Standard Massachusetts home insurance provides protection for a number of common risks faced by householders. Standard home insurance includes coverage for damage or destruction of the physical structure of your home and personal possessions, the additional cost of living if the home has to be evacuated while it is being repaired or rebuilt after an insured loss, and liability.
Liability insurance is designed to protect a homeowner from the cost of lawsuits arising from property damage or injuries caused to third parties by the homeowner, other members of the homeowner’s household, or their pets. Liability may pay the cost of defending a lawsuit as well as costs that need to be paid to the injured party.
Some homeowners concerned about the risk of heavy damage claims that exceed the limits of standard liability insurance choose to either increase the liability limits on their standard home insurance or purchase umbrella coverage. Umbrella coverage supplements standard liability coverage by providing another layer of insurance protection when the standard liability limit has been exhausted.
By purchasing umbrella coverage, a homeowner can takes steps to protect the home, investments, and savings from the risk of being wiped out by a high damages award. Homeowners who have significant assets which are worth more than standard home insurance liability limits may find it worthwhile to purchase umbrella coverage.
The liability coverage provided by standard Massachusetts home insurance may be adequate for many homeowners. Talk to us if you feel that you require additional liability protection; we’ll be happy to help you to find the most cost-effective way to protect your assets!