Are Your Personal Liability Coverage Limits High Enough?

Are Your Personal Liability Coverage Limits High Enough?

Do you have the right personal liability protection to keep you safe?

Personal liability insurance will offer you coverage in the event that you are responsible for third-party injuries or damages, or if a third-party experiences losses while on your property.  Usually, people rely on the personal liability coverage included in their homeowners or renters insurance policies.  As personal liability claims are some of the most expensive that you can face, it’s important to make sure that your policies are offering the coverage that you need to address your risks.  Here’s what you need to know about securing the right personal liability coverage to meet your needs.

  • Do I have enough liability protection?

Unlike auto insurance, there is no minimum liability coverage amount that homeowners need to carry.  That being said, there are several factors that affect the amount of coverage that you absolutely need to carry.  For instance, your liability coverage limits should increase along with your income, investments, and property value.  If you have a pet, a swimming pool, trampoline, or other special home features, then you will also need higher liability coverage amounts.  To determine how much coverage is right for you, you should speak to a trusted insurance agent.

  • How to secure additional liability coverage?

If you only need to increase your coverage limits slightly, then you can simply speak to your agent to have your policy’s coverage limits updated.  Be aware that increasing your coverage limits will also increase your premiums.  Another way to secure additional liability coverage is by investing in a personal umbrella policy.  These types of policies offer excess liability coverage if a claim exceeds the coverage limits offered by your existing policies.  Securing an umbrella policy is a great way to supplement your homeowners insurance and get the comprehensive liability protection that you need.

This is what you need to know about securing the comprehensive personal liability protection that you need.  Do you have further questions regarding your personal liability insurance?  If so, then don’t hesitate to contact us at Udell Family Insurance.  We are ready to assist you with all your coverage needs today.

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