Is My Home Liability Insurance Enough?
Investigate If You Could Benefit From More Liability Insurance in Your Homeowners Insurance Policy
As a homeowner, you want to protect your property as best you can. That is why you took out reliable homeowners insurance in Banning, CA to safeguard your property and personal possessions. However, in the process of securing property insurance, have you overlooked your personal liability in your policy?
Besides making sure that you have enough protection to cover damage to your home and belongings, you should also evaluate your exposure to liability risks. These occur from damage to the property of another or injury to a guest for which you can be held responsible.
In this litigious society, it has become common for homeowners to be sued for injuries or damages to others, even if there is little to no evidence of negligence by the homeowner. If you have any appreciable assets, you are, unfortunately, exposed to the risk of being sued. Even if you ultimately prevail in court, your legal fees and the months (possibly years) of worry and uncertainty can be a hard burden to bear.
Your liability insurance should be high enough to cover your costs if someone comes after you and tries to sue you for all your assets – including the home itself. Liability claims can happen to anyone – for example, a delivery person trips and falls down your driveway, your dog bites someone, or your neighbor’s kid breaks his arm while playing on your swing set. Your liability protects your pocket in a situation like this.
According to the Insurance Information Institute, you should have “enough liability insurance to protect your assets.” An average policy typically starts with a base of $100,000 of liability coverage but most homeowners have assets that extend beyond this figure once you add in retirement accounts, savings, and other investments. That is why most insurance agents recommend acquiring at least $300,000 to $500,000 worth of coverage, if not $1 million and above, depending on your assets.
Do you have questions regarding your homeowners insurance or liability coverage? For all of your insurance needs, talk to the professionals at Little & Sons Insurance Services, serving Banning and neighboring cities in California.