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A Focus on Home Insurance Liability
Home insurance provides financial protection in three main areas. The two most people focus on are covering the value of your personal possessions and protection against damage to the structure of your house caused by a disaster or an accident. Liability coverage is the third basic element of home insurance and it protects against legal action for personal injury or property damage caused by your household. The liability aspect of home insurance also provides no-fault medical coverage in case someone is injured in your home. Basic home insurance also includes a fourth element in covering expenses in the event you are temporarily forced from your home because of an insured disaster.
More about home insurance liability
A typical home insurance policy has two sections on liability: personal liability and medical payments. Personal liability covers claims and lawsuits stemming from property damage or bodily injury caused by accidents on your property and even covers your activities away from your home. Personal liability coverage extends to every family member living in the insured house. Medical payments cover medical expenses for anyone other than family members living in the insured house who are accidentally injured on the property.
Both personal liability and medical payments do not cover business related accidents or injuries. Also claims between members of the household are not covered by home insurance liability. This coverage includes some exclusions, such as damages to cars, on what is covered so it’s best to check your home insurance policy to find out exactly what coverage is included. Home insurance liability usually provides $100,000 in coverage, but you can raise that amount by increasing your premium
Did you know? Your home insurance liability coverage does not protect you in the event you pass a disease on to someone.
Takeaways:
- Home insurance liability includes personal liability and medical payments.
- Policies typically cover $100,000 of liability insurance.
- Business activities in your home are not covered by home insurance liability.
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