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Liability insurance is not mandatory. It is, however, strongly recommended to purchase liability insurance. What does it cover and how does it work?
You incur liability when you intentionally or unwittingly cause loss or damage to another person. You then have the obligation to compensate them. You also incur liability when a person, animal or property you are responsible for causes loss or damage to a third party.
You incur liability, for example, if you break your colleague’s glasses; if your child breaks your neighbour’s window while playing ball; if your dog attacks someone in the street and rips their brand-new leather coat; or if a flowerpot falls from your balcony and damages the car parked below.
Anyone can be held liable to the extent not only of their total assets, but also their current and future income.
This is why it is important to purchase personal liability insurance for yourself and your family.
Liability insurance provides coverage for you and your family for:
When shopping for insurance, you may want to consider adding certain options.
You can, for example, add coverage for damage you might cause to cars that you regularly drive, but which you do not own.
It should be noted that proof of liability insurance is required for renting an apartment. The insurance covers you for damage to the property.
Your liability insurance does not cover:
damage, injury or losses caused by an intentional felony or misdemeanour.