The intent of personal liability insurance is to protect the insured from staggering financial jeopardy if involved in an event that causes damage to another’s property or bodily harm to others. It is also designed to protect business professionals from overwhelming financial exposure in the event of harm caused to others during the course of business.
Three Common Kinds of Protection Automobile Property and Liability Insurance
All car owners in 49 of the fifty states are required to carry minimum property and personal liability insurance. These are statutory minimal requirements. The amount of required coverage varies by state. Many motorists realize that the state mandated coverage does not offer enough protection to them and frequent by policies known as 100/100/300. This means that they are covered for $100 thousand dollars in property damage for an accident and also covered for $100 thousand per person for medical care per person per accident to a maximum of $300,000 per accident. These coverages also include protection in the case of a fatality.
Homeowners, Condo Owners and Renters Insurance
All of these policies provide coverage in the event of theft or fire in the insured homes. Most policies also include protection in the event someone suffers bodily injury while at your residence. Because this coverage is inexpensive most people who carry this kind of insurance have coverage for $100 thousand in medical payments or death benefits.
Professional Liability Insurance
In addition to professional liability insurance providing coverage for harm done to others by a business professional it also covers the legal expenses attendant to either defending the claim in court or negotiating a settlement.
However, all of the three kinds of policies are usually insufficient to protect high net worth individuals should they be involved in an incident that causes bodily harm or a fatality. Thus, their insurance advisors usually explain how important it is for them to acquire an "umbrella policy" to increase their protection against financial claims.
Personal umbrella liability insurance gives insureds additional liability coverage that covers any excess damage or injury that exceed your auto, home or professional liability insurance coverage. It is known as umbrella insurance, "additional personal" liability and "personal excess."
The more you have the more protection you need as your exposure increases in direct correlation with your wealth. It is best to discuss your personal liability coverage with your insurance advisor.
Many home insurance companies will not cover for flood damage, but they will cover for other kind of damage caused by water. Insurance companies will generally pay for the damages that is caused by rain coming through hole in a window or roof, provided the hole is caused by winds or other covered exposure which has been listed in the home insurance policy. Check with the insurance company whether they will cover for water damage. If there is any indication of problem caused by water inside your home never ignore it.
Find the source for the leak and stop the leak immediately. If water keeps leaking in your property, then moisture gets collected and mold starts developing in your property. Due to mold, your property could be damaged and further lead to health problems. The health effects caused due to mold exposure are cough, running nose, nosebleeds, sinusitis, congestion and respiratory problems such as bronchitis or asthma. Your home insurance company will consider the damages caused by mold only if, this is a covered peril. Report the water damage claim immediately to the insurance company representative or insurance agent.
By chance your house is flooded with water suddenly, it is very important that you dry all the wet areas. Provide sufficient air circulation so that the wet areas dry soon. Dehumidifying and drying wet areas can minimize the occurrence of mold. Delay in cleaning up can conclude in growth of mold. If the water keeps leaking continuously for a week or more, mold would have been already developed. If you try to clean the mold at this point of time, mold spores may spread out to cause health problems and property damage. As the mold is very dangerous to health, do mold testing and mold cleanup as soon as the mold is detected. After the leakage, if you doubt presence of mold, call up your home insurance adjuster immediately.
Carbon monoxide is a toxic gas which is odorless and colorless. It simply means you cannot smell or see carbon monoxide, but when at high levels in minutes a person can be killed. When at lower level it causes bland effect and the symptoms include headache, dizziness, fatigue, congestion of chest, nausea and confusion. This effect differs from one person to another depending on their age, immunity and exposure length. Carbon monoxide is apparently emitted due to burning of fuels such as gas furnaces, clothes dryers, water heaters, generators, gas stoves, tobacco smoke and ovens which are common appliances of home. Also, carbon monoxide is comprised in car exhaust. Prevent your family from being a sufferer of poisonous gas.
Reducing Exposure to CO
It is very important to avoid poisoning due to carbon monoxide. Check for proper ventilation of gas appliances. If you find any appliances of gas in home, it is very important for you to install a carbon monoxide detector listed by UL which can save your life. Use of proper kerosene in space heaters and keep flues open when fireplace is made use. If using wood stoves, make sure it is certified as per EPA emission standards. Do not keep your car idle in garage for long time and do install CO alarms. Have an expert or a professional who is well trained to clean, inspect and tune up the heating system such as flues, furnaces and chimneys often if possible or annually. Immediately repair if any leaks are found. Measures taken to protect your home and your lives can help in reducing your home insurance premium rates.
Clues to Witness CO
Though you cannot see and smell carbon monoxide, you can witness its effects. Rusting, traces of soot, loose furnace panel or chimney connections, debris falling from chimney, fireplace or appliances and moisture inside the windows. With these clues you can take the necessary preventive measures, keep all windows and doors open to get fresh air and consult your physician to tell him you suspect poisoning due to CO. If it has occurred then it can be often diagnosed by a simple blood test immediately done after an exposure.