Are You Carrying Enough Home Liability Insurance?

Are You Carrying Enough Home Liability Insurance?

What you need to know about your personal liability protection.

When you breakdown your homeowners insurance, it consists of four main coverages: property, personal property, loss of use, and personal liability.  Your personal liability protection is incredibly important as liability issues are among the most serious and expensive types of claims that a homeowner can face.  But do you understand exactly what your personal liability protection does and do you have enough protection in place?  Here’s what you need to know about your liability coverage.

What does my personal liability protection 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 legally responsible for injuries or damage to another person or their property.  Your liability insurance will offer coverage for the affected party’s medical treatment and property repairs.  Additionally, your liability insurance will cover the cost of your legal defense should the affected party decide to sue you for additional damages.

Do I have enough personal liability protection?

As mentioned above, your liability insurance is meant to protect 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.  As a general rule, you need your liability coverage limits to be high enough to protect the value of these assets.  Calculating the value of your assets can be difficult so you should speak to your financial advisor or home insurer to determine exactly how much liability coverage that you need.  If your home insurance policy does not offer enough coverage, then you do have some other options.  For instance, you can secure a personal umbrella policy to get the additional liability protection that you need.

This is what you need to know about your personal liability coverage.  Curious to learn more about your liability or homeowners insurance?  If so, then contact the experts at East End Insurance Agency.  Our dedicated team is eager to assist you with all your coverage needs today.

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