Though it might not be top of mind when you think of homeowners insurance, a large part of your policy should be dedicated to home insurance liability. When you own a home, you’ll probably entertain guests now and then, and have maintenance people and other staff over to perform miscellaneous tasks around the house. If any of these people are injured while on your property, your finances could be at risk. As the homeowner, you are considered responsible for providing a safe environment for others to enter your property, and in the event of an injury, you’re the liable party.
Home insurance liability coverage offers two types of protection:
- Legal protection: if somebody who was injured while on your property sues you, your home liability insurance will cover the costs of your legal representation in mediation or in court. The limits of this type of coverage are usually on a “per occurrence” basis, so you’ll have to review your policy to find out how much coverage you have.
- Medical payments: if the other person is hurt, they’ll need medical attention. But if you wind up paying all of the bills for emergency services, x-rays, hospitalization, doctor’s bills and medicine, you could be in over your head – unless you have home insurance liability coverage, which is specifically designed to pay for these types of expenses.
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When you buy a home, insuring it against damages due to storms, floods or burglary should be at the top of your to-do list – but did you know that you should get home insurance liability, too? Home insurance liability coverage kicks in when somebody gets hurt while on your property. For example, if your nanny slips and breaks her leg while preparing a bottle for your baby in your kitchen, she can sue you. In cases like this, home insurance liability will pay for your legal representation and any other costs related to the case you wind up paying. Think about home insurance liaility as another kind of protection for your property; one that protects you from having to sell your home in order to pay for settlements, legal bills and medical costs.
How Homeowner Insurance Comparison Sites Help
Shopping around for the right home insurance can be a daunting task, especially when you want the best possible coverage. Fortunately, homeowners insurance comparison sites like AgentInsure offer an easy and quick way of finding the right policy for your situation. Once you’ve filled out all of your information and indicated what types of coverage you want, AgentInsure automatically selects the best matches for your needs. Within minutes, you’ll receive as many as five quotes from the best insurance companies in the nation in your inbox. You’ll have all the time you want to review the quotes and find out if you need more information before you make your choice. With AgentInsure, you can be sure to find great coverage for home insurance liability at an affordable price!
Liability insurance is the coverage of an auto policy that protects a person in the event of an at-fault accident. When a person has hit another person’s car they are liable under the law to fully rectify and pay for all damages to the person’s property and any medical bills that are directly related to the accident. Insurance is a means that allows the at-fault party to pay for their responsibility to the other person.
Liability insurance amounts are usually listed as 100/300/100. This means that the policy will pay up to $100,000 per person for a total of $300,000 per accident and the policy will pay up to $100,000 for all property damage. The hidden cost of liability insurance is not the cost of carrying such coverage’s but rather the cost to you if your insurance is not enough to pay for the damages to the other party.
Suppose for a moment that a policy has limits of 15/30/10 and there is an accident that totals the car and puts the driver in the hospital for a week. The limits of liability will pay $15,000 per person up to a maximum of $30,000 for the accident. If the person’s hospital bill comes out to be $100,000, the at-fault party will have to come up with the difference from what the insurance policy paid and what is left to satisfy the hospital bill. That leaves $70,000 that you will have to pay out of pocket. In most cases the at-fault party will end up being sued and forced to pay the remainder of the balance. This will destroy their financial status for years to come.