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Personal liability insurance is designed to protect you and your family members against claims resulting from damages or injuries to other people or their property. It is a component of a homeowners insurance or an umbrella insurance policy, but can be bought separately as well. The policy covers your expenses when you are responsible for the damages or injuries whether you are at your home or anywhere else.<br>Personal liability insurance provides coverage in situations like the follows: <br>a.tSomeone is injured on your property, and itu2019s your fault.<br>b.tYou accidentally cause damage to someone elseu2019s stuff, or place.<br>c.tSomeone (or a pet) listed on your policy causes damage to someone else.<br><br>Personal liability insurance also covers legal expenses like:<br>a.tMedical expenses of the claimant<br>b.tProperty damage expenses of the claimant<br>c.tPain and suffering expenses of the claimant, etc.<br><br>However, no coverages will be available in the following cases of: <br>1.tBodily Injury, if:<br>a.tYou, or someone listed on your policy, is injured.<br>b.tSomeone is injured on your property when you were not at fault.<br><br>2.tProperty Damage, if:<br>a.tYou cause damage to someoneu2019s place or stuff intentionally.<br>b.tYour car damages someoneu2019s place or stuff (auto insurance covers this, if you have one)<br>c.tYou conduct business operation from your home, and someone gets injured or something is damaged in the course.<br>d.tA property that is rented to you is damaged.<br><br>To learn more about Personal Liability Insurance, follow this link: http://quotezebra.com/personal-liability-insurance/.<br>
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What is Personal Liability Insurance? • Personal liability insurance is an insurance designed to protect you and your family members against claims resulting from damages or injuries to other people or their property. • It is a component of a homeowners insurance or an umbrella insurance policy, but can be bought separately as well. • It covers your expenses when you are responsible for the damages or injuries whether you are at your home or anywhere else.
Some scenarios when personal liability insurance will prover coverage: • Someone is injured on your property, and it’s your fault. • You accidentally cause damage to someone else’s stuff, or place. • Someone (or pet) listed on your policy causes damage to someone else
Does Personal Liability Insurance Cover Legal Expense? • Yes, it does. Some examples when it covers expense if you are found liable for an accident are: • Medical expenses of the claimant • Property damage expenses of the claimant • Pain and suffering expenses of the claimant • Lost wages of the claimant • Life insurance death benefits for the claimant’s family • Legal defense costs
What does liability insurance not cover? No coverage will be available in the following cases of bodily injury or property damage: • Bodily Injury • You, or someone listed on your policy, is injured. • Someone is injured on your property when you were not at fault.
Property Damage • You cause damage to someone’s place or stuff intentionally. • Your car damages someone’s place or stuff (auto insurance covers this, if you have one) • You conduct business operation from your home, and someone gets injured or something is damaged in the course. • A property that is rented to you is damaged.
How Much Personal Liability Coverage Should You Have? • The more financial assets you have, the more liability coverage you should purchase. • Example: Let’s assume your net worth is $600,000. Someone sues you for $400,000 worth of damage. Unfortunately, you only have $100,000 worth of coverage. Now, the plaintiff can claim the remaining $300,000 worth of damage by leveraging your assets to make up it.
If you want to learn more about personal liability insurance,click on this button here or follow the link in the description below:
