When you sign a lease to rent a home, condominium, apartment or townhouse, the property owner maintains responsibility for insuring the structure against any damage caused by a disaster, including water and fire. However, you may be expected or contractually obligated by your landlord to maintain renters’ insurance that provides numerous coverage to protect your family’s personal things against the unexpected.
Even if your landlord does not require you to obtain renter’s insurance, you probably should obtain this inexpensive insurance which provides peace of mind as well as compensation in the event of a covered loss. In the event of an accident and an accusation that you are liable for such mishap, calamity or slip and fall then Renter’s insurance may provide coverage. But what exactly does it cover and are you protected in the case of a major calamity?
Most renters’ insurance coverage provides adequate protection against the family’s personal belongings in the event that the worst case scenario occurs. The policy provides protection to replace the family’s belongings as long as that specific event is covered. The policy could include coverage for most items of value in the household.
” A renters insurance policy offers you coverage for the theft, loss or destruction of your personal belongings in the event of a fire, storm or other covered peril. This can help you replace the items you use on a day-to-day basis, from your clothing to your appliances to your furniture—as well as your more expensive items.” https://www.allstate.com/tools-and-resources/renters-insurance/what-does-renters-insurance-cover.aspx
Common household items that are typically covered under a standard renter’s insurance policy include:
• TVs and entertainment systems
• Electronic equipment including computers and laptops
• Sporting equipment
• Musical instruments
However, there is a specific limitation on the dollar amount the policy covers. If the value of items exceed the limits of the policy, the family may need to purchase a rider or floater insurance to the main policy that offers higher monetary limits. The policy holder may need to declare expensive items such as artwork, engagement ring, or wedding band and may have to pay additional premiums as a result.The renters’ insurance policy may extend far beyond the confines of the home, such as having a laptop stolen, damaged by a covered peril while on a trip.
Living life to its fullest or minimally can be a risk. However, there is no need to lose the family household financial savings simply because something goes wrong. Your renter or condominium liability insurance policy can provide the family protection against being personally sued and found liable in the event that someone visiting the premises is injured.
In the case of condominium liability, “Essentially there are three legal liability possibilities following bodily injury or property damage at a residential condominium property. Legal liability is placed on: 1) the condominium association; 2) the unit owner; or 3) jointly on the association and the unit owner.” http://www.mynewmarkets.com/articles/180950/understanding-legal-liability-for-condominium-association-and-unit-owners
Usually, your insurance company will require the victim to prove how their injuries are the direct result of your negligence or intention while they were on the property. Unfortunately, most policies provide limited liability coverage, which might not provide adequate coverage should a catastrophic event or serious accident occur on the premises.
There are dozens of different types of accidents that could occur including:
-a defective, broken or faulty shower doors causing slip and fall
-“Exposed nails, torn carpeting, and loose floorboards Left unrepaired, exposed nails can cause puncture wounds. You can stub your feet on torn carpeting or loose floorboards, and fall on the floor or into furniture, resulting in severe bruising, sprained or torn ligaments, and even broken bones.” http://www.injuryclaimcoach.com/apartment-building-insurance.html
Allstate Insurance sets forth what is covered in their renters insurance policies sets forth what is covered : “2. Liability coverage. Life is risk, but that doesn’t mean you have to dig deep into your pockets or drain your savings account every time something goes wrong. The liability insurance that comes as a part of your standard renters insurance policy can help protect you if you are sued by a guest injured in your home. Say someone comes over to your house and trips down your stairs, injuring themselves seriously enough to warrant medical attention. If you are found responsible for the accident, your renters insurance liability coverage can help pay for your legal expenses and their medical bills and other damages. When buying renters insurance, it pays to think long and hard about having enough coverage to guard against any eventuality. Liability coverage can even pay for damages caused accidentally by you or your family members. For example, if your child accidentally throws a baseball through your neighbor’s living room window, your liability insurance plan could cover the damages.” https://www.allstate.com/tools-and-resources/renters-insurance/what-does-renters-insurance-cover.aspx \
Filing a Claim for Compensation
Typically, the renter’s insurance policy will exactly identify every event the family’s insured against. Often referred to as “named peril” insurance coverage, these events often include:
• Windstorms and lightning strikes
• Fire and smoke
• Theft, malicious mischief and vandalism
• Frozen air conditioners and plumbing
• Falling objects
• Damaged by a vehicle other than your own
• Accidental water damage, which might or might not include floodwaters
• Appliance-related electrical short-circuit damage
• Pet-related injuries (dog bite and Dog attack) caused to visitors on the premises
In many cases, insurance carriers will “blacklist” various dog breeds that are known to bite or harm individuals and other animals.
Filing a Renters Insurance Claim
If you have suffered an injury in a slip and fall accident or a premises liability incident on another’s property, you are likely entitled to receive financial compensation for your damages. Typically, the renter’s insurance policy is the most reliable source of financial recovery. However, these types of cases are often complex and require a comprehensive understanding of state tort law. Because of that, victims will often hire a premises liability attorney to handle their claim.
A skilled Rhode Island personal injury attorney who specializes in premises liability cases will seek financial recompense on behalf of the victim through the renter’s insurance policy. By filing a claim or suit, the law firm will seek various damages that include:
• Hospital stays, emergency care and ambulance transportation,
• Dental, x-rays and surgery expenses,
• Recompense for time away from work due to extensive medical treatments, physical therapies and rehabilitation.
A skilled reputable RI or MA personal injury attorney can determine if it is advantageous to settle the claim, or file a lawsuit for additional compensation. This often involves evaluating the claim, speaking to eyewitnesses, gathering evidence, reviewing medical records and lengthy discussions with the insurance company’s claims adjuster.
NOLO states : “A natural disaster, such as hail, fire, rain, hail, or wind storm. Standard renters’ insurance does not, however, cover all natural disasters. Typical exceptions include earthquakes and floods (in which case you will need to purchase additional coverage, if necessary). See the website of the Federal Emergency Management Agency (FEMA) for more information on various types of natural disasters, including high-risk areas.” http://www.nolo.com/legal-encyclopedia/what-damages-covered-under-renters-insurance.html
Special case of Condominium Insurance
TJ Woods Insurance Agency states: “So where does one condominium owner’s insurance policy end and the next condominium owner’s insurance policy begin? In simple terms, Condominium Owner’s Insurance coverage begins with the studs. Everything from the wall/floor/ceiling studs inward is covered by that condo owner’s insurance policy. And everything from the wall/floor/ceiling studs outward into the next condo unit is covered by the neighboring condominium owner’s insurance policy.” http://woodsinsurance.com/how-is-condominium-owners-insurance-different/