Personal Liability Insurance - Protection Against Odd EventsWhen you have homeowners insurance, included in it is personal liability insurance protection. Personal liability insurance will protect you and anyone who lives with you against a claim or lawsuit that results from property damage to others' property or bodily injury to another person. Further, personal liability insurance will pay for your attorney and court costs and defend you in court so long as you have not exhausted the limit of liability. If someone gets hurt on your property, they can bring a lawsuit against you. All they have to do is claim they were hurt or that their property was damaged at your property, or by something you personally did or, in some cases, didn't do. Personal liability insurance will cover your legal fees and whatever their claim is. However, they only pay up to the limit of liability you purchased. Some things to remember are that if the claim arises because of something to do with the operation of an automobile, personal liability insurance on a homeowners policy won't cover it. They also won't cover anything arising out of business activities, even if you run the business out of your home. Injury or damages resulting from your or your family's intention acts, such as a fight, will not be covered by personal liability insurance either. Of course, as with any insurance, the higher your limits, the better financial protection you have. If there is a lawsuit, this is the amount that you won't have to incur out of pocket. If the lawsuit goes above and beyond that amount in payout, you will then be liable personally. Therefore, if you have nice property and a lot of assets, you may want to make sure your personal liability limits are higher to cover you so you don't lose your assets. Personal liability insurance is like freak accident coverage. If the washer repairman trips going down your basement steps because your son left a ball on the stairs, this is the coverage that will pay for his care. If, on the other hand, during a game with the neighborhood gang, you pitch a fast ball that someone misses and it goes through your neighbor's front window, again, personal liability insurance is the insurance that will cover the damages. Whether it is an accident caused by you, your wife, your kids or even your dog, your personal liability insurance is the insurance you need to make sure you are protected and you and your family have some financial security. |