What Does My Personal Liability Insurance Cover? Do I Have Enough Coverage?
Here’s what you need to know about your personal liability protection.
Personal liability claims are among the most serious and most expensive that a homeowner can face. This is why it’s so important to have the right liability insurance coverage in place. While this protection is included in standard homeowners insurance policies, many homeowners do not really understand what liability insurance covers and do not know how much coverage they actually need. To help clarify things, here’s what you need to know about your personal liability protection.
- What is liability?
Liability refers to your legal obligation as a homeowner to ensure that your home and property are safe. Because you are responsible for your property’s safety, you can be held accountable for the accidents, injuries, and property damage that take place on it.
- What does personal liability insurance cover?
The liability portion of your homeowners insurance policy is designed to protect your financial assets in the event that you or a member of your household is held responsible for injuries or damage to another person or their property. Personal liability coverage will also kick in if a third-party sustain injuries or damages while on your property. Your liability insurance will offer coverage for medical treatments, property repairs, and the cost of your legal defense should the affected party decide to sue.
- How much liability coverage do I need?
As previously mentioned, your liability insurance is designed to protect the value of your financial assets. This includes the money in your checking and savings accounts, your investments, your retirement funds, your valuable personal property, and any properties (including your home) that you own. Oftentimes, the personal liability coverage limits included in your homeowners insurance is not enough to adequately protect you. Fortunately, homeowners can secure the additional liability protection that they need with a personal umbrella policy. These types of policies offer liability coverage that extends beyond the coverage limits of your existing personal policies to ensure that you have the comprehensive liability protection that you need.
This is what you need to know about your personal liability protection. Do you have additional questions regarding your personal liability or home insurance? If so, then contact the experts at Remland Insurance in Orange, California. Our dedicated team is eager to assist you with all your coverage needs today.