Should I Increase Liability On My Gaithersburg Renters Insurance Because I Have A Deck?
Yes, you should increase the liability coverage on your Gaithersburg renters insurance if you have a deck. No, it’s not always the landlord’s problem. Wondering why both of those are true? We have your answers.
No, That Deck Is Not Automatically The Landlord’s Problem!
So you have a deck. It’s attached to your apartment, which is covered by your policy. Why do you need more liability coverage? If you have a guest over, and they fall on a loose board, you’ll be part of that lawsuit because you “knew or should have known” that the hazard was there and didn’t notify the landlord to fix it or warn the guest. Your insurance policy will defend you and pay the claim, but only until the policy limits are exhausted.
If you’re even remotely connected to a loss, you’ll be sued. The formal name for that legal theory is “Sue Everybody, Amend Later.” Such is life. That’s true even for a loss you didn’t cause and couldn’t have known about. If someone’s small child wanders off, decides to climb the railing of the deck, and takes a header off the top, you’re responsible – even if you weren’t home. They’ll claim that you should have fenced the deck, or had a gate, or otherwise taken steps to mitigate the risk of their child finding your deck. The highly unlikely risk. The risk you weren’t aware of, because you didn’t know the child existed before they fell off your deck.
Sure, they’ll sue the landlord, too, but he’s got higher limits – his company will settle and make all of this go away, at least for him.
Yes, You Need To Increase Liability Limits On Your Gaithersburg Renters Insurance
Higher limits = more chance of settling = your part of the whole situation goes away quickly.
In the above described example which is entirely possible, though unlikely, he who has the higher policy limits resolves the problem first. $100,000 is just not enough to pay for the injuries and future costs of an accident like that. $500,000 may or may not be enough, but here’s the thing: Often, litigious people think that a fairly reasonable sum of money now is better than a chance of more money later (and a chance of nothing later).
If your policy can settle the claim for $400,000, you’re off the hook – settlement bars future claims for the incident and resolves the issue. If you have limits that can justify that sort of settlement offer, you’re covered and the situation is done. The difference between $100,000 and $500,000 of liability might be as little as ten dollars a year. Is eighty-five cents a month a worthwhile investment to get the extra protection? Absolutely.
Remember that this is just one example of the random and unexpected ways that claims can arise. There are infinitely more, and you have more exposure than you think, even if all you do is sleep and go to work. If you have to ask “Do I have enough liability coverage?” the answer is no. To find out just how affordable it can be to get more coverage, just call (800)892-4308 or click to get covered - whether you need Gaithersburg renters insurance quotes online or coverage anywhere else!
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Photo Credit: Fiberon Fiberon Horizon Composite Decking CC BY ND 2.0