Personal Liability Insurance Products

Personal Liability is coverage provided for individuals and homeowners in case of an accident or damage to a third party on their premises. Personal Liability insurance can cover compensation claims if someone sues you as a result of an injury they sustained on your premises or if a piece of their property was damaged. For example, if a guest suffered an injury while visiting your home – say they slipped on a loose step – and decided to sue you, Personal Liability would cover the costs incurred.

Any homeowner or renter that doesn’t have an extensive umbrella or homeowner’s insurance policy would benefit from a specialty Personal liability product. As many basic umbrella or homeowner’s insurance policies can be limited in terms of the range of coverage limits offered, a Personal Liability insurance package will cover all extents of damage.

Homeowners are legally liable for any accidents that occur on their property. Personal Liability insurance provides financial protection for any of the following:

• lawsuits if they are sued for an accident or damage caused on their property
• bodily injury to a third party (including any medical fells)
• property damage due to an incident on their premises (including any replacement or repair costs)
• compensation costs if damages are to be paid to the claimant

While Personal Liability covers most claims against homeowners and renters, there are several types of claim that are generally excluded from moat Personal Liability products:

• automobile accidents
• bodily injury or property damage caused intentionally
• bodily injury or property damage of the policy owner or their family members
• businesslike activities or claims associated with a home business

As each Personal Liability insurance product is different, it is important to check to see what is and isn’t covered in order to avoid costly disappointments.

Personal Liability can also be bought alongside or as part of other coverage areas including:

• home insurance
• umbrella/excess insurance
• business insurance

If Personal Liability does not cover enough essential needs or the limits are not inclusive enough then an additional policy or extension may be the solution.

The cost of personal liability can be tricky to estimate: Personal worth has to be examined as well as future income and the risk areas within the property. Not to mention figuring out the cost of potential damages resulting in medical bills, repairs and legal fees, which will all need to be calculated around the individual and their home. That said, as lawsuits are very common in today’s litigious society you cannot have enough coverage if you are sued.