We were asked by the owners of our new rental to get $1 million in liability insurance coverage—which surprisingly only added $30 to our annual premium. What’s the catch here? How are we (or the owners) protected by this? How does liability insurance for a rental work?
Renters’ insurance policies normally come with liability coverage, and renters should always buy insurance to protect themselves, our experts say.
“When you buy a renters’ policy, it typically already includes liability insurance,” says Michael Blumenfeld, principal with the insurance company Mile Square. “The policy comes with three main parts: coverage for your property if it’s damaged or lost, coverage in case you have to go live somewhere else if something happens to the apartment, and liability coverage if you are responsible for property damage or injury to others in your apartment.”
Read Full Article on Brick Underground: https://www.brickunderground.com/rent/why-do-renters-need-liability-insurance-policy-costs-nyc