27 Dec Is My Homeowners Liability Insurance Enough?
You have liability insurance in your home policy. But is it enough?
As a homeowner, you do everything you can to protect your loved ones and care for your property. Although you may have plenty of property coverage to protect your personal possessions and the structure of the building, you may have overlooked one important part of your policy – liability coverage.
Liability insurance in your home insurance covers bodily injury and property damage that you or your family members cause to others. In essence, if someone gets injured or their property gets damaged and you are to blame, you could be liable for their the medical expenses, lost wages, and legal fees if they decide to sue. Fortunately, liability protection can help you cover these costs – but only up to the policy limit.
Take a look at these home liability facts:
- Homeowners must keep their property safe at all times, even for trespassers.
- A property owner can be held liable for any dangerous conditions that go unrepaired.
- The owner can be held responsible for everything from loose railings, leaving tools out, and icy walkways.
- Homeowners are also responsible for any damage that their pet causes. Some dogs are blacklisted from coverage, including pit bulls.
- Homeowners with “risky” items may require more coverage. These items include a pool, hot tub, or swing set.
Ideally, your liability coverage will not exceed the amount of your assets, investments, or savings. If not, you will need to consider additional protection in order to safeguard your pocket. If you need more coverage, you have two options:
- Increase your current liability in your homeowners policy.
- Take out an umbrella policy. This coverage will kick in when your home, auto, or other liability coverage limits are exhausted.