One of the core values of Effective Coverage is education. We believe that you should always be able to understand your insurance policy, and to know what’s in it – and what’s not in it. That’s why we’ve spent the last few days picking apart a standard renters insurance policy and breaking down Coverage A, Coverage B, Coverage C, Coverage D, Coverage E, and Coverage F.
Today we’ll take a quick look at Coverage F. It’s often forgotten about until it’s something you really need, and the situations where you need it are often situations that shouldn’t even have risen to a claim on your San Antonio Renters Insurance in the first place. Find out more below our Video Guide to Texas Renters Insurance!
What Is Coverage F On Renters Insurance?
Coverage F on renters insurance is also known as “medical payments to others,” as well as by other names depending on the underwriter. It’s a small coverage, often with limits between $1,000 and $5,000. It’s not designed to handle large injuries where you’re at fault or negligent. It’s not designed to handle large injuries at all, as you can tell from the standard limites.
Coverage F is intended to pay necessary medical expenses for up to three years from the date of an accident causing bodily injury to a guest who is on the insured location with your permission. The coverage doesn’t apply to insureds or household members, of course. It can apply to residence employees, however.
There is some coverage off the premises, as well. If the insured location has a condition that makes it unsafe and that causes injury to someone on the street, it could apply. If your activities cause the loss, it could apply. If a residence employee injures someones else, Coverage F could make medical payments to them. If an animal owned by or in the care of an insured injures someone, the coverage could apply as well.
When Would I Need Coverage F To Make Medical Payments To Others?
There are numerous situations where you could be responsible for someone’s injuries even though there is no fault to be found, or even though the injury is not severe enough to be worth finding fault in a liability claim or lawsuit. If your child is at Little League, hits a foul, and the ball hits someone in the stomach and bruises them, they’ll want to be checked out.
There’s probably no real serious injury, but there will be medical bills associated with that loss. Medical payments to others for Coverage F are designed for this sort of scenario, where you are connected to a small injury, but perhaps not directly at fault or it’s not worth determining fault.
Alternatively, you’re in a restaurant and you stand up suddenly. Directly behind you is the waiter, and he’s carrying your hot soup. Because you caused him to drop the soup on someone else, those injuries – minor though they may be – could be perceived to be your fault. Coverage F is a convenient way to resolve minor injuries that you’re vaguely connected to, without worrying about fault and without resorting to a full-blown liability claim.
Does A Claim Under Coverage F Preclude The Other Person From Suing Me?
Generally and broadly speaking, in order for someone to accept a settlement of a claim from an insurance company, they are giving up their rights to further pursue the claim, in one form or another. If they let their auto insurance company pay for the damage to their vehicle, they’re transferring their right of recovery against the uninsured motorist to the insurance company. They don’t also get to sue the person.
Acceptance of payment from an insurance company often means that a matter is closed, and forever barred. There are, of course, the usual exceptions found within insurance. People with insufficient limits might well find themselves in one of those exceptions. But if your medical payments to others limit under Coverage F isn’t sufficient, well, that’s exactly why you have personal liability (Coverage E) – to take care of those larger issues.
When dealing with an injury the scope of which fits into Coverage F, it’s quite likely that the person just wants to have their medical bills paid for. They’re not looking for a payday, they just don’t want to lose money out of it. That’s what the coverage is for, after all, making them whole.
Are Coverage F Claims Faster And Easier Than Renters Insurance Liability Claims?
Often, yes! Coverage F doesn’t require fault per se, so that’s one less thing to prove. In addition, since the amount of money at stake is lower, things move faster. If something can be solved and settled under Coverage F, it absolutely should be. If, however, it turns out to be larger than the limit or further related medical costs crop up, your personal liability coverage is there to protect you.
Now that you understand your policy more in depth, do you think you have enough coverage on your San Antonio Renters Insurance? Effective Coverage is always happy to review your policy for both price and coverage, as well as to point out any gaps in your coverage that may be concerning. It’s always good to get an insurance expert to give a second opinion, and to make sure you’re covered for the things you think you’re covered for!
The national average price of renters insurance is just $187.00, according to the III. That works out to as little as fifteen dollars per month. The vast majority of families can budget renters insurance easily at those prices.
Additionally, it's important to note that renters are at a significantly higher risk of experiencing loss than homeowners. Renters occupy roughly one third of total housing stock in the country, and yet they are fully fifty percent more likely to experience theft than homeowners, according to the Bureau of Justice Statistics.
It only costs a few dollars a month to protect your family, and this cheap renters insurance is a great way to mitigate the additional risks that come with being a renter.
To get a free review of your policy, or to get covered in sixty seconds, just call (800)892-4308 or click to get covered - whether you need San Antonio renters insurance quotes online or coverage anywhere else!
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