What do you do if you’re out of school, living independently, and you are no longer listed or insured on your parents’ policies?
Now, you are about to rent an apartment and are required to provide proof of liability coverage to comply with the lease.
So, what should you do? We suggest a “Tenant’s Policy” to cover your liability in relation to the home or apartment. This will protect you personally and, in turn, meet the landlord’s requirement. That policy will also protect your personal property.
Also, you are no longer covered on your parent’s auto policy and although your exposure may not be obvious, it hasn’t been eliminated. A “Non-Owned-Auto Policy” is for those occasions when you might rent or borrow a car, or even ride in one and cause an accident (by opening a door as a cyclist is trying to ride by. Rare, right?
An “Umbrella Policy” can be added to cover additional liability exposures beyond the home and auto policies (for example related to a serious accident).
One more thing: If your parent(s) signs the lease, they might sign as a co-signer; adjustments should be made to their insurance portfolio.