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Party Time: Insurance Needs for House Guests
Part of the joy of owning a beautiful home is inviting your friends and family over for get-togethers. Whether it’s a holiday, birthday party or getting together for the big game, having guests over is one of the many benefits of owning a home. Just like anything else in your home, though, it should be insured for the unexpected.
More people around means the increased possibility of an accident happening. Your basic home insurance policy covers a lot of things, but if you intend on having guests over frequently or rent out your property, you’ll have to look at expanding your coverage.
A Lesson in Liability
A lot can happen during a party. If a guest slips on spilled soda and breaks an arm, or if your dog bites a guest, you could be held liable. If you aren’t covered for these situations, you could be shouldering the financial burden of reimbursing medical costs and damages to the person who suffered the injury.
This is where liability insurance steps in. In the case of an accident involving a guest, your insurance will step in to cover damages up to a certain limit depending on your policy. It’s a great investment if your home is a destination for family and friends.
The amount of liability you should have depends on a few things, namely the amount and value of personal property and assets. In some cases, that isn’t enough to cover accidents and will need to be broadened with an excess liability policy or umbrella policy. Umbrella policies are especially useful because they cover lawsuits over the limits of your typical homeowners, auto or personal insurance.
For people with a second home in a popular tourist retreat, it’s not unusual for them to rent it out to visitors for a weekend or two while being away. Proper insurance plays a big role in this scenario when it comes to making sure accidents are properly covered.
Like normal home and liability insurance, your coverage extends to guests staying on your property. It should be important to note that while covered, if your guest’s property is damaged while in your home, you are not responsible for those damages unless it can be proven that negligence was your fault.
Getting You Covered
When properly insured, you can enjoy the company of others with little worry. At Shepard Walton King, we focus on giving you the reassurance that all is taken care of so you can enjoy your home with little stress, no matter whom you’re hosting. If you would like to learn more about what we offer, contact us online or call 800.446.2471.