4. Personal Liability for Injuries or even Damages
The homeowners insurance policy also expands its coverage to personal liability. That means that this policy covers you from being sued by others for the damages that your home, kids, pets, or anything does to other people.
Let’s paint a scenario here. Your dog goes out to your neighbor and bites him, and he needs medical attention, and for some months, he will not be going to work because of the bite from your dog. So, what happens?
You don’t have to panic; homeowners insurance policy covers all that. In addition, the policy will cater to the medical bills of the neighbor and will compensate him for the lost wages for not going to work. That’s beautiful, right.
Scenario two: Your playful child bumps into your neighbor’s house and accidentally drops an expensive flower vase, and in the process, the neighbor gets hurt by the broken pieces of the vase and can no longer work for a few months. What will happen?
The same principle of scenario one applies. You can claim from the insurance company that covers you with the homeowners insurance policy and ask for compensation. The company will pay for the broken vase, cater for the medical bill, and pay for the lost wages.
The insurance policy compensates as if someone has been injured in your compound or house. I think a homeowners insurance policy is such a great policy that every homeowner should consider taking.