Should Renters Purchase Umbrella Insurance?

In today’s world, you need insurance for just about everything, and there are numerous types that cover all different costs and situations. Even though there are specific coverages, sometimes the baseline insurance policy doesn’t cover everything. Wouldn’t it be nice to not have to worry whether something is fully covered or not? That’s exactly what umbrella insurance is for, from covering home owners, renters, auto, and much more.


What is Umbrella Insurance?

Essentially, umbrella insurance is a form of backup insurance. It is your second layer of protection and can help save you from paying an extra cost out of pocket. Umbrella insurance generally acts as extra coverage if a base insurance policy doesn’t cover the entire claim or any additional coverages. If you are found liable or you must pay legal fees during a lawsuit, this additional coverage will benefit you. Once the base insurance policy is used up, umbrella insurance kicks in and pays the additional liability costs. To find out more about umbrella insurance, read our blog, What is Umbrella Insurance?

Should Renters Purchase Umbrella Insurance?

Purchasing umbrella insurance is a great idea for renters to protect all of their personal property. Everyone has the potential to experience accidents or unexpected events, which is why everyone needs this policy to have as another layer of protection for their assets. Renters are at the same risk as everyone else to experience accidents, liability, or other insurance coverage events.


How Umbrella Insurance Protects Renters

You need umbrella insurance to protect you from a financial loss in the case that you reach the liability limits of your base insurance policy. This policy covers numerous things from cars, RVs, watercraft, to incidents regarding slander, invasion of privacy, and false arrest. Without this policy, you could pay thousands of dollars out of pocket in the case of a car accident, boating accident, or if you’re found liable in any circumstance.

What Umbrella Insurance Covers for Renters?

Umbrella insurance can protect you in many ways by covering the extra cost. To learn more about how this policy can protect you, check out our page on umbrella insurance.

  • Bodily Injury: Covers whatever your auto insurance doesn’t cover if you or someone else were to get injured in a car accident.
  • Property Damage: If anything is damaged or stolen from your home or car, whatever is not covered under your regular insurance, umbrella insurance will pay the rest.
  • Legal Damages: Protected if you are sued for libel or slander. Also protects you from false arrest, spiteful prosecution, privacy violation, and many other charges.
  • Legal Fees: In the case of a lawsuit, this policy covers court costs and legal fees.

It’s important to have the right insurance coverage to deal with the unexpected, something renters struggle with as much as homeowners. If you would like to discuss if umbrella insurance for you, then feel free to contact us at TJ Woods. One of our agents would be happy to assist you with figuring out if umbrella insurance is right for you! Get a free quote from us today.