Home Liability Insurance

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Home Liability Insurance
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Why Purchase Home Liability Insurance?

Home insurance policies normally provide a minimum of $100,000 in home liability insurance. While this may seem like a great amount, for larger properties, it is recommended that you have liability coverage amounts of $250,000 to $300,000. For example, let's say that you have a collection of weapons. You are a hunter and store many guns in your home. Unfortunately, if they are used in an accident, you could be sued. Seeing as today's society is sue happy - it is imperative to stay protected. For this reason, you may want to purchase an additional umbrella liability policy.

So what exactly does an umbrella policy consist of? Generally, it does not hold any benefit until you have used all of your home insurance coverage. But it may be worth the extra $15 -20 a month to obtain a $1 million personal liability cover. No matter what you choose, recognize that umbrella policies are used for assortments of personal assets that need protection. It is smart to think about this type of policy, because you can never be too protected.

As the warmer seasons arrive, many homeowners hire professionals to do outside house work. While this sounds like a wonderful idea, it becomes just one more liability to worry about. If there is an accident and you lack the right amount of coverage, you could lose everything you own. After all, majority of workers who have been seriously injured often seek compensation.

Though this is a major worry among homeowners, it is important to note that these things happen every day. We simply cannot pinpoint every accident that is going to hurt our finances. For this reason, we need be cautious. Clearly we are not going to stop home workers and friends from visiting the house. Therefore, the first thing you should do when hiring a worker is determine if that person is an employee or a contractor. Confused as to what we mean? If you control how the work is completed, the hired worker is an employee. On the other hand, if they are controlling the process, they are considered a contractor.

If you think your worker is an employee, you need to look into workers compensation insurance. Often times, state law requires that you have this type of coverage. Thus, if an employee gets injured on the job, a claim would come directly under that policy. Unfortunately, if you do not have this type of insurance, you will have to pay out-of-pocket expenses. We know - it sounds like a grueling process. Nevertheless, it is smart to be safe.

A contractor, on the other hand, is typically covered by their own workers compensation plan. Therefore, if anything happens at a job location, their injuries will be taken care of under their own policy. Regrettably, there is still a chance you could be in trouble. Far too often contractors do not get the coverage they need. If this is the case, you can still be held liable. Are you thinking of hiring a contractor? Then it is a top priority that you get written proof that they have a contractor's license, workers compensation and liability insurance.

What if you are just hiring the neighborhood kids to cut your lawn? In most cases, insurance isn't required for this type of job, but it is critical to check your homeowner's policy. There should be a section that addresses minors performing small jobs on your property.