Lawsuits are on the rise
No one ever plans (or expects) to get sued, but accidents happen and things can go wrong where you live, work or play. In today’s quick to sue society, a slip, a crash, a dog bite or even a careless comment may lead to a personal liability lawsuit, targeting you for medical expenses, legal fees and damages.
Your best friend could lead to you being sued
Dog bites and other dog-related injuries accounted for more than one-third of all homeowners insurance liability claim dollars paid out in 2014, according to the Insurance Information Institute.
Liability insurance is a cost effective solution
You can protect yourself against liability lawsuits by purchasing a standard renter’s insurance policy which comes with liability coverage. Liability coverage will protect you and your stuff if you are ever sued up to a specified limit. Don’t assume that your landlord has the right coverage as you can be named in a lawsuit. Sometimes a landlord will go after a tenant to recover costs related to damage they caused like a small kitchen fire. Liability insurance provides an extra layer of protection, along with peace of mind and is a feature in most renter’s insurance policies.
Practical tips to protect yourself
While it is virtually impossible to think of every possible thing that could go wrong in your home, do your best to look out for potential risks and hazards.
In addition, try answering these questions:
- Could someone fall down because of an old set of stairs? Time to bug Dad to get this fixed
- Does your dog like to bite? Think of the mail man or the guy who is delivering your holiday gifts
- Are you hosting a holiday party or a get together for the big game and plan to serve alcohol? Answer this one in your head only
Take an inventory of potential hazards and take steps to prevent injuries to your guests because they are your responsibility when visiting your home. Even better, fix the stairs or hide the dog when you have the holiday party.
Choose the right limit
Choosing the right liability limit isn’t hard but it requires you to do some thinking. If you entertain, have a high profile job, participate in sports, own an anxious dog you likely need more than the average person. Consider getting at least $2 million (more is always better), but best advice is to speak to your insurance advisor to get their input and recommendation.With Hub, you can start as a little as $19/month.