What Does Personal Liability Mean On Homeowners Insurance?

What are considered personal liabilities?

Personal liability occurs in the event an accident, in or out of your home, that results in bodily injury or property damage that you are held legally responsible for.

Personal liability will cover the costs of medical bills, as well as your legal defense fees, up to the limit of your liability coverage..

How much renters liability insurance do I need?

The typical renters insurance policy offers $100,000 in liability coverage. For renters, this amount is often sufficient. However, if you entertain company frequently at your home or if your assets exceed that amount, you should consider an amount of insurance equal to at least the total value of your assets.

Why do I need personal liability insurance?

Your personal insurance policy helps to protect your assets and your net worth. Having personal liability insurance coverage helps limit out-of-pocket expenditure if you’re at fault for an accident, property damage or personal injury.

Is personal liability the same as general liability?

The first thing to understand about personal liability coverage is it covers your general liability — not simply liability attached to the insured property. With personal liability coverage, you’re protected from liability occurrences away from the home as well.

What does personal liability mean in renters insurance?

Personal liability coverage is part of a standard renters insurance policy. It may help pay for another person’s medical bills or repairs to their property if you’re found legally responsible for their injuries or property damage.

What does personal property coverage mean?

Personal property coverage protects you from loss or damage to: your home or personal possessions. your car.