Last week we reviewed how your Homeowners policy offers protection for you and your family. This week we review a few key ways that it also protects you against lawsuits and disasters.
Part II: Liability to Others
This portion of your policy covers against lawsuits for bodily injury or property damage that you or family members may cause to other people. It pays for both the cost of litigation and any court awards, up to the limit of your policy. It covers you whether you are at home or away.
In the event that a visitor is injured in your home, medical payments coverage allows the person to submit medical bills directly to your insurance company. The benefit is that expenses are paid to the injured person up to the policy limit without a liability claim being filed against you.
Damage caused by many disasters is covered in a standard homeowners insurance policy, but floods, earthquakes and other specific types of occurrences are generally excluded. Since policies can vary widely, the best way to be sure about specific exclusions is to read your own policy. FBinsure can provide additional explanation if there is anything you don’t understand.
The Bottom Line
Buying insurance can be confusing but FBinsure is here to help you through that process. Here are a few things to keep in mind when making vital decisions on the types of coverage you will and will not be adding to your policy.
It’s important to get enough insurance to do the following:
- Completely rebuild your house in the event it is destroyed by fire or other insured disaster
- Replace everything in the house
- Protect your liability in case someone is injured on your property and sues you
Consider additional coverage for unique risks:
- Special floaters for jewelry, collectibles and expensive items
- Extended or guaranteed replacement cost for the structure
- Sewer and drain back-ups
- An inflation-guard clause, which automatically adjusts annually to the construction costs in your area
- Umbrella liability coverage for a pool or other high-risk items
For a free assessment of your insurance policy and peace of mind, call or come by any of the FBinsure eight convenient locations today. Have you seen our new look? www.fbinsure.com