Why should I add Liability Insurance?
Because 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.
Even if the Property Owner or Manager does not require this as part of their Lease Agreement, it is still a smart choice to get this insurance protection. 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.
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, HI, NY, CT, and RI.