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The main goal many homeowners have when purchasing homeowners insurance is to protect their homes from disasters such as fires, floods, lightning strikes, hurricanes and earthquakes among other natural disasters. But these are not the only misfortunes we can face in our homes. There are many more policies designed to cover less-than-common disasters that can happen in the home. One of these policies is the homeowners’ liability insurance plan. A homeowners’ liability insurance policy ensures that you are adequately protected from third party claims made when someone gets injured in your property or when their property is damaged in your compound. The cause of these accidents can be negligence on your part or it could be an accident. As the home owner, you are responsible for the safety of everyone who comes into your compound, whether invited or uninvited, be it a friend or a stranger. Homeowners’ liability insurance will compensate for medical or legal expenses incurred in such cases as well as pay the settlement for loss suffered and loss of income if that is the case. Try as you may, you can never quite control what happens in the home. You can take all measures to prevent accidents but given the many apparatus and tools present in and around the home, this cannot be assured. For instance, it is impossible to predict that a tree branch will fall on someone, except if it is already tweaked. The best you can do on top of putting security measures in place around the home is buy liability insurance. You can choose the amount of liability coverage you would like to have on your policy as there are different levels so designed to meet different budgets. If you are servicing a mortgage, you may not have the luxury of choosing as your lender will expect you to buy liability coverage that matches the mortgage agreement.
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