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:
What does personal liability insurance cover?
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:
- Somebody gets injured in your home or at another property you own.
- Somebody gets injured in a traffic accident where you’re at fault.
- Accidental property damage caused by you.
- Lawsuits for libel, slander or false arrest.
- Paying court fees for lawsuits brought against you.
What is excluded from coverage?
While details vary from one policy to the next, the following are typically excluded from personal liability insurance coverage:
- Your personal injuries.
- Damage to your own property.
- Business-related accidents.
- Workers compensation.
- Any situation where you’re held liable under a contract.
Determine possible risk factors
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:
- Do you own one or more rental properties?
- Do you frequently entertain large groups of people at home?
- Do you have a pool or trampoline in your yard?
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.
About the Author
Jamie Jamieson
Professional Association National Association of Realtors (NAR) New York State Association of Realtors (NYSAR) Hudson Gateway Association of Realtors/ Hudson Gateway Multiple Listing Service Education I hold an A.A in Italian Studies and an A.S in Accounting as well as being one of few students accepted into the Cambridge University International Student Study Program abroad as a returning student in 2011. Community Involvement I am proud to serve on the Home & School Board for St. Augustine School in Ossining and maintain the role of a Girl Scout leader. I am an active member of the community assisting in a variety of fundraising efforts. Personal I am a young and energetic agent who prides myself on providing personalized service with honest representation whether you are buying or selling your home. My expertise of the river towns, attention to detail and excitement for real estate are a few of the many assets I will bring to you. I will utilize my eagerness and market knowledge of the area to build lasting relationships with all of my clients that will extend far beyond the closing table. Be at ease from start to finish with my help. In my spare time, I love exploring the Hudson Valley with my husband, three children and our dog, Pippin. I love scoping out the infinite restaurants, farmers markets and other fabulous activities this exciting county has to offer. Experience Before joining William Raveis Legends Realty Group I started my career with Hudson Homes Sotheby's International Realty team. Prior to real estate, I had a remarkable 15+ year career in Restaurant Management/Hospitality including Ruth's Chris Steakhouse, Rivermarket and several establishments in Newport, Rhode Island. My experience in that field provided me with the foundation of excellence in customer service. Areas Covered All of Westchester County and parts of Putnam County.