A look at deciding if you need an umbrella insurance policy as a renter.  

Renters all too commonly assume they don’t need insurance. After all, while homeowners need their own policies to protect their houses, renters should be able to lean on their landlord’s coverage, right?

While your landlord’s insurance will protect your building, it will not protect your personal property or—perhaps more importantly—your liability. The good news is that renters insurance is an affordable way to cover both of those exposures!

The not so good news is that the liability coverage offered in your renters insurance may not be enough. For example, dog mauling cases often gets more expensive than the standard liability coverage that renters insurance policies can cover.

If you are concerned that your liability could leave your assets and future earnings exposed (which it could, by the way), you should consider an umbrella insurance policy. This type of coverage might not be necessary for the renter in a one-bedroom working an entry-level job, but if you have valuable assets and want to safeguard your income from garnishments, umbrella insurance is a good choice.

This type of coverage will not just protect you in your rental, either; it can also step in if you cause an auto accident that costs more than your auto insurance policy limits and protect you against claims of libel and slander. You get the peace of mind that comes with knowing your policy limits in multiple scenarios are at least $1 million with umbrella insurance.

Are you still not sure if an umbrella insurance policy is right for you? Do not wait to contact North American Underwriters. Serving Bristol, Farmington, and Plainville, our team of Connecticut insurance experts will take the time to understand your specific needs and set you up with the right insurance policies to best protect you.