As a homeowner, you want to ensure that you are insured in case of an accident. This is why it is so important to file a homeowner’s insurance claim for major damage as soon as possible, preferably within a 14-day reporting window. While traditional homeowner’s insurance is legally required, you never know what’s going to happen on your property. In our overly litigious world, how can you protect yourself from legal risks at all times?
In addition to traditional homeowners insurance, it is crucial that you look into the other insurance options available to you. This includes personal liability insurance, which will provide coverage in case of bodily injury or property damage.
If you’re interested in learning more about this popular supplement to homeowner’s insurance, here is everything a homeowner should know about investing in a personal liability policy.
What exactly is a personal liability insurance?
This is an important component of a regular homeowner’s insurance policy. Simply put, it covers the damages sustained after an accident occurs on your property that results in bodily injury or property damage. It will provide protection if you are found to be legally responsible for the accident, and your policy will help to cover some out of pocket costs.
What is an example of a situation I would need a personal liability policy?
Say your teenage neighbor walks into your backyard and is bitten by your dog. He sustained a broken wrist, and his parents sue you to cover his medical bills and trauma. Or, for example, your nosy neighbor walks into your garage and is hit in the head by a falling ladder. If they sue you for damages, personal liability coverage can pay the cost of the medical bills along with the cost of your legal defense team.
While these specific scenarios may seem far fetched, you can’t predict life’s little accidents. Remember: No one ever expects horrible accidents to occur to them.
What is included with a personal liability policy?
While each insurance option differs, the typical personal liability policy includes:
- Any lawsuits you may face because of an accident.
- Bodily injury to an individual.
- Property damage that is a direct result of your negligence./li>
What isn’t covered by this type of policy?
Liability insurance doesn’t cover everything. Some types of accidents that won’t be covered include:
- Automotive accidents
- Bodily injury caused intentionally by a member of your home.
- Business claims related to your profession.
- Injuries sustained by you or your family members.
However, there are plenty of other insurance options that can cover these accidents if you so choose. In combination with homeowner’s insurance, you can rest easy knowing that your family is protected from the unexpected.
Personal liability insurance is a great fail-safe option that no homeowner should be without. If you have any questions about the coverage you will receive with this insurance product, don’t hesitate to contact our insurance specialists today with any and all questions!