenses are paid and reimbursements for belongings are issued, while your relationships – and personal finances – remain intact. If you’re ready to invest in a policy, Muller Insurance assists renters in New Jersey and beyond in obtaining enough coverage. To learn more, contact us today.