What situations have you or somebody you knew used home of liability coverage?

Question

And how did that work out? Was their insurance coverage adequate for the situation or did their personal assets get attached or payment out of pocket occur?

Answer 1

Laibility under a homeowners insurance protects the policyholder for liability arising out of negligence on the part of the policyholder. Some examples of when coverage can be used include claims involving pets, workers getting injured on your property, serving alcohol at a party and someone getting injured on the way home, someone drowns in your pool, etc. Coverage depends upon the amount the policyholder purchases - typically $100, 000, $300,000 or $500,000.

Most claims will be under these amounts, but the problem is that you don't know how much coverage you will need until someone files a claim. Serious injuries can result in huge liability - and when the coverage runs out you must pay.

Many people purchase a Personal Liability Umbrella to get additional liability coverage. It allows you to purchase additional coverage that will give you a much larger cushion, and it typically covers you over and above your auto(s) and home. A typical policy provides an additional $1 million in coverage, but you are also required to have your current auto and homeowners coverage set with fairly high coverage amounts, adding to the cost - and coverage.

Call your insurance agent to get a quote. They typically cost about the price of 1 hour of an attorney's time - well worth t he added peace of mind.

Answer 2

If it is a legitimate claim there is usuall y no problem with insurance company paying. However, for liability coverage to pay the insured has to be deemed liable for the accident, damage or injury. Med pay on a policy pays regardless of fault if accident, damage or injury occurs on insured property. I work at an insurance agency.

Answer 3

My uncle just had a motorcycle accident due to a DOG... The owners will be paying for everything... They are going after the homeowners insurance and I hope they were well insured for this accident is requiring hundreds of thousands in medical bills, pain and suffering.

It is still in the works so I do not know if it is working out well or not. I can only give everyone a heads up... IF you have pets, keep them in YOUR yard or you could lose everything. Of course IF your pet would cause such a horrible accident then you deserve to lose it !! No excuses !