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We just bought our own home and an insurance salesman approached us yesterday and offered us buildings liability insurance. He says it is a must-have for homeowners. Do we need this insurance?
Hi there,
Whether or not you need buildings liability insurance depends on the type of home you own. If you own a freestanding house or if the house is part of a condominium with no more than 3 units, injuries to third-parties or damage to third-party property are covered by personal liablity insurance as long as you personally use the property and do not rent it out. If this is the case, personal liability insurance is the better insurance to get because it provides much broader protection.
If you own a condo in a condominium with more than 3 units, then getting buidlings liability insurance is important because liability is collective rather than personal. Typically, this insurance will be taken out in collaboration with your co-owners.
Best regards from Moneyguru
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