Understanding your Home Liability Insurance Needs

What you need to know about your personal liability coverage.

Did you know that personal liability issues are among the most serious and expensive claims that a homeowner can face?  This is why all standard homeowners insurance policies come with some personal liability coverage.  But what exactly does personal liability insurance cover and do you have enough protection in place?  Here’s what you need to know.

What Does Personal Liability Insurance Cover?

Personal liability issues arise when a third-party injures themselves or sustains damages while on your property.  You can also experience liability issues when you or a member of your household is found legally responsible for causing injuries, damages, or other losses to another party.  In the face of a personal liability issue, your insurance will offer coverage for third-party medical treatments, property damages, and the cost of your legal defense if you are sued.

How Much Coverage Do I Need?

Your personal liability insurance is designed to protect your financial assets from costly liability claims and lawsuits.  This is why you should carry enough liability insurance to protect the value of your assets, including the following:

  • The money in your checking and savings account
  • Your investments
  • Your retirement funds
  • Your valuables
  • Any property that you own (including your home)

If you need help determining the value of your assets or determining how much personal liability coverage that you need, then seek assistance from your financial advisor or insurance agent.

Can I Secure Additional Coverage?

If your homeowners insurance policy cannot offer you all the personal liability coverage that you need, then you can secure additional protection with a personal umbrella policy.  These types of policies offer liability coverage to fill the gaps left by your other personal policies (home, auto, etc.).  Securing an umbrella policy will ensure that you have the comprehensive personal liability protection that you need.

This is what you need to know about your personal liability insurance.  Do you have further questions regarding your homeowners insurance?  If so, then contact the experts at Pierce Insurance Group.  Our dedicated team is eager to assist you with all your personal coverage needs today.