What is Personal Liability & Why Do I Need It?
Personal Liability is a legal protection that comes with your personal insurance policy that protects us from Bodily Injury or Property Damage to others that we are liable for. The insurance coverage will provide you with the coverage for settlements or judgments that may be awarded (up to your policy limit) as well as legal defense costs.
For most people, Personal Liability is provided by a Personal Auto insurance policy or a Homeowners insurance policy. Personal Liability is an essential coverage that everyone needs.
When we talk about Personal Insurance, we are referring to the types of insurance that help protect your personal assets. For many people, their personal insurance refers to Auto and Homeowners. In addition to these policies, The Robert J Stillwell Agency offers Umbrella, Boat, Motorcycle, and Personal Articles policies.
Types of Personal Insurance
Personal Auto Insurance
There are essentially three parts to a Personal Auto Insurance policy. The first is the Liability coverage, which protects you from Bodily Injury and Property Damage to others that you are legally liable for. The options for Liability coverage limits can vary significantly and it is important that you have coverage limits that protect your assets.
The second coverage part is physical damage to your own vehicle– this is what is subject to your deductibles. Finally, there is additional coverage for yourself and your passengers, often referred to First Party Benefits, or Personal Injury Protection. This section of the policy is where you select your legal options as well as the optional coverage limits for your own medical expenses, lost wages, accidental death and funeral expenses.
Personal Auto Insurance is about more than just getting the best price – it’s about getting the right coverage for your specific needs. As Independent Agents, we provide you with the knowledge you need to make an informed decision about your coverage limits. We then shop your insurance for you so you get the best price for the coverage that you need.
Watercraft, Motorcycle and RV Insurance
Just like for any car or truck, you can get coverage for your boats, motorcycles, RV’s and any other type of motor vehicle you may own. The coverage works in a similar way to Personal Auto Insurance in that it provides Personal Liability coverage as well as coverage for the vehicle itself. Each of these types of vehicles have some unique risk characteristics and it is important to let your agent know that you own these items so that you can correctly protect yourself from the risks they come with.
Do you know the difference between your home’s Market Value and it’s Replacement Cost Value? Do you have enough Personal Liability coverage to protect your assets if you are sued? Does your policy give you coverage specific to your individual needs?
Whether you are a first time home buyer, or you’ve owned your home for more than 20 years, it’s never a bad time to review your policy to make sure that you have the right coverage in place. We can explain your coverage and provide advice on what you need and what you don’t.
Call us today – our clients often find that we can not only save them money, but also provide them with increased coverage. Want to learn more? Download our free guide on Homeowners Insurance: The 6 Most Common Mistakes.
The Umbrella Policy
Most insurance companies will provide up to $500,000 of Liability coverage on either your Home or Auto Insurance policy. But for some, that is not a high enough limit to protect your assets. The Umbrella Policy is a low cost, high value solution. Most people can obtain a $1,000,000 Umbrella policy for less than $200 per year.
Personal Articles Policy
The standard Homeowners Policy provides a very limited amount of coverage for things like Jewelry, Fine Arts and Collections. The limit for this coverage is often less than $2,000, and only provides coverage in the case that the item is stolen.
A Personal Articles policy can provide Replacement Cost coverage for a wider range of perils, and at low rates. Sometimes this coverage can be added to your Homeowners Policy, but the best way to protect against the loss of your Valuable Items is with a Personal Articles Policy.
Looking for a Personal Insurance policy?
We offer free, no obligation coverage reviews and quote comparisons upon request. If you would like to take us up on this offer, we offer several easy ways to get a quote:
- Stop by our office. We are open Monday – Friday, 9AM – 4:30PM.
- Call and speak with one of our licensed agents at 1-800-642-3490
- Submit your information online here.
- Fax us your current policy and your contact information to 215-643-2309.