Determine How Much Liability Insurance You Need
As a homeowner, you work hard to protect your property and pocket. That’s what you have homeowners insurance in Long Island, NY for, right? While your homeowners insurance certainly protects your property, it also gives you liability coverage which is often overlooked but incredibly useful. One of the most important components of a homeowners insurance policy is the personal liability section. This coverage provides protection for accidents that you are liable for that occur inside or outside your home and result in bodily injury or property damage.
Your homeowners insurance liability is there to protect your assets if someone is injured on your property or due to an accident that you cause. It is particularly useful coverage to have since medical costs can quickly increase and in our litigious society, there is a good chance that you will end up being sued. Fortunately, your liability portion will help to cover these expenses.
Keep this coverage in mind when you are looking for your next insurance policy. You should have enough liability insurance to protects your assets. It is recommended that homeowners consider purchasing at least $300,000 to $500,000 worth of liability coverage, and even more if their assets extend beyond this amount.
If you do have investments, property, or savings that are worth more than your liability limits in the policy, consider purchasing an umbrella or excess liability policy. This coverage continues beyond your current liability policy limits within your home and auto insurance policies. An umbrella policy kicks in once you have used up the liability insurance in your underlying policy. As well as providing additional dollar amount coverage, umbrella policies often offer broader coverage than standard policies.
Do you have questions regarding your homeowners insurance? Are you ready to secure an umbrella policy? Talk to the team at Premier Risk Insurance to get started! We serve Long Island and neighboring cities in New York.