Property Damage Liability Coverage
Property damage liability insurance covers other people's vehicle or property damages for which you are deemed to be the responsible driver, up to the amount of the policy limits. Like bodily injury liability insurance, property damage liability is required in forty–nine of the fifty states. Coverage amounts vary from state to state. Some states have minimum limits as low as $5,000, while others have minimum property damage liability coverage limits of $25,000.
What Liability Covers
In addition to vehicle damage, property damage liability insurance can cover damage to a fence, a house, a public utility pole, or any other property damaged in an accident. Vehicle and property damage can be very expensive so having sufficient coverage is important. Similar to bodily injury liability coverage, property damage liability coverage includes payment of legal defense and will only pay damage up to the amount specified in the policy.
Get Enough Coverage
If you select property damage liability coverage that is too low, you could be putting yourself at serious risk financially. If the property damage involved in an accident exceeds your policy limits, you could be forced to liquidate property, savings, other assets, or your future earnings to pay for the damage. By purchasing additional coverage, you can help protect both your current assets and future net worth.
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