Do You Need A Personal Injury Endorsement On Your Homeowners’ Insurance Policy?

It can be difficult to determine how much homeowner’s insurance coverage you need, especially when there are so many different types available. You may think you have everything you need to protect your assets, then something other possibility comes along that could jeopardize your hard work. In reality, your children’s own actions could cost you money in the form of a personal injury suit. Something as simple as online slander, if it occurs on your home computer or wifi network could make you liable for damages. A personal injury endorsement on a homeowner’s insurance policy can provide additional coverage that insulates you from seemingly innocuous incidents that may arise.

What Is a Personal Injury Endorsement?

Most people assume that a standard homeowner’s insurance policy prepares for any contingency that may arise, but this is not necessarily the case. A homeowner’s insurance policy may provide protection for bodily injury and property damages that do not arise from business purposes, but it does not provide protection from personal injury matters. For example, you current homeowner’s insurance policy likely does not provide coverage for wrongful entry or eviction, slander, defamation, defamation, and more. When you add a personal injury endorsement to your homeowner’s insurance coverage, you may receive coverage for additional damages arising from these types of actions.

What Does a Personal Injury Endorsement Cover?

A typical homeowner’s insurance claim will cover someone’s injuries up to a certain policy amount. For example, if you have $200,000 in coverage for liability coverage, you can use this to pay for damages when someone incurs an injury on your property. You will only have coverage up to this amount, unless you have an umbrella provision on your policy.

Homeowner’s insurance claims that involve a personal injury can get expensive quickly. If someone sustains a serious injury on your property, he or she could conceivable sustain hundreds of thousands of dollars in damages.

A personal injury endorsement effectively kicks in where a homeowner’s insurance policy leaves off. It helps assure that you will not financially be on the hook for any damages that someone incurs on your property – as long as those damages are within policy limits.

Unless otherwise specified, a third party liability limit for a homeowner’s insurance claim is around $100,000. In the event that someone incurs a serious injury on your property, he or she will seek compensation from the homeowner’s policy first, and the personal injury endorsement second. The personal injury endorsement can help provide compensation for medical bills, lost income, and the cost of appointing a lawyer to defend the claim, if necessary.

In many cases, an insurance claim from a personal injury incurred on private property settles for less than the policy limit. However, in some cases, it is a good idea to have an additional personal injury endorsement for protection. People who have swimming pools or other architectural features that could be potentially dangerous could benefit from these policies.

In general, it can be beneficial to have more coverage, even if it raises your insurance premiums. A personal injury endorsement on your insurance policy helps insulate you from risk and provide valuable peace of mind. The coverage amount and rate can vary exponentially due to various factors such as the cost of your home, your willingness to pay, and more.

Is a Personal Injury Endorsement Necessary?

A personal injury endorsement can help pay for additional damages that a person incurs on your property, above and beyond your liability limit. It can be helpful in the event someone sustains a serious injury or other damages, but it is not a requirement. If you have the budget for it, a homeowner’s endorsement can help effectively insulate your personal assets from risk.