Personal Liability Insurance and Why You Need It

In your adult life, it would be a challenge to live without insurance. Whether your property has been damaged in a storm or you want to protect yourself when you rent a property, you need insurance to protect yourself and your property. Personal liability insurance is a critical part of living a healthy and safe life as an adult and keeping your family financially stable. If you don’t currently understand the benefits of personal liability insurance, get started as soon as you can.

The Benefits

Personal liability insurance presents a range of benefits for you and your life. Personal liability insurance coverage protects your current and future assets. It is available through home insurance, condo insurance, and renter’s insurance. It provides you coverage for your defence if an action is brought against you, whether or not you are responsible.

Personal liability insurance helps you avoid pay legal defence fees out of your own pocket. It also protects you from any lawsuits in the face of an accident on your property. Plus it covers the members of your family or household. This includes household accidents due to your negligence.

If you aren’t sure whether you need this type of insurance, you should consider it if you are an adult living in the world on your own. Because the insurance is included in renter, homeowner, and condo policies, it only costs a few dollars a month while protecting your current and future assets. If you are ever held liable for a personal injury on your property or property damage, the insurance you put into each month will help. But there’s a catch. You should know that there are instances when the insurance company refuses to pay fair compensation for your losses. In that case, you would need to seek legal assistance to learn about your rights. You can learn more here about how such professionals can help in maximizing the chances of receiving fair compensation for your loss.

When caught in these situations without this insurance, you may lose existing as well as future assets. These include investments, homes, future earnings (garnishments), and other property.

Great Coverage

Personal liability insurance covers a range of things in your homeowner, condo, or renter policy. It covers personal injury, defense costs, no-fault medical payments to others (settling an injury claim). Plus it covers situations where you help responsible for property damage to others.

It also provides coverage for voluntary damage payments. These need to be paid when you cause damage to another person’s property and may avoid a lawsuit. It also covers damages caused by members of your family, pets, and employees.

Although personal liability insurance has excellent coverage for those with renter, homeowner, and condo insurance, there are other things to consider. There is a lot of potential for a lawsuit in our daily lives. Much of the expenses that pop up during these lawsuits are covered in your policy.

If you are still concerned about whether personal liability insurance is right for you, contact the professionals at O’Kane and Tegay Insurance Brokers. A professional can tell you it is right for you, right for your budget, and suitable for your needs.

Insurance is a critical part of our lives as adults. Whether we are concerned about our families, employees, or property, we want to ensure that we are safe in any situation. Contact a trusted insurance broker to get started.

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