Personal Property and Personal Liability: What You Need to Know

Everyone owns some sort of personal property, whether it be a car, home, furniture, clothing, or jewelry. All of these things have a financial value to the owner. In an insurance context, if an accident occurs and you are responsible for it, your property may be threatened through legal action. 

As an example, if someone is hurt while attending a party at your house, they may sue you to collect medical expenses and legal fees. If you are found to be at fault for the injury, you could face an expensive lawsuit. In the worst cases, such a suit can result in the loss of your savings and your property to cover the damages you are ordered by the court to pay.

While no one can stop accidents from happening, you can prepare for the worst by taking certain steps. One of these steps is to take out personal liability insurance.

Can an Insurance Company in Florida Provide Me with Personal Liability Coverage?

Personal liability insurance can protect you from financial damage if something should happen and you are found to be liable. You can typically obtain personal liability insurance under your homeowner’s policy or renters insurance through an insurance company in Florida. 

Common items that personal liability insurance covers include:

• Lawsuits that occur due to an accident that you may be partially responsible for
• Bodily injury to an individual outside of your family
• Property damage that occurs as a result of your negligence

You can set the amount of your personal liability insurance coverage to a number that gives you peace of mind. If you feel like you need additional personal liability insurance coverage, you can choose to purchase an umbrella liability insurance policy from a Florida insurance agency for even more security.

What Isn’t Normally Covered by Personal Liability Insurance?

All personal liability insurance policies have their own terms and conditions, but a few items are typically not covered. These include:

• Liability arising from an automobile accident (which should be covered by your car insurance policy)
• Intentional damage – either bodily harm or property damage – occurring as a result of your actions
• Injuries or damages sustained by you or family members in your own home
• Business activities or claims related to your job

If you or a family member receives an injury while in your home, you’ll likely qualify for medical coverage through your medical insurance policy. 

To mitigate the potential for losses due to business activities, ensure that you have business insurance and a valid worker’s compensation policy if you own your own company.

How Do I Choose a Personal Liability Policy?

You’ll likely have a policy covering personal liability through your homeowner’s or renter’s insurance coverage. However, many people choose to purchase additional personal liability insurance through an umbrella policy. This may be especially important if you have significant assets or savings that you want to protect in the event of a lawsuit.

When choosing a policy, make sure to read through the terms and conditions to understand exactly what your coverage will and will not apply to. Make sure that you are comfortable with the policy limits, as well.

With the right protection in place, you can limit your personal liability for accidents or harm incurred on your property.