Understanding and Increasing Liability Coverage

Liability coverage protects against lawsuits if someone is injured on your property or if you accidentally damage someone else’s property. Here’s how to optimize it:

• Umbrella Insurance: Adds an extra layer of liability protection, often starting at $1 million in coverage. Umbrella policies cover legal fees, medical costs, and even libel or slander cases.
• Increased Coverage Limits: Consider increasing your home policy’s liability limit if you have high-risk factors (like a swimming pool or trampoline) or if you own significant assets.
• Medical Payments Coverage: This covers small medical expenses for minor injuries on your property without the need for a lawsuit, providing a goodwill payment to guests.