Do I need liability protection on my homeowners insurance? When shopping for homeowners’ insurance your first thought might be to protect your home and personal possessions from damage, which is very important, but another thing homeowners can consider when finding a adequate homeowners’ insurance policy is to look at the policy’s liability coverage.
Maybe you live in an area prone to icy sidewalks, or maybe you have a tall old oak tree that could be at risk of falling, or maybe you have a dog that is eager to bite that mailman in the morning.
All of these things can cause potential dangers to visitors and neighbors to the home.
With the proper liability insurance you are covered for bodily injury and property damage suffered by others in connection with your own property.
When considering a homeowners’ insurance policy and considering if liability insurance is needed it is important to understand the difference between personal liability coverage and medical payment coverage. Each type of coverage will have its own limitations and exclusions as well as conditions that need to be fulfilled for the liability coverage to apply.
The first type of liability insurance to consider is personal liability insurance, which pays for damages to people injured by you or your property.
Many standard homeowners’ insurance policies provide basic liability coverage, but homeowners can increase the amount as needed. If a homeowner is found responsible for a visitor’s injury, the liability insurance coverage may kick in to pay for the damages.
If the victim brings a lawsuit for the injuries, the insurance company may also pay to defend the homeowner. All injuries and property damage is not covered. Typically liability insurance covers injuries resulting from negligence, not for intentional injury or damage.
Medical payments covered will pay for the medical bills of an injured visitor on the property. Maybe you had a party to watch the Super Bowl and someone slipped walking up your front steps, resulting in a broken wrist. With the right medical payment liability insurance, the homeowner will receive the funds to pay for the victim’s medical bills.
The coverage does not apply to the homeowners’ medical expenses or of other household residents. Medical expenses can include reasonable charges for medical, surgical, X-Ray, dental, ambulance and funeral services.
Most standard homeowners’ insurance policies come with a very basic level of liability insurance, which normally can be increased for a nominal amount. For homeowners interested in learning more about what kind of liability insurance coverage is out there, they should sit down with their local independent homeowners’ insurance agent to find a policy that works best for them.
The homeowners’ insurance agent will be able to explain what standard liability insurance will cover and will be able to discuss any added coverage that the homeowner may want.
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