Tip of the Week: Covering Your Liabilities

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	Cover Potential Liabilities Financial Tip of the Week by Deloitte & Touche OnLine March 8, 1999

When covering your home, don't overlook the obvious.

See our archive of previous tips on your money, your taxes and your financial plan.

How much liability insurance do you need? When purchasing homeowners insurance, consider the fair market value and replacement cost of the home. Evaluate the value of all personal property, including artwork, stamp and coin collections, antiques, and jewelry.

Among the potential liabilities associated with the ownership or rental of property are accidents that may occur on the property. Careful evaluation is necessary when determining the appropriate amount of insurance coverage -- items that are frequently overlooked include (1) swimming pools or ponds, and (2) sports or playground equipment.

For more information, see our article on liability insurance, or consult our primer Insuring Against the Unknown.