Here’s what you need to know about your personal liability insurance.
Homeowners insurance policies can actually be divided into four different types of coverage. Your policy offers property coverage, personal property coverage, loss of use coverage, and personal liability coverage. Your personal liability coverage is what will help you if you are found responsible for third-party injuries or property damage. Because personal liability claims are some of the most expensive that you can face, it’s incredibly important that you have adequate coverage. But is the liability insurance included in your homeowner policy enough? Here’s what you need to know about securing the right personal liability protection.
Determining the Right Coverage Amounts
While there are minimum liability coverage amounts that you need to include in your auto policy, there are no minimums when it comes to your homeowners insurance. The recommended amount of liability coverage will be different for every homeowner because everyone has their own unique risks. When trying to determine how much liability coverage you need, individual factors will have a major impact. For instance, pet owners, or people with a pool or trampoline in their yard have a greater risk for a major liability event. This increased risk means they need more coverage. Additionally, your coverage amounts should increase along with your income, investments, and home property value. To determine exactly how much liability coverage you need to address your risks, speak to a trusted agent today.
Securing Additional Coverage
If you do need more liability coverage than your homeowners policy is currently offering you, you do have some options. If you don’t need to increase your coverage by very much, you can simply speak to your agent and increase the liability coverage limits on your existing homeowners policy. However, if you would like to secure a more significant amount of coverage, consider getting a personal umbrella policy. This type of policy offers you coverage for liability claims not covered by your existing policies, or for claims that exceed your existing coverage limits. Securing umbrella insurance is a great way to fill your liability coverage gaps.
This is what you need to know about your personal liability coverage. Do you have further questions regarding your liability or homeowners insurance? If so, contact the team at East End Insurance Agency. We are ready to assist you with all your coverage needs today.