How to decide if you should get under the umbrella as a renter.
As a renter, you know you don 't need as much insurance as a homeowner. You know that your landlord 's insurance will cover your rented building 's exterior and the cost of repairs or rebuilding, so you 've secured an affordable renters insurance policy to protect your personal property.
Is that the only insurance you need? Here are a few questions you should ask to determine if you also need umbrella insurance.
- Have I covered my liability? If you have secured renters insurance, you can answer this question, yes! Your renters insurance will cover your liability, but read your policy closely to understand your policy limits.
- What could I lose? Should you need to call on your liability insurance, what would be at stake? If you have little to no assets to lose, umbrella insurance is not really necessary for you. If, however, you have a savings account, vehicle, or valuable belongings you would not want to lose during a lawsuit, you should consider an umbrella policy.
- Is renters insurance enough? Ultimately, determining if you need umbrella insurance over your renters insurance comes down to two things: the assets you have to lose (discussed above) and your exposure to risk. If you participate in risky activities (e.g. hunting), have a pool, or own a dog, your risk is higher than you may think. Evaluate your lifestyle and determine where you 're open to a lawsuit. The greater your risk, the greater your need for umbrella insurance.
Are you still unsure if a Hudson, NY umbrella insurance policy is right for you? For answers to all of your questions and guidance towards the right coverage, contact
Lofgren Agency. We serve Chatham, Hudson, and the rest of New York and are here to see to all of your policy needs, from renters insurance to umbrella insurance and beyond!
