Ah, the joys of home. So many comforts — and so many risks. The dog, the teenage driver, the pool, the house parties, the monster tree that overhangs your neighbor's yard — any of these could be the stuff from which lawsuits arise. And many homeowners and auto insurance policies may not offer enough coverage for major personal-liability claims. What would you do if you accidentally caused damage or injuries which went beyond the coverage limits of your homeowners or auto insurance? What would you do if you found yourself on the wrong end of a multi-million dollar lawsuit? Naturally, most people don't expect the unthinkable to happen — but sometimes it does.
Caveat: Don’t assume that your homeowners insurance provides adequate coverage in the event you’re sued for your negligence which results in injury or damages.