My home insurance premiums are quite expensive, despite looking for insurance quotes every year and comparing rates to try and get the best deal. But I don’t mind paying high premiums, and the reason is that I actually chose to make my insurance more expensive than it should be.

Why would I want to buy more home insurance than necessary and increase my insurance costs? Let me explain.

Paying more than I need gives me peace of mind

I chose to buy a lot of insurance coverage – in particular, I have a lot of liability protection.

Liability coverage is the type of home insurance that pays if something goes wrong and someone is injured on my property.

I bought a lot, not because I plan to hurt someone, but because I know things could go wrong, especially since we have a lot of guests and workers in and out of our house. House. In addition, we live in an area where there are a lot of trees that could fall, and we have a swimming pool, which creates additional risk, even though it is well fenced. We have dogs too, and while my dogs are the friendliest and most docile animals you can meet, surprise dog bite incidents do happen, and home insurance covers them as well.

I know that if I bought less liability insurance and something went wrong, someone who was injured by the incident could file a claim against me. And if their damages were beyond the limits of my insurance policy, I could be held personally responsible to cover the additional financial losses they suffered. This could include compensation for medical bills, lost wages, and even pain and suffering.

I don’t want to find myself in a situation where my assets are at risk and I could have my wages garnished or a lien put on my property to satisfy a judgment resulting from injury claims that my insurance will not pay. Having a substantial amount of liability insurance helps ensure this doesn’t happen to me. I’m willing to pay for that extra peace of mind and the confidence that if the absolute worst happens, my insurance will cover any losses someone incurs due to injury.

Decide on the amount of insurance that’s right for you

Of course, no one likes to think that someone is injured in their home, but accidents happen every day, even for careful owners. Having the right insurance is just a smart way to ensure that an unexpected disaster doesn’t also turn into a devastating financial tragedy with lifelong impact.

Homeowners should always consider their income and assets when deciding how much liability coverage is right for them – and remember that sometimes paying more to offload additional risk onto an insurer is worth it.