Do I Need Family Personal, Tenants and Owners Liability?

[seair]

Do I need Family Personal Liability and Tenants Liability if i have Property Owners Liability?

Just received my Property Insurance Renewal notice for property insurance.
It shows the following under "Cover Class":
Contents......
Buildings.........
Satellite Dish..........
Tenants Liability.....
Family Personal Liability......
Property Owners Liability........

I am the owner of the property and live in the house. So I'm not a renter. I am wondering if Tenants and Family Personal is necessary. Would I be fully protected by just having Property Owners Liability?
Sure would appreciate an explanation.

Thanks in advance.

 

[xrac]

The person to discuss this with is your agent. Sometimes with some companies some coverages are included as a part of the policy.

 

[djs]

If you don't have tenants in your house, you may not need tenants liability. But, in many cases, this is part of a package offering, so its not really something to be deleted either.

Unfortunately, without knowing the state, the carrier and the policy form, its hard to advise whether they should be there by default or not. You need to talk with your agent about these coverages.

I'll give you an example of how this works.... in something I understand.

Your policy includes coverage for your personal property, lets say $100,000. It may also list something like coverage for 'firearms' with a limit of $2500. I've had lots of insureds tell me that they didn't own any firearms and didn't want that coverage. I had to explain that it was more of a limit than a coverage. The $2500 was part of the $100K in personal property, but the carrier will only pay up to $2500 for firearms, no matter how much you had. This is simply because its a high fraud area and additional coverage needed to be listed.

My guess is this is similar to what you have on your policy, some coverage, but with limits. Is it the right policy? I can't speak to that, sounds like a comprehensive policy so it is definitely something to consider.

Talk to your agent.

Dan

 

[seair]

The person to discuss this with is your agent. Sometimes with some companies some coverages are included as a part of the policy.

Thank you xrac. I appreciate your time. Will be discussing it with my agent.

----------

If you don't have tenants in your house, you may not need tenants liability. But, in many cases, this is part of a package offering, so its not really something to be deleted either.

Unfortunately, without knowing the state, the carrier and the policy form, its hard to advise whether they should be there by default or not. You need to talk with your agent about these coverages.

I'll give you an example of how this works.... in something I understand.

Your policy includes coverage for your personal property, lets say $100,000. It may also list something like coverage for 'firearms' with a limit of $2500. I've had lots of insureds tell me that they didn't own any firearms and didn't want that coverage. I had to explain that it was more of a limit than a coverage. The $2500 was part of the $100K in personal property, but the carrier will only pay up to $2500 for firearms, no matter how much you had. This is simply because its a high fraud area and additional coverage needed to be listed.

My guess is this is similar to what you have on your policy, some coverage, but with limits. Is it the right policy? I can't speak to that, sounds like a comprehensive policy so it is definitely something to consider.

Talk to your agent.

Dan

Thank you Dan. Very kind of you for your time in explaining. Clearly understood. Much appreciated. Have a good one! Cheers!

 

[MauriceKing031]

Ask your insurance agent. he will be able to guide you in the best way.