Opening the umbrella2 of 7Renters 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.More On Insurance:Insurance newsCreate a news alert for "insurance" Related Articles:Liability storm? Get an umbrellaRenters, think like a landlord8 tips for home insuranceRelated Links:Rental query hurts credit?Nothing owed to rentersRent vs. buy calculator advertisement
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.
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