Question I have enough insurance to rebuild my home if needed, but I haven’t given much thought to homeowners liability coverage. How much should I consider on my policy?
John Drakulich is a Farmers Insurance® agent in Sparks, Nevada. He explains things to consider in selecting an amount of liability coverage on your home insurance policy.
AnswerThe first thing you need to look at is how much you have to lose. Remember that your entire net worth can be at risk in a lawsuit. So, you should consider obtaining a liability coverage amount that matches the value of your assets. Farmers offers up to $500,000 in coverage on its home policies. If you need more, you can choose a personal umbrella policy that gives you $1 million to $10 million in additional liability coverage.
Keep in mind that homeowners liability coverage extends beyond the home itself. It provides coverage for your personal liability in most situations, except when you’re in your vehicle or at work. If you’re riding a bicycle and hit a pedestrian, or on the golf course and your ball lands on someone’s head, your homeowners liability coverage can help you protect you from loss. This coverage follows you anywhere in the world.
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