Liability Insurance and Your Homeowners Policy
Liability coverage is a common section of a homeowners insurance policy. Basically, it’s financial protection for you and your family. While no one expects to need this coverage, accidents in and around your home can occur. Here are some examples of the many ways this important coverage can help protect you:
- Someone slips and falls down your stairs or trips over the door jamb entering or exiting your home.
- Your child throws a ball through a neighbors window shattering a valuable crystal vase inside.
- Neighborhood children are injured playing in your yard or pool and you are found legally liable.
Liability coverage may also cover you for accidental damages that happen when you are away from home. Perhaps you accidentally damaged something at a restaurant/store or some other business you were visiting and that company is seeking reimbursement. Or you are a golfer and an errant shot injures another player or goes through the window of a nearby home. Under your liability coverage, your insurance company will typically defend you if you are sued and pay any judgments to injured parties up to the limits of the policy. Typical policies will provide $100,000 in liability coverage and higher limits can be purchased. Most homeowners policies will only allow you to purchase up to $500,000 total for liability coverage. You can always purchase an umbrella policy if you think you need more. The difference between purchasing coverage with a $100,000 limit and a $300,000 limit is usually only about $15-$20 a year.
Liability insurance also includes Medical Payments to Others coverage. This important coverage provides for payment of medical expenses for those who are accidentally injured on your property, regardless of whether you are legally responsible. Expenses like x-ray, dental, hospital, ambulance, nursing services, prosthetic devices, and even funeral expenses. Most policies provide $1,000 but higher limits are available.
As with all policies, there are exclusions and it’s important for you to read your policy to learn what is and what is not covered. Typical things that would not be covered include injuries/damages arising from animal bites, trampolines, diving boards and slides, injuries/damages caused by your car, business or professional activities (including a home office) and, of course, intentional acts.
Homeowners liability and medical payment coverage is an important part of your homeowners insurance policy and we at L&M Insurance Group will make every effort to make sure you have the proper coverage for your needs.
Call us today at 813-672-4100 or click this link if you have more questions or would like to get a quote on homeowners insurance.