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Does your homeowners insurance policy offer you enough protection?

If you have homeowners insurance in Lancaster, California, you are probably already aware that your policy offers coverage for the physical damages and losses that your property and personal possessions might sustain during a claims event. However, your policy also offers coverages that extend beyond property damage. One of the most important coverages included in your homeowners policy is personal liability insurance. But what does this insurance cover and are your existing coverage limits high enough to adequately protect you? Here’s everything you need to know about your personal liability coverage.

What is Personal Liability Insurance?

As referenced above, most people have personal liability coverage through their homeowners insurance. Personal liability insurance offers coverage in the event that an accident takes place on your property or you are found responsible for third-party injuries or property damage. For instance, if a neighbor slipped and injured themselves while playing by your pool, then your liability coverage would take care of their medical expenses. Additionally, your liability insurance will also offer coverage for your legal and settlement expenses should the injured party decide to sue you for damages.

Does My Homeowners Policy Offer Enough Coverage?

When it comes down to it, there is no set amount of liability coverage that homeowners need to carry. Rather, the amount of coverage you need is dependent on a variety of individual factors. For instance, if you own a pet or have a swimming pool or trampoline in your yard, you have higher liability risks than someone who does not. This increased risk means you need higher liability coverage limits on your homeowners policy. You should also raise your coverage limits so they correspond with increases in your income, investments, and your property value. To determine exactly how much personal liability protection you need, speak to a trusted insurance agent.

Can I Secure Additional Liability Insurance?

If you need to secure additional liability coverage, you have some options. You can ask your agent to increase the liability coverage limits on your homeowners policy. This is convenient if you only need to increase your coverage by a small amount. If you would like a more comprehensive solution, secure a personal umbrella policy. This type of insurance offers liability coverage if a claim exceeds your existing policy limits or if a claim isn’t covered by your policy. Securing an umbrella policy is a great way to address your liability coverage gaps.

This is everything you need to know about personal liability coverage. Do you have additional questions regarding your liability or homeowners insurance in Lancaster, California? If so, contact the experts at John E. Peakes Insurance Agency. We are ready to assist you with all your coverage needs today.

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