Personal liability coverage is included in your homeowners insurance policy, but also available to purchase separately. Having additional liability coverage can help protect you financially from any claims made against you for injury or damages. However, it can be difficult to determine whether you actually need additional liability coverage.
Here are some things to consider if you’re thinking about personal liability insurance:
Personal liability coverage provides financial support if you’re sued or found liable in court. Here are some examples of situations included in most personal liability insurance:
While details vary from one policy to the next, the following are typically excluded from personal liability insurance coverage:
If you wonder whether you should have personal liability coverage, the best way to start is to identify any possible risk factors related to your property or lifestyle. Some questions to consider might include:
It’s a good idea to consult a financial advisor for help identifying risk factors and strategies for protecting your assets. Whether you get personal liability coverage is up to you, but the more you understand about the options, the better choice you can make for your situation.