Homeowners Liability in Knoxville, TN and Madisonville, TN
Your home can provide daily stability, security and safety for you and your family. However, while homeownership affords you many opportunities and luxuries, it may also include significant risks and exposures. By owning a home, you may be held legally and financially responsible for the losses and damages of other parties. Fortunately, most homeowners insurance policies include coverage for these incidents.
What Does Homeowners Liability Insurance Cover?
The liability coverage component of your homeowners insurance policy can provide financial assistance in response to many common incidents that might otherwise incur significant out-of-pocket losses and expenses. Although the details of your insurance may vary depending on your policy and insurer, homeowners liability coverage can typically render financial aid for the following:
- Third-party bodily injuries—If someone who is not a member of your household, such as a passerby or guest, is injured on your property or as a result of the actions of someone listed on your policy (i.e., an insured), this coverage may help pay for resulting losses (e.g., medical bills and lost income).
- Third-party property damage—If you or another insured are liable for damaging property that affects another party, such as a neighbor, this coverage may help pay to repair or replace their damaged property.
- Legal costs—If an incident affecting a third party results in a lawsuit, your homeowners insurance may help pay for resulting legal expenses, including representation, settlements and judgments.
The liability coverage included in homeowners insurance may extend beyond your own property lines, although incidents involving your motor vehicles or work-related tasks are typically not covered.
How Much Homeowners Liability Insurance Do I Need?
Like most types of insurance, your homeowners liability coverage needs may vary significantly. When compiling your homeowners insurance policy, consider the following factors:
- Net worth—Liability insurance may generally align with the value of all of your assets.
- Lifestyle habits—If you regularly welcome guests to your property or engage in risky hobbies, additional liability coverage may be needed.
- Attractive nuisances—Certain features of your property, such as swimming pools and trampolines, increase your risk levels and should therefore encourage higher liability coverage limits.
Beyond the liability portion of your homeowners insurance, you may also want to consider purchasing personal umbrella coverage, which can render additional aid if the limits of your homeowners policy are exhausted.
We’re Here to Help
The knowledgeable staff at the Mike Dyer Agency pride themselves on serving homeowners, families and businesses in the Knoxville and Madisonville areas. Our agents will utilize their nearly 50 combined years of experience to ensure you understand your insurance needs and have the right coverage. Contact us
today to get started.