Do I Have Enough Personal Liability Coverage?

Understanding the personal liability coverage provided by your homeowners insurance.Do I Have Enough Personal Liability Coverage?

As a homeowner, one of the most serious and expensive claims that you can face revolves around personal liability issues.  This is why it’s so important to make sure that you have adequate personal liability protections in place.  While most individuals have this type of coverage through their homeowners or renters insurance policy, many do not understand what their liability insurance covers and do not know if they have enough protection to address their risks.  To help you better understand your coverage, here’s what you need to know.

What does personal liability insurance cover?

The liability portion of your homeowners or renters insurance policy is designed to protect your financial assets in the event that you or a member of your household is legally responsible for causing injuries or damage to another party.  This type of insurance will also offer coverage for the third-party injuries or damages that take place on your property.  Your liability insurance will offer coverage for medical treatment, property repairs, and the cost of your legal defense if the affected party decides to sue.

Do I have enough liability protection?

Because your liability insurance is designed to protect your financial assets, your coverage limits should be high enough to cover the combined value of your 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 liability protection offered by a standard homeowners or renters insurance policy is not enough.  In these cases, you can secure the additional personal liability protection that you need with a personal umbrella policy.  These types of policies offer excess liability protection that extends beyond the coverage limits of your other existing personal policies (home, renters, auto, etc.).

Do you have additional questions regarding your personal liability or homeowners insurance?  If so, then contact the independent agents at ISU-Wissink in Culver City, California.  Our dedicated team is eager to assist you with all your coverage needs today.

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