Did you know your home and renter’s liability coverage protects your nest egg, home equity, financial assets, including future earning power? If you live in an apartment, condominium, single-family home, cabin, or mobile home, understanding your liability coverage can save you tens, hundreds or even millions.
Liability coverage is commonly confused with Dwelling and Personal Property coverages which help restore your personal assets that are impacted by “named perils” such as theft, fire, lightning, wind, hail and if purchased; earthquakes, flooding, etc.
Liability coverage provides a layer of protection for harm you inflict upon others; bodily harm and damages cause to other's property. There are specific exclusions where liability would not extend coverage. For example, if you intentionally cause harm or perform some type of criminal activity, etc.
The great benefit of liability coverage in your rental and home insurance policies is that it follows you. For example, while at a charity softball game your bat accidently slips from your grip halfway through a mighty swing and clobbers a nearby person who is now unconscious and on his way to the hospital. Three months later, you open a certified letter and find a lawyer has been hired by the injured party. How will you pay for defense costs or for the judgment you are now liable for in order to settle the lawsuit?
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