What is Liability Insurance and How Does it Work?

Liability coverage is an important part of home insurance. Learn what liability insurance is, how it works, and how much you need.

RELATED INSURANCE VIDEOS

SUBSCRIBE FOR MORE HOME-RELATED VIDEOS
----------------------------------------------------
ABOUT SQUARE ONE
Square One Insurance Services is an insurance agency that serves British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Quebec. By specializing in home insurance, eliminating all unnecessary complexities built into traditional policies, and offering customers a way to get a quote and buy online, Square One makes it easy and convenient for people to personalize their insurance to meet their exact needs.

GET AN ONLINE HOME INSURANCE QUOTE

CONNECT WITH US ON SOCIAL
----------------------------------------------------
Liability insurance is a coverage that helps protect you if you’re found legally liable for accidentally injuring someone or damaging their property. Home insurance policies offer two kinds of liability coverage: personal liability, covering your direct actions, and premises liability, covering liability that relates to your home ownership.
A common example of premises liability is the slippery front step: As a homeowner, you’re responsible for making your property safe for visitors. If your front step is icy and you don’t take steps to de-ice it, and a visitor subsequently slips and gets injured, you could be found liable. In such cases, your liability insurance could respond.

Liability coverage is standard on home insurance policies in Canada, but not everyone knows how it works or how much coverage they should buy.

Most home insurance providers let you choose a liability coverage limit. Experts recommend a liability coverage limit of $1-2 million. It sounds like a lot, but buying more liability coverage tends to be highly affordable—often costing little more than a few dollars each month.

00:00 Intro
00:35 What is liability insurance?
02:09 A note on negligence
03:05 Who needs liability insurance?
03:41 How much coverage do I need?

LEARN MORE

#Liability #Insurance #Negligence #PersonalLiability #PremisesLiability

[SquareOneInsuranceServices]

Do you have any questions about liability coverage?

[ConseilsDeLion]

Hi new subscriber here. I love your videos, i was involved in an accident and it was my fault, the other driver sent the bill to my insurance which is $120, 000. I only have liability of $15, 000. I am going to pay for the rest or anything else? What about if the other driver sued me? Should I pay for anything??