Insurance is not only designed to cover your personal property—such as a car or a home. It is also designed to cover the results of accidents that you are found responsible for. This coverage, known as personal liability insurance, is an incredibly valuable resource, but one that many may overlook. To help make sure you’re properly covered, here are a few details to know about liability policies and when you might need one.

What Does Personal Liability Insurance Cover?

Although the exact terms of coverage with personal liability can vary from policy to policy, these plans are generally made to cover risks associated with damages that you cause. Some common examples of these incidents include damage caused by you in your own home or rental, bodily injury that occurs due to your negligence, or accidents that occur outside of your property.

Typically, a solid liability policy will cover the cost of repairing or replacing damaged property of others. It will also pay for expenses related to bodily injuries caused by an accident you’re liable for. If a party decides to press charges for an incident, your policy should also assist with legal fees.

Who Should Have Liability Insurance?

Every adult is at risk of causing harm, even if the action isn’t intentional. As such, it’s smart to have liability insurance if you are independent, own property, or want to avoid the financial duress that accidents can cause. Even if you don’t have assets to protect, this coverage can be extremely valuable in protecting you from long term, court-ordered wage garnishment and loss of future property.

Is Liability Insurance Already Included in My Current Policies?

You may already have liability coverage as part of an existing policy—such as home or auto insurance. However, this coverage is usually limited to the property that is covered. For instance, liability coverage on an auto policy won’t cover accidents you’re liable for at home.

In addition, the coverage limits offered by existing plans may not be high enough for you to be sufficiently covered.

To ensure you have the right amount of protection, it’s best to consult with your insurance agent and review what’s already included in your policies. If you need more security, consider investing in an umbrella policy—a single plan that boosts liability coverage and lower costs.

If you’re curious about liability coverage, turn to David Seagraves Insurance Agency in Lakewood, CO.  As a Farmers Insurance® agent, David Seagraves is qualified to review your risks and existing policies to determine if you could benefit from additional protection. Proud to provide personalized support, this professional will craft plans that are customized to fit your specific concerns and budget. To learn more about these options, visit this agent online. For a free quote, call (720) 588-8002.