Should I add Liability Insurance?
Independent students, International students, students not covered under a parent's Homeowner Policy or students required by a property manager to show separate insurance all might need Liability Insurance. US students who are covered under a parent's homeowner's policy usually do not need additional liability coverage, although we still strongly recommend that they obtain separate property coverage.
If you are occupying property that is owned by someone else, the owner or manager may require that you have this insurance. They want to make sure that a claim or suit against you that may also name them is defended by a high quality insurance carrier. The insurer will pay on your behalf, within the policy limits, terms and conditions, any sum you are held legally liable to pay, including legal fees associated with defending you.
Your policy provides protection for your landlord against certain losses such as fire and smoke damage caused by your negligence. However, the policy cannot be modified to specifically show your landlord as an additional insured or interested party. However, we can issue an evidence of insurance letter with your landlord as an Interested Party, so they will be notified if your coverage is terminated.
Even if the Property Owner or Manager does not require this as part of their Lease Agreement, it may still be a smart choice to get this insurance protection if you are not covered under a parents liability insurance. For a very low additional premium, you can be protected against a potentially devastating financial loss in the thousands of dollars, which can follow you until satisfied. Potential claims can come from the property owner for damage to their property, from other tenants or their families, from guests visiting you or even from the general public.
Liability Coverage is available for limits of $25,000, $50,000, or $100,000. No deductible applies to Liability Coverage, and your selected property deductible remains unchanged. Liability Coverage is often available for less than $40 per year.
Liability Coverage from us at any level includes $10,000 coverage for damage done by pets, and $500 medical payments to others.
Optional Liability Coverage may be added to your property policy at the time of purchase, or added at a later date if you do not yet know your physical residence while attending school.
Optional Liability Coverage is available for most US residences, except in the states of AK, FL, CT, and RI.
If you wish to order liability coverage without property coverage, or are no longer a student, please visit us at www.AffordableRentersInsurance.com.