Understanding personal liability coverage: A guide to protecting your interests
Homeowners insurance is made up of multiple types of coverage. One of those coverages is personal liability coverage. This article provides a basic guide to understanding what liability insurance covers and its value.
What does personal liability insurance cover?
Personal liability insurance provides financial coverage in case someone is injured on your property. This type of policy offers coverage to you and the members of your household.
For example, imagine a visitor falls and is injured in your yard or home. If you’re found to be at fault for this injury, liability insurance covers the claim.
Is personal liability insurance required for homeowners?
Personal liability insurance isn’t a requirement for homeowners. However, mortgage leaders will require loan borrowers to purchase this insurance to protect their investment.
For example, let’s say someone has an accident in your home and decides to sue you. They could possibly go after your home as an asset. Lenders have invested in this asset, so they don’t want to compromise their stake.
Do renters need personal liability insurance?
Many rental companies will require tenants to get renters insurance including liability coverage. This covers the same perils as standard liability insurance for homeowners.
Accidents happen. Having liability insurance covers you and your household when they do. Even though liability insurance isn’t a requirement, having it can save you from paying out of pocket in the case of an emergency.
About the Author
Cal Palmieri & Al Mussi
Al Mussi and Carol-Ann Palmieri have been Realtors for more than 30 years. They established their team, "The Al and Cal Realty Group" in early 1990. They did this to give their clients greater exposure as well as enhanced availability, and that all important second opinion. Quickly they became a trend setting team earning numerous production awards and the respect of their peers.
Al is a father of 4, grandfather of 5, a martial arts enthusiast, studying the discipline of Hapkito. He loves to garden and golf.
Carol-Ann is a former US Marine, a private pilot, avid kayaker and dabbles in pastel painting.
Al and Cal are committed to providing their clients with unsurpassed service, staying abreast of current market trends and technology. Their goal is provide such unbelievable service that you will refer them to your family and friends.
