Protecting your home is always priority number one. It’s most likely your biggest asset, so it’s important to ensure the proper coverage is listed on your policy to avoid a significant loss. However did you know your home could be vulnerable for a loss other than a slip and fall occurrence? That’s right something as simple as a house guest tripping on the stairs can leave you exposed to the following:
- Claims
- Lawsuits
- High legal costs
- Injuries to guests
- Damage to property
This may seem like a lot of information, so let’s briefly examine how each example can put your home in jeopardy for a significant loss. To explain we’re going to portray a house guest falling down the stairs and hitting the wall.
1.Claim
Let’s say a guest falls down the stairs and crashes into the drywall, leaving significant cracks in the surface. A claim would need to be filed to repair the damage. By filing the claim it increases the chances of insurance rates going up.
2. Lawsuits
Now since your house guest fell they could have been injured in the fall and as a result have back discomfort. The guest can pursue legal action against the homeowner by filing a lawsuit. This not only would leave you liable for medical expenses the guest takes on but could put your home in jeopardy too.
3. High legal costs
If a lawsuit is filed, as a homeowner you may require legal representation to protect your assets. Lawyer fees are astronomical. That’s why having the proper liability coverage on your policy will cover the costs if a defense bill should occur.
Homeowners liability outside your home
We examined how you could be liable for a loss inside your home, but did you know you can be liable for a loss on the exterior premises of your home as well?
Suppose after a heavy storm the wind knocks off your T.V. antenna into the street. The next day a bicyclist runs over the antenna without noticing it, falls and injures their wrist. In addition to hurting themselves their bike suffers tire damage and will require significant repair. Since the antenna came from your property you as the homeowner would be liable for the bicyclist’s injuries and repair costs to their bicycle.
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Give our office a call @ 631-224-1000 our friendly staff will be happy to provide you with a FREE quote, alternative coverage options and address any questions or concerns you have. We encourage our readers to post in the comments section. It allows us to improve the quality of our blog, connect with our audience and address your insurance concerns.
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I want to make sure that I get the right insurance. It makes sense that liability insurance would be important to have! That way if someone is injured on my property I won’t have to worry about paying out of pocket to pay for their injuries.
A great point Braden! Assumptions should never be made when it comes to the welfare of your home. For any questions about coverage give our office a call. We’d be more than happy to address any of your concerns!