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Accidents happen all the time; a mail carrier could trip over a tree root in your yard, your child could throw a ball through a neighbor’s window, or you could find yourself facing a personal lawsuit. In all of these instances, you would be held financially responsible for covering damages. The liability insurance on your homeowners policy would provide a financial cushion, sparing you the expense of paying for these expenses out of your own pocket.

What Does Liability Insurance Cover?

Liability insurance provides financial protection for you and your family members. It is included within your homeowners insurance policy and features coverage for bodily injury and property damage sustained by others for which you or a member of your household is legally responsible. It will also pay for legal fees if you or a member of your household is sued.

This type of coverage follows you wherever you go, meaning that if you or a member of your household is responsible for accidentally damaging someone’s property or causing bodily injury while you’re not on your property, your liability insurance will have you covered.

How Much Should I Have?

Most homeowners insurance policies have at least $100,000 in liability coverage. However, this may not be enough coverage for your household.

Medical costs are higher than ever, and it’s impossible to come up with a ballpark estimate of what you could end up paying out in property damage in the event of an accident. If you or a member of your household are held financially responsible for damages incurred by another person, you need to be confident that your liability insurance is sufficient enough to cover you. If the damages exceed your policy limits, then you will still be held financially responsible for the difference.

For this reason, it’s generally a good idea to have as much liability insurance coverage as you can afford. Individuals with a high net worth, a high income potential, or any other risk factor that could increase their liability exposure may need more liability insurance than those with fewer assets.

To learn more about liability insurance in Fairview Heights, IL, give us a call today and talk to one of our insurance agents. We can help you determine whether your current coverage will provide you with the financial protection you need.