Homeowners insurance is a must for every Long Island home buyer. All reputable mortgage companies require insurance coverage for the fair value of a property (often determined by the purchase price) and will not approve a loan without proof of it. A part of homeowner’s insurance that is often overlooked is personal liability insurance, which protects you from injuries and other unfortunate accidents that may occur on your property.
Liability insurance covers a broad range of events that you could be financially responsible for if they occur on your property or off it. It protects you from having to pay for the expenses resulting from these events and provides peace of mind that you and your family’s financial future are secure if the worst were to happen. Below, we will discuss five reasons you will be happy that you opted for liability insurance.
Medical bills and Pain and Suffering Payments for Visitors
Liability insurance can cover both the medical bills and any legally imposed pain and suffering payments you would be responsible for if a visitor to your home was injured as a result of your negligence. Let us say you have a neighbor who comes over for coffee and falls as a result of a damaged step that you didn’t fix. If you have liability coverage, your insurance provider could very well cover both the medical expenses incurred by the victim of the accident as well as any pain and suffering award they may be awarded if they decided to take you to court.
Legal Fees and Lost Wages
Legal costs can add up if you are sued as a result of an accident in your home. Quality liability insurance can cover any legal expenses you may incur as a result, whether you are found liable or not. If the injury results in the victim missing time at work, your liability insurance could also cover those lost wages that you were responsible for.
If someone were to have a fatal accident while in your home, your liability coverage would cover death benefits to the family of the victim. Where the worst to happen in your home, the last thing you want to be thinking about is where the money to pay for it will come from. Liability insurance can provide you that peace of mind.
Personal Liability Coverage Out of the Home
Liability insurance can cover a variety of events that do not occur in your home. This part of the coverage covers not only you but extends to your pets and children as well. If your dog were to bite your neighbor or your child were to damage a portion of a neighbor’s house, your liability coverage would pay for any costs resulting from those events. It can even cover events far from home, like a hotel seeking reimbursement for damage done while staying there.
Increased Coverage is Relatively Inexpensive
Many people don’t have high insurance coverage because it simply costs too much. Compared to other types of insurance, you can double or triple your coverage with a small increase in your insurance premiums. Specific rates will vary company by company, but with the number of events that liability can cover, it would be wise to have as much coverage as you can afford.
When purchasing a home, you will have so many things to worry about. Adding a quality liability insurance policy to your homeowner’s insurance will give you the peace of mind to know that your family and those you invite to your home are covered. Luckily all of the homeowner policies that Newbrook Insurance sells will include liability coverage.