Liability insurance is the component of a homeowners policy (also know as premises liability insurance) that protects you the homeowner from liability when another is injured on your property. This coverage should protect your household members (in which you’re liable) if property damage occurs to an others property. To illustrate an example in which coverage may protect you: Your friend comes over, slips and falls on a toy left on your porch by your child. Below are 3 things you should know about homeowners liability coverage.
- Believe it or not if a trespasser enters your property and is injured you could be on the hook or in other words liable. Almost hard to believe, almost sad but true. This should be reason enough to consider having the liability component of homeowners insurance or increasing the coverage‘s limit.
- Your homeowners policy may or may not provide you with free liability coverage. Find out how much you’re covered for. Bear in mind this may not be enough. Commonly you’re able to protect your self for $300k, $500k or even $1 million.
- Its important to note that you usually will not be covered if you intentionally cause an injury. Definitely review with the insurance company what is covered. Ask them to get specific regarding how your covered in the event of an accident on your property; then ask them how negligence comes into play. Its wise to find out all the nuances so you’ll know if you’re properly covered.
- If you have or are looking to buy liability coverage find out if you are covered for paying the injured party’s medical bills.