landlord liability and renter's insurance
Hi everyone,
Posted this on the landlord forum because I didn't realize that there was an insurance forum.
I'm a little confused. To protect myself from liability, my insurance agent suggested two things: either requiring my tenants to obtain Renter's Insurance or that I obtain an umbrella coverage. She said, for example, if someone was seriously injured on the property because the tenant left a rake or skateboard and the person incurred serious medical fees, he/she can go after me. But if I have renter's insurance then that should protect or partially protect me.
Also, read a landlord book who also endorse renter's insurance, but the book wasn't clear why it was recommended.
The other option is to obtain an umbrella coverage, such as a million dollars.
I would like to protect my hard earn assests in event someone is injured on my property as a result of my tenant's neglience. The property is in my name as I have yet to form a company.
Thanks.
Any insight is appreciated. Thanks.