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.
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.
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.
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.
Anthony Susi - "The King of Real Estate”
For more than 27 years, Anthony Susi has been helping people buy and sell their homes in both appreciating and declining markets. As a seller, Anthony will assist you in differentiating your home from other homes in the same market and as a buyer, he will help you to become an educated Buyer, and show you the advantages of having an experienced agent on your side of the table!
"Committed to Excellence, Honesty, and a High Standard of Service."
