Is your homeowners insurance offering you the liability protection you need?
While most people associate homeowners insurance with protection against physical damages, your policy actually offers you four main coverages: property, personal property, loss of use, and personal liability. Your personal liability insurance is what protects you if you accidentally cause third-party injuries or damage, or if third-party losses take place on your property. Because personal liability claims are some of the most expensive, it’s important to ensure that you have the comprehensive coverage you need. However, there is a chance that the coverage offered by your existing home insurance is not enough. Here’s what you need to know about determining your personal liability coverage needs and how you can secure additional protection if necessary.
- How much personal liability coverage do you need?
When it comes down to it, there is no set amount of personal liability coverage that every homeowner needs to carry. Instead, your coverage needs are dependent on a series of individual factors. For instance, your liability coverage limits need to be high enough to account for your income, investments, and the property value of your home, as these are the main assets you are protecting. Additionally, the amount of coverage you need will be dependent on your actual risk. Homeowners that have pets, a swimming pool, or a trampoline on their property will automatically be subject to higher liability risks, and therefore require higher coverage limits. To determine exactly how much personal liability coverage is right for you, speak to an experienced insurance professional today.
- How can I secure additional coverage?
If you do need to secure more liability coverage, you have some options. You can speak to your insurance agent and have them increase the personal liability coverage limits on your existing homeowners policy. This is convenient if you only need to make a small adjustment to your coverage. However, if you need to secure a more significant amount of extra coverage, you may want to invest in a personal umbrella insurance policy. These policies are designed to provide liability coverage for claims that are not covered by your other policies or for claims that exceed your coverage limits. Securing a personal umbrella policy is a great way to get the comprehensive insurance protection you need.
This is what you need to know about your personal liability coverage limits. Do you have additional questions regarding your liability or homeowners insurance? If so, contact the team at Stromsoe Insurance Agency in Murrieta, California. We are ready to assist you with all your coverage needs today.