Ask Milly - What is Property Damage Liability Coverage? Do I Need It?
Ask Milly Because She Knows – Today's Question – What is Property Damage Liability?
Property Damage Liability insurance is mandated by the state of Florida for all drivers. The only two mandates for Florida automobile insurance policies are Property Damage Liability and PIP (Personal Injury Protection – please see my blog on my website, www.athanasonlaw.com.) This insurance covers the cost of damages caused by others. If you have damaged someone else's car, house or any other type of personal property, this major coverage covers any financial liability up to the limits of your policy. Property damage is considered an injury of someone else's personal property through negligence, willful destruction or by some act of nature. The mandated minimum property damage liability coverage is $10,000.00 but the coverage can be purchased in higher increments.
Wait! What if I damage my own property too?
Coverage for your own policy falls under comprehensive and collision coverage, which you pay for separately. (I've got blog for that too on my website, www.athanasonlaw.com.)
So, why do I need Property Damage Liability?
Just like bodily injury coverage, property damage liability helps to ensure that any driver will be able to assume some financial responsibility for damage caused by an accident where you are deemed at-fault. This type of insurance operates on a per accident basis, again up to the limits of your coverage. Many things are covered under Property Damage Liability. In fact, take a look at this list, I bet there are more things covered here than you expected.
Examples of what is Covered by Property Damage Liability
*Repairs for damage caused to the other driver's vehicle, including auto body shop labor or replacement parts.
*Fixing up damages or destruction to other businesses, house, fences, lamp posts, mailboxes, etc.
*Attorney, court and other legal defense fees incurred for property damage claim (this depends on the terms and conditions of your policy, so bring yours in so I can make sure you are covered)
*Lost income from a business closure that your accident was deemed to cost.
*Miscellaneous recurring expenses from damage caused (again, check your policy)
Each state sets it's own minimums as to the limits you need to have when it comes to Property Damage Coverage
Don't go it alone, before you get your next insurance policy or before you God forbid get into an accident with the coverage you currently have, Ask Milly because I know, Call me 833 – Ask – Milly.