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How much renter's insurance (liability) should I purchase?
Posted on 7/28/20 at 8:23 pm
Posted on 7/28/20 at 8:23 pm
Renting a house worth roughly $300K... am I supposed to get $300K in liability insurance? Not sure what the right amount is.
3
Posted on 7/28/20 at 8:29 pm to cubsfan5150
What you're describing in your body is going to be covered by the landlord's insurance.
What you're describing in the title.... "renters liability" is for injuries/property damage of others while in your home. Which has nothing to do with the value of the home itself.
What you're describing in the title.... "renters liability" is for injuries/property damage of others while in your home. Which has nothing to do with the value of the home itself.
Posted on 7/28/20 at 8:33 pm to castorinho
That's the way that I initially understood it but then I was told that if I cause a fire for instance, and burn down the house, then I would need the liability insurance to cover it. If that's the case, WTF is the home owner's insurance for?
Posted on 7/28/20 at 8:55 pm to cubsfan5150
quote:well if you negligently cause a fire, I'm sure the landlord's insurance might try to recover some of their cost from you.
if I cause a fire
Posted on 7/28/20 at 9:25 pm to castorinho
quote:
quote:
if I cause a fire
well if you negligently cause a fire, I'm sure the landlord's insurance might try to recover some of their cost from you
This. Insurance companies aren't dumb. If you cause a grease fire, the landlord's home policy will fix the home and then sue you.
That is what the liability insurance protects. Lawsuits against you.
Posted on 7/28/20 at 9:31 pm to meansonny
So I should get enough to cover the cost of replacing the dwelling then right?
Posted on 7/28/20 at 9:50 pm to cubsfan5150
If your going to be the tenant in the residence you are only covering your personal property. Basically what everything would cost that you bring into that home to repurchase brand new. The structure of the home is being covered by the landlord and his/her insurance policy.
On this policy you will also get liability. This coverage covers if someone trips falls etc and tries to sue you in any way and say you were at fault. You want to put it at $300,000. The cost from 100,000 to 300,000 is minimal.
The cost of a HO4(renters policy) in Louisiana should be somewhere between $200-$500 for the year.
On this policy you will also get liability. This coverage covers if someone trips falls etc and tries to sue you in any way and say you were at fault. You want to put it at $300,000. The cost from 100,000 to 300,000 is minimal.
The cost of a HO4(renters policy) in Louisiana should be somewhere between $200-$500 for the year.
This post was edited on 7/28/20 at 9:51 pm
Posted on 7/28/20 at 10:52 pm to cubsfan5150
quote:
So I should get enough to cover the cost of replacing the dwelling then right?
Technically, the liability coverage is protecting you from 3 things.
1) garnishments against your wages
2) judgments against you (affects your ability to buy, refinance, sell real estate)
3) your banking assets
Young people without much could carry no insurance. Attorneys are generally pretty smart and aren't going to waste resources suing a poor person.
If you have anything to lose, start there. Technically, you should think more about how much you are willing to spend to protect your assets than how much damage you can inflict.
The difference between 100k and 300k liability might be $25/yr. The difference between 300k and 500k might be another 35/yrs. How much is it worth to you to not worry? Are you a pretty responsible person (not prone to grease fires?)
Posted on 7/28/20 at 10:58 pm to meansonny
quote:
Are you a pretty responsible person (not prone to grease fires?)
Yeah, I owned a house for the past 7 years with only one claim which was my roof after a storm.
But you guys answered my question and thanks. Doesn't make sense not to carry what the house is worth just in case something happened that they could say was my fault.
Posted on 7/29/20 at 11:57 am to cubsfan5150
I have renter's insurance to cover any of my personal belongings that could be stolen/lost in fire. I haven't worried about liability insurance as a renter.
Posted on 7/29/20 at 12:27 pm to cubsfan5150
Personal liability coverage is cheap. Buy as much as you can afford.
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