Personal Liability Insurance
No matter how cautious you consider yourself to be, accidents unfortunately happen and they can end up being very costly. Personal liability is a third party coverage and is included in most home insurance policies.
What Does Personal Liability Insurance Cover?
It helps to protect the insured from claims made against them by third parties and usually includes:
- Repairs and legal expenses if you accidentally damage someone else’s property
- Medical bills and legal expenses if someone is accidentally injured on your property
- Medical bills and legal expenses if you are found liable for the accidental injury of someone at another location
- An injured party’s loss of wages
Exclusions are applicable and include damages to property you own, claims arising from your business or profession and claims due to an act intended to cause bodily injury or damage. Liability limits also apply, so make sure you are aware as to what is actually covered, what is not and how much liability you are insured for.
How Much Personal Liability Do I Need?
Should your exposure to liability claims be higher than average, for example you have children who often have friends over to play, you own a high-risk dog, a swimming pool or host frequent social events at your home, you may want to consider increasing your personal liability coverage by purchasing a personal umbrella liability policy. The reason being, that these situations increase the potential for a personal liability claim – which without adequate coverage, could devastate you financially.
Many people don’t realize just how big a financial burden it could be if they are found to be responsible for someone’s injury or property damage. Some insurance providers impose a maximum liability amount that they will cover (ours is $500,000, for example). You'll likely be surprised at how cost effective increased Personal Liability coverage can be. The peace of mind afforded by such cover, particularly protection against expensive medical bills due to a severe injury, is well worth the small increase in your monthly premium. If a claim is made against you, you should notify your insurance provider immediately. Never agree to a resolution or settlement with the third party as this may contravene the coverage on your policy.
To ask about a policy with personal liability insurance, call a Kin agent at (855) 717-0022, or get started on an application here.