Top Reasons Why Liability Should Be on Your Household Insurance

Eye Opener: Top Reasons why Liability Should be on Your Household Insurance

Liability insurance is the most ignored add on of any household insurance a policy holder may have. Just how is liability insurance in the industry defined? It is definitely under risk financing, It protects the insured from the risks imposed on liabilities such as lawsuits and claims. It is most useful in the event that the household insurance policyholder is held liable and was sued in the process. When a third party is at loss and claim damages within the parameters of the insurance policy coverage.

Do you need it all the time? Why pay extra on your household insurance premium when it is not everyday that a guest is hospitalized because the chandelier fell from the ceiling to the living room where he was standing? Yes, it may not happen everyday or it may only happen once. It is best to be prepared when that one day comes. Here is something to think about;

So, the husband finally got that promotion he always wanted. That means more dinners and entertaining of clients at your home. Maybe the kids are growing up and more friends want to come and visit. This is the perfect time to amend or upgrade your current household insurance policy.

How Much More?

Adding liability insurance on your existing or your brand new household insurance policy will protect you from anyone getting hurt while on your property. Check if your existing household insurance already has this coverage. Most standard policies have it but it may only cover up to $100,000 in coverage. You may need more and it’s a great idea to extend your protection. Primarily because most personal injuries may end up in court and not only in the hospital and the cost may be more when you include legal fees. You may want your policy to include no-fault medical coverage normally in the amount of $1,000-$5,000 for the injured party to claim medical bills or expenses instead of filing a lawsuit. An additional $1 million umbrella coverage may cost approximately $200-$300 on top of your current premium.

An Ounce of Prevention is better than a Pound of Cure

Great, you now have extended coverage on your household insurance policy, and there is a feeling of security. Try to always prevent accidents from happening from your home. At the end of the day your purpose should be to make everyone feel safe at your home whether it’s a member of your family or a guest. Here are some useful tips to make your home safer to live and visit:

*Make sure hallways, stairways and halls leading to the bathroom are well lit when there are guests sleeping over.

*Place non-slip mats on the bathroom and bathtubs.

*Make sure the guest rooms have emergency lights and night time lamps for lighting.

*Make sure all floors are solid, cracks in staircases are fixed, nothing should have slippery spots.

*If you have children, make sure there are no toys on the floor before the guests arrive.

*Make sure the yard is free from falling debris such as stones or fallen tree branches.

Armed with pro active accident prevention at home plus added Liability insurance on your household insurance policy you will have peace of mind, not only for your family at home but for each and everyone who visits.

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