Liability coverage is a type of insurance that helps protect you against the financial responsibility for damaging someone else's property or causing them harm. Essentially, it covers the costs if you are found legally responsible for an accident or injury.
Full definition
If you own a motor home, make sure you carry high limits
of liability coverage for bodily injury to others as well as bodily injury caused by an uninsured motorist.
Most insurers first require you to have $ 300,000 or $ 500,000 in
liability coverage on your car and home.
Lenders may also require a set amount of
liability coverage in the event someone is injured on your property.
$ 25,000 of property
damage liability coverage for damage to other people's vehicles or other property in an accident you cause.
With liability coverage included in your home or student renters insurance, the NC insurer will be responsible to pay for some or all of the financial consequences of this kind of legal action.
If you are injured by the negligence of a defendant, we will make a claim under the bodily
injury liability coverage of the negligent defendant's insurance policy.
Many states require uninsured or underinsured insurance, and every state requires
minimum liability coverage if the vehicle is driven on the road.
Although a standard policy
includes liability coverage as well as coverage for your personal belongings, you can opt for just one or the other.
Commercial
auto liability coverage protects your company against claims by third parties who seek compensation for bodily injury or property damage sustained an auto accident.
Property damage
liability coverage protects you if you are held legally responsible for damaging someone else's property in a car accident.
State law
requires liability coverage of $ 20,000 in personal injury liability for a single individual, $ 40,000 for all individuals in an accident and $ 15,000 in property damage liability.
While some insurance companies only
offer liability coverage in the amount of $ 100,000, others may offer you the option to purchase coverage as high as $ 300,000.
Renters insurance
liability coverage pays for bodily injury or property damage that you cause to someone else through your negligence.
High - risk drivers end up paying expensive insurance rates, as majority of today's insurers won't allow you to drive with minimum
liability coverage only.
But many people wonder how their decisions could impact other people and why they
need liability coverage on their policy.
Many people realize, however, that they need more than minimum coverage to fully protect themselves and their assets and often there is much more
liability coverage from which to compensate victims.
You don't want to be liable for out - of - pocket payments so make sure your
basic liability coverage protects your assets.
Typically, leasing companies require $ 100,000 of bodily injury
liability coverage per person and $ 300,000 per accident, as well as $ 50,000 in property damage liability insurance.
More importantly, you also
get liability coverage as protection against injury caused to others inside or outside your home.
The only time it makes sense to get a policy only covering personal liability is when you already have a package policy and need
more liability coverage on top of that.
This inclusion alone is highly indicative of how important it is to look into property damage
liability coverage when considering getting full coverage car insurance.
This type of coverage helps you pay for medical costs for yourself, while bodily injury
liability coverage helps pay for medical costs of other people injured in an accident you caused.
A personal umbrella policy offers
liability coverage beyond the limits of an underlying policy, like car insurance or homeowners insurance.
A local agent can help you learn more
about liability coverage options so you can chose the homeowners policy and liability limits that are right for you.
If you have sufficient
liability coverage through your own auto insurance, you may not need to buy extra coverage from the rental agency.
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