Costs associated with litigation and decisions rendered by courts can be covered by liability insurance. Let’s say a neighbor falls down the stairs and hurts themselves in your house.
Personal liability coverage on your home insurance policy can assist you in paying for your attorney’s fees, court costs, and damages awarded by the court if they sue you.
To safeguard all of your assets, you need sufficient personal liability insurance. For instance, you need at least $1 million in personal liability coverage if you have $1 million in assets.
Personal liability coverage is typically limited to around $100,000 per occurrence under standard homeowners policies, but you may frequently be able to increase the limit. Consider purchasing an umbrella policy if you require additional liability coverage.
An umbrella policy would pay after the personal liability limit on your home insurance policy has been exhausted.
Low deductibles and reasonably priced coverage make umbrella policies an excellent choice.
