Many people find that their lease requires them to maintain “personal liability insurance” in a specified amount, often $100,000 of coverage.
But all they can find is Chattanooga, TN Renters Insurance More and more frequently, we’re asked,
Why do I need all that other stuff? Liability Insurance Vs. Tennessee renters insurance, what’s the difference? Does one give me different coverage? Can I get just personal liability insurance and skip all the other stuff?
Keep reading, because Effective Coverage has the answers you need right below our Video Guide To Renters Insurance!
Liability Insurance Vs. Tennessee Renters Insurance
First, let’s cover what liability insurance is. Liability insurance protects you by paying for bodily injury or property damage that you cause to someone else, as well as offering a defense against those claims or lawsuits. In other words, it doesn’t just pay for the loss, it also pays for the lawyers if necessary!
Personal liability insurance policies that cover only liability are few and far between. You’d be hard pressed to identify many companies in Tennessee that sell such policies to the general public. There are a very few available through arrangements between property managers and insurance companies, but property managers don’t often offer them.
One main reason that property managers don’t frequently offer liability only policies to their tenants is that people don’t read their policies. Often, residents see the word “insurance” and assume that they have coverage that they don’t have.
While it’s ultimately the insured’s responsibility to know what’s in their policy, this ends up not being a good experience for the resident or the property manager.
What Does Tennessee Renters Insurance Offer That Liability Insurance Doesn’t?
There’s actually a very long list of what renters insurance in Chattanooga offers that liability insurance doesn’t, but it can be broken down into a few main categories. First of all, your renters insurance policy offers the same liability coverage that a personal liability insurance policy would.
That means that any renters insurance policy with an appropriate liability limit will meet the requirements of your property manager. But what else is in there?
Personal Property Coverage On Renters Insurance In Tennessee
Personal property coverage, also known as “Coverage C” or “contents coverage” on your renters insurance policy protects the things you own from a long list of things that could cause direct physical loss or damage. The list itself is in the actual policy, but it includes common risks such as fire, theft, and vandalism. It also includes less common risks such as wind and hail in many cases.
Usually this coverage is written at “replacement cost” which means that after a loss you’ll be paid the amount of money you need to replace the property with new property of “like kind and quality.” Like kind and quality is just standard insurance language meaning the replacement property will be similar to what was lost. If your TV came from Wal-Mart, you’ll get a similar quality of television – not a 4K TV.
Can I Afford Personal Property Coverage On Renters Insurance?
You can’t afford to replace the thousands of dollars of property in your home. Very few people can. Apartment fires are more common than you think, and unfortunately the people who are most at risk are the ones who can least afford the coverage.
Economically disadvantaged people living in older apartments with fewer safety features most need the protection of renters insurance in Chattanooga, but often think they can’t afford it. Fortunately, policies usually average about fifteen dollars a month, making them affordable to almost anyone!
Loss Of Use, Chattanooga Renters Insurance, And You
After a fire or another loss, you’ve lost significant property. You’re out safely, but you might only have the clothes on your back. You might not even have your wallet with you, making access to cash or credit difficult. You need someplace to stay while repairs are being made to your apartment.
That’s where Loss of Use coverage comes into play on your Chattanooga, TN Renters Insurance. The insurance policy pays for your additional living expenses after a covered loss, because the idea of the insurance is to put you in the same condition as you were before the loss.
That includes making sure you have a place to stay, and can more or less maintain your lifestyle as it was before the loss. Loss of use coverage can often be advanced by your adjusters to ensure that you can get into a hotel as soon as possible, and many insurance companies have arrangements with hotel chains so that they can bill the insurance company directly!
Medical Payments To Others Coverage
Sometimes, things just happen. If you have company and they suffer a minor injury, they may well expect you to pay for the medical bills even though you didn’t actually cause the injury. It happened in your home or apartment, after all. Medical Payments to Others coverage makes that possible.
The coverage is designed to pay for those small injuries without contemplating who is at fault, or even if there is fault. It’s an easy way to resolve minor problems. If the injuries are worse than the coverage would contemplate, or if your negligence is obviously the cause, that’s why you have liability coverage on your renters insurance.
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.
As you can see, renters insurance in Tennessee offers a great deal more than just liability insurance coverage, and it’s quite affordable. It’s also easy to get! Just call (800)892-4308 or click to get covered - whether you need Chattanooga, TN renters insurance quotes online or coverage anywhere else!
Effective Coverage offers the nation's only completely mobile platform to quote and purchase renters insurance right from your phone or tablet in just one minute. Get an online renters insurance quote today and protect your family.
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