Personal Liability Insurance?

Question

I have $500,000 Personal Liability coverage on a rental property I own. Im not really sure what this is or what it actually covers. An answer to that would be nice but my question is do I need Personal Liability on the home I'm about to buy? Just wondering since I already have it thru my rental property

Answer 1

OK, if it's PERSONAL liability, does it cover the exposure of renting the property for money?  You need to double check that.

You ALWAYS need liability insurance on a property you own.  If it's your personal house, you need personal liability; if it's a rental, you need landlord liability.

That's what protects you when anyone gets hurt on your premises - whether it's a dog bite, a slip and fall, or whatever.  And it's CHEAP, relatively speaking.  Yes, you need it on EACH property.

Although it's "worldwide" liability, there is an exclusion in there for any premises owned, occupied by, rented to or from you, if it's NOT specifically listed on the policy.  IN other words, If you buy one house, the liability does NOT automatically carry over onto every house you own.  You have to LIST every house, and pay an additional premium for it.