06 Dec 2018
Does Your Homeowners Insurance Offer You Enough Liability Coverage?

Is your homeowners insurance policy offering you the comprehensive liability coverage that you need?

While you know that your homeowners policy offers coverage for the physical damages that your home and personal belongings sustain during a claims event, did you know that your policy also offers coverage for personal liability issues? This type of coverage is designed to offer financial protection if you are found responsible for third-party injuries, property damage, or other losses. Unfortunately, personal liability claims tend to be extremely expensive, and there’s a chance that your homeowners policy doesn’t offer you all the coverage you need to address your liability risks. Here’s what you need to know when it comes to your personal liability coverage.

Do I Have Enough Protection?

There is no set amount of liability coverage that every homeowner is required to carry. The amount of personal liability coverage that you need is dependent on a variety of personal factors. For instance, if you have special features on your property, such as a trampoline, swimming pool, or pet, you will need higher liability coverage limits. Additionally, your liability coverage should increase over time along with your income, investments, and property value.

Can I Secure Additional Liability Coverage?

If you need more liability protection than your homeowners policy is currently offering, you do have some options. If you need to increase your coverage slightly, you can simply raise your liability coverage limits on your homeowners policy. Another way to secure additional personal liability protection is by investing in a personal umbrella policy. These types of policies offer excess liability coverage. This means that if a claim exceeds the coverage limits of your other policies, or if the claim isn’t covered by another policy, your umbrella insurance will step in and cover the cost of the claim.

This is what you need to know about your personal liability coverage and how you can secure the extra protection that you need. Interested in learning more about your personal liability insurance options? If so, contact the experts at Patterson & Associates in Richardson, Texas. We are ready to assist you with all your coverage needs today.