With 42.3% owner-occupancy, most Tempe households are tenants, and almost none of them have considered excess liability. Owning nothing is not the same as risking nothing.
An umbrella sits above renters and auto liability as readily as above a homeowners policy.
Three things about excess liability when you do not own the building.
The product is not tied to owning property. It sits above the liability on your renters policy and your auto policy, raising both. Tenants assume it is a homeowner’s product because that is how it is usually sold, and the assumption leaves the most exposed households uncovered.
For most tenants the realistic route to a claim beyond their limits is a serious at-fault collision, not something at home. That exposure is identical whether you rent or own, and so is the consequence.
Having few assets today does not end a claim. In Arizona a judgment can be enforced against future wages for years, which for a young household is a worse outcome than losing savings they do not yet have.
Excess liability for a household that rents.
It usually has to be raised first, and that is inexpensive.
The most likely source of a claim that needs the umbrella.
What is actually at stake when the balance sheet is small.
Send your renters and auto limits. We will show you what the step up costs.
We write umbrellas over renters policies, which most agencies never mention.
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