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Are You Covered? 6 Reasons You Need Personal Liability Insurance and How it Works

Growing up happens so abruptly. One minute you are in high school thinking about the hunk or beauty from Spanish class, the next you are in your mid-thirties with bills to pay and maybe some debt.

This is when you realize that time flies and life happens super-fast. Responsibility is bestowed upon us, whether we want it or not. You come to accept that unexpected twists and turns could be around every corner of life.

One of the things that life teaches us as we grow is that we are all liable to some level of risk. We are capable of causing harm to other people’s property, or their health. We could end up in a hole with nothing to grasp on when this happens and we are found responsible.

But not if you’re protected. Read on, and we’ll walk you through six reasons you need personal liability insurance.

1. Life Is Unpredictable and Expensive

So what do you do when say you are served with a lawsuit because the construction workers you hired caused some kind of situation at the neighbor’s property?

Let’s break down the cost even when you evade this and walk away faultless. You will need to hire a lawyer to represent you. This costs money. You will also incur expenses on transportation, and time as well as consulting with the necessary parties to ensure your case is settled. This all costs money.

Now let’s consider a situation where your dog bites the neighbor’s kid. You will have to pay for medical costs to settle this situation even without involving the law courts. If your child vandalizes public, school or even private property, guess what? You are liable as the responsible adult you should be.

This is exactly where personal liability insurance comes in. There is no life without risk. Some risk is difficult to totally avert so the best way to do this is by managing this risk. The personal liability insurance covers the possible situations that may arise where you are liable and financially at risk.

2. Personal Liability Insurance Covers a Lot

If you get personal liability insurance coverage, it’s amazing to see just how much you’re being protected against. Insurance companies will typically cover claims made on personal injury, no-fault medical payments, property damage, and damages caused by your family or pets.

Many insurance companies will also even hire a lawyer and pay for the costs needed to defend you.

What each individual insurance company covers will vary, and it’s important to look at policies carefully to see what is covered. Certain coverage will also depend heavily on policy definitions, so it’s important to ask questions and clarify coverage areas with your insurance agent.

3. Protects All Your Personal Assets

The amount of personal liability insurance you get can be totally flexible. You can take out a policy to cover any amount that you desire. That’s an important idea because when taking out a policy, you’ll want to select an amount that properly protects you and your assets.

The more financial assets you have, the bigger a policy you’ll want to take out. These assets can be in danger in the case of a serious lawsuit. If you are sued for a higher amount than your coverage, the plaintiff can still come after your assets for the remaining amount.

The flexibility of coverage allows you to take out a policy that you can feel confident in. You can go to sleep knowing your financial stability is protected no matter what unexpected event occurs.

4. Increasing Coverage is Inexpensive

One could be forgiven for skimping out on insurance if it was a wallet-breaker. But increase coverage for a personal liability policy is actually far more inexpensive than any other kind of insurance.

With many companies, you can triple your coverage amount with only a minor increase in premiums. Though this will also vary by insurance provider, most providers won’t force a dramatic increase in rates if you decide to increase your coverage.

This means getting yourself fully protected is easier than ever. You’d have to be foolish to not take advantage.

5. Protects Your Family

You can’t have perfect control over your kids or pets, as much as you’d probably like to. Kids are wild, as are dogs, and they’ll do what they want to do. Every so often, this can result in serious damage to a neighbor’s home, property, or even themselves.

The last thing you want is for this individual to come after your family. While you’ll be financially liable, the guilt and trauma that children can feel from causing such a situation are unimaginable. If your pet caused some sort of damage, it’s impossible to predict what kind of actions the plaintiff will want to take against it.

Have a payout ready and on-hand through your insurance agent can help cool these situations immediately. It can protect your family against the worst, and let you go on living with only minor interruption.

6. It’s Easy to Get Insured

There are a few ways that you can get personal liability insurance coverage.

The best way to get coverage is if it is included in your residential insurance policy. Renter insurance, homeowner insurance, as well as condo insurance: these are home insurance plans that you can effectively use to secure your property and yourself.

Remember, you should consider your combined net worth when picking out a plan. The larger the value of your property, the more the liability coverage you should consider. This is because if you are sued, you have more at risk.

Protecting Your Personal Liability

Life moves fast, and with it comes a heavy amount of responsibility. The last thing you want is to be on the hook for damage to someone else’s personal property. Such damages and lawsuits can be incredibly expensive.

Personal liability insurance can help make sure you and your family are protected against the unexpected. Need help getting covered? Reach out to us anytime.

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