Here’s what you need to know about the personal liability coverage included in your homeowners insurance policy.
Homeowners insurance is divided into four major coverages: property coverage, personal property coverage, loss of use coverage, and personal liability coverage. Personal liability coverage is what will offer financial protection in the event that someone injures themselves while on your property, or if you are responsible for third-party injuries or property damage. Because personal liability claims are some of the most expensive that you can face, it’s important to make sure you have adequate coverage. But how do you know if your homeowners insurance is offering enough protection? Here’s everything you need to know about your personal liability coverage.
How much coverage do I need?
When it comes down to it, there is no set minimum amount of personal liability insurance that homeowners need to carry. Instead, the amount of coverage you carry is dependent on a series of personal factors. For instance, your personal liability coverage limits should be enough to account for your income, investments, and property value. Additionally, if you have special features on your property such as pets, a swimming pool, or trampoline, you will need higher coverage limits to address your higher liability risks. To determine exactly how much coverage is right for you, speak to an experienced insurance agent today.
Can I secure additional coverage?
If your existing homeowners insurance policy does not offer you enough liability coverage, you have some options to secure additional protection. If you only need a little more coverage, you can speak to your insurance agent and have them raise the coverage limits on your actual policy. If you need to secure a more significant amount of personal liability protection, you may want to invest in a personal umbrella policy. These policies offer excess liability coverage in the event that you are hit with a claim that your other policies won’t cover, or that exceeds your existing coverage limits. Securing umbrella insurance is a great way to fill your personal liability coverage gaps.
This is what you need to know about your personal liability coverage. Do you have additional questions regarding your liability or homeowners insurance? If so, contact the experts at Weeks & Associates Insurance Services in Thousand Oaks, California. We are ready to assist you with all your insurance needs.