As a renter, you might think that umbrella insurance is unnecessary since you don’t own your property. However, there are several reasons why investing in umbrella insurance can be beneficial, such as supplementing your rental insurance policy.
Financial Protection
Replacing personal property can be a significant expense for a renter. Those costs can quickly accumulate if a visitor gets injured while at your place and requires medical attention. Additionally, any damage to their personal property will need to be replaced, and umbrella insurance can protect you from depleting your assets. If you own a lot of assets, this is an option you should consider.
Umbrella insurance can also be beneficial if you are accused of slander. It will cover you in ways your primary policy can’t, especially if it has been exhausted. If you have pets, small children, or frequently entertaining guests, you should consider getting umbrella insurance to accompany your rental policy.
The Best Things About Umbrella Insurance
One of the best things about having an umbrella insurance policy is the peace of mind it provides. As a renter, you are in a growing and building stage in your life. Umbrella insurance prevents you from taking steps backward in the event of an accident, allowing you to continue moving forward with your goals and dreams. This can also improve your risk profile as a tenant to your landlords, potentially improving rates. If you’re trying to upgrade your rental property, you may have a better chance because of the protection you provide for yourself.
If you live in the Willis, TX, area and want more information on umbrella insurance, contact Melvin Gessner Insurance Agency today. We look forward to helping you soon.
