insurance

Should renters get an umbrella policy?

Opening the umbrella
Next
2 of 7
Back
Opening the umbrella

Renters must have property insurance with liability protection to cover their leased apartment or home before adding umbrella liability coverage.

Getting a renter's policy is a first hurdle for many to overcome, since only 1 in 5 people who rent has one, according to Bill Suneson, co-founder and president of Next Generation Insurance Group.

Basic rental insurance policies typically include $100,000 in liability protections, while the starting point for an umbrella policy is $1 million of coverage. The latter kicks in when you have maxed out the liability on policies for your rental and your auto, if you own a car.

"An umbrella policy is excess liability protection -- it sits above a renters or auto policy," Suneson says.


 

 

advertisement

Show Bankrate's community sharing policy
          Connect with us

Compare multiple quotes in just 6 minutes

Get competing rates from top companies including:
advertisement
CD & INVESTING NEWSLETTER

Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. Delivered weekly.

Blog

Jay MacDonald

Fall maintenance for Obamacare

Submit Obamacare proof of income documents by Sept. 30, but beware of HealthCare.gov fall maintenance.  ... Read more

advertisement
Partner Center
advertisement

Connect with us