Why Do I Need Liability Insurance?
For a great many people who own their homes outright
, insurance cover is one of the first costs that they cut when they have the opportunity. The reality is that insurance is important for not just those with a mortgage, but also for those who don't have one.Adequate home insurance cover can help to protect you in the event of a fire, flood, lightning strike, or just about any other eventuality. It is also imperative if you have any kind of a pet or other thing at home that may be a liability.
Yes, you say, but I don't get much company and my cat is not a threat. Of course your cute little furry pet isn't a threat to you and certainly she's never hurt so much as a fly. Do you know that sometime in the future she may not scratch the milkman, no matter how accidentally? Are you certain that no one who comes into contact with you or your home would be willing to sue? What if there were no choice in the matter?
In cases of a fall on your property, even if you are not directly at fault your insurance may be the only way to cover lost wages of the injured party.
Not everyone wants to be litigious but there are times when there is simply not an alternative. Lawsuits are frivolous and can be totally silly, but that doesn't mean they won't be won. Making sure that you have adequate cover to prevent you from being out of pocket for the proceeds or awards of that suit is an important part of safeguarding your financial future.
Getting a check-up on your home owners policy on a regular basis is as important as getting a check-up for your own health. Your insurance needs change over the years, as you remodel your home and update it, it may be worth more. Is your cover adequate to cover what you have in your home?
Your home value may go down and you don't require quite so much insurance to cover the cost of your losses. Are you paying too much or paying for too much insurance? Keeping track of changes that you make in your home and then changing your insurance cover to reflect them is as important as buying home insurance in the first place.
Making sure that changes which affect your liability insurance are made are particularly important. If you have no pets or children when you first bought your insurance and now you have one or both, get your insurance a check-up and make sure that you have adequate liability cover you if the need should ever arise.
You may never need your home insurance. It may be, in fact we hope it is a total waste of time. On the other hand, you just never know when great aunt Gertrude may fall and sue you! Or when you are unfortunate to be burgled or have a fire in your home.
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