When you own a property, you have a lot of responsibilities which you must deal with. You have to maintain and look after that property, as well as ensure that it is safe. You’ll want to ensure that you have secured your home for the whole family and also for visitors too. Most homeowners will have mortgage insurance as a safeguard against being unable to pay the mortgage for one reason or another. But have you ever considered if there was an accident in your home? We are talking about a stranger, such as a workman, being injured in your home. As a homeowner, you can be responsible. Would you be prepared for the financial trouble you might end up in?
Before you panic, there is a way to prepare for this type of accident. You can have personal liability insurance. Let’s take a look at what personal liability insurance is and why it can be beneficial to you in your home.
What Will Personal Liability Insurance Cover?
Personal liability insurance is going to help you in a lot of situations. Ultimately, it is going to offer you peace of mind and financial help if you ever need it. Let’s take a look at some of them.
Lawyer Fees
If you are in a serious situation that is going to go to court, you are going to need a lawyer. This is going to ensure that you can defend yourself. The good thing about personal liability insurance is that it can cover the fees of legal help. We all know that having a lawyer can be expensive. But this is something that you will not have to worry about if things go to court.
Damages Caused by Your Pet
All owners are responsible for the actions of their pets. For example, if your canine bites someone or causes damage to their property, you are going to have to pay for the hospital or repair bills. This could cost a lot of money and if you do not have savings, you may not be able to afford them. But when you have this type of insurance, these fees will be covered.
Damages Caused by Your Kids
You cannot watch your kids every single hour of the day. This means that when they go out to play, there is a possibility of an accident happening. This could be damage caused to another property caused by a football or bike. Having insurance in place makes sure that you do not receive a huge unexpected bill that you cannot pay. Instead, your policy can cover this bill.
What is Not Covered by Personal Liability Insurance?
Unfortunately, there are some things that are not going to be covered by personal liability insurance. This means that you will have to look at alternative options. But as long as you are aware of them in advance, this should not be a problem. So, let’s take a look at some circumstances that are not covered by personal liability insurance.
An Automobile Accident
There are some people that assume an automobile accident will be included with this type of insurance. This is not the case. Personal liability insurance is related to your home; not anything that takes place elsewhere. This means that if an accident happens on the road, it will not be covered by this. Instead, you will need auto insurance.
Intentional Injuries
Of course, if you deliberately injure someone, even if it is in your own home, this is not going to be covered. This is going to be assault and insurance is never going to pay out if a crime has been committed. Thus, any intentional injuries will not receive assistance.
Do I Really Need Personal Liability Insurance?
Nobody wants to pay out any more money than they have to. This is why a lot of people question whether they really need personal liability insurance. But unless you have a crystal ball, you never know what may happen. For example, if you are getting a lot of work done on your house, this is going to mean that more workers and strangers are in your home than normal. Of course, accidents can happen. But, equally, the postman and delivery persons will be on your property a lot. They could also be injured. The truth is, you never know what is going to happen. It is always best to be prepared.
