If you own a homeowners or renters insurance policy there will be personal liability insurance coverage included. It can protect you in the event you become liable for an accident in or outside of your home and are responsible for medical costs of an injured party. It can also shield you from the expenses related to damages you may be liable for away from your home.
What could be wrong with that?
The problem, you see, is that a standard home or renters policy only covers costs up to the insurance limits it comes with. If you are strapped with a larger bill that exceeds those limits, there’s no one else to cover you except… yourself and your wallet.
So the obvious question looms.