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Is Specialized Personal Liability Coverage Right for You?

Is Specialized Personal Liability Coverage Right for You?

At first, specialized personal liability coverage might sound like a hard sell. Once you have automotive and home insurance, why would you need to buy anything else? After all, your home and auto policies cover personal liability. However, according to Wealth Pilgrim, the amount of liability coverage that comes with a standard home or auto policy is usually limited. For example, if someone hurts themselves on your property, your existing homeowners policy might not cover it. Specialized liability coverage exists to fill in the gaps in your existing policies.

Let’s say someone slips, falls on your property, and sues you for $1 million. The personal liability coverage on many homeowner’s policies tops out at $500 thousand. If you don’t have a specialized liability policy, you’re on your own to cover the additional $500 thousand. However, if you have specialized personal liability coverage, that policy will kick in as soon as your basic homeowners policy stops paying.

Before you buy specialized liability insurance, check to see what is covered under your existing home and auto policies. For example, does your current homeowners policy cover accidents involving tree houses? How about trampolines or swing sets? Try to think about the aspects of your lifestyle that might not be covered by your standard policy and be sure to add them to your specialized personal liability policy.

These types of policies are especially beneficial if you have children who routinely have a lot of friends over. If one of their friends were to accidentally hurt themselves while playing at your house. You could be on the hook financially, but with a specialized personal liability policy, you’re covered.

If you’d like to learn more about specialized personal liability coverage, contact us. We can work together to find the perfect policy to suit your needs.