Does your homeowners insurance offer enough personal liability protection?
Standard homeowners insurance policies are made up of four main coverages: property coverage, personal property coverage, loss of use coverage, and personal liability coverage. Personal liability coverage is the portion of your insurance that will address the costs associated with third-party injuries or property damage that you have accidentally caused or that have taken place on your property. Because personal liability claims are among the most expensive types of claims that you can face, it’s important to make sure you have adequate coverage. But how do you know if your homeowners policy offers enough protection? Here’s what you need to know:
Are my existing coverage limits enough?
When it comes down to it, there is no set amount of liability coverage that you need to carry. Your ideal coverage amount is dependent on a series of individual factors. For instance, if you own pets, or have a swimming pool or trampoline on your property, your liability risks are higher than a homeowner who does not. This means your coverage limits should be on the higher side. Additionally, your liability coverage limits should be in line with your income, investments, and home property value, as these are the assets you are protecting. To determine exactly how much liability coverage you should be carrying, speak to a Westwood Insurance agent today and get their expert advice .
How can I secure additional coverage?
If it turns out that your current limits are not high enough, you have some options. If you only need to make minor adjustments to your coverage amount, simply speak to your agent and ask to raise your policy’s limits. However, if you need to secure a significant amount of additional coverage, you may want to invest in a personal umbrella policy. These policies offer coverage if a claim isn’t covered by your homeowners policy or if it exceeds your policy’s limits. Securing an umbrella policy is a great way to address your personal liability coverage gaps.
This is what you need to know about your personal liability coverage. Do you have additional questions regarding your personal liability or homeowners insurance coverage? For assistance with all your coverage needs, contact an insurance professional at Westwood Insurance Agency today.