Our house is a bit unique, it’s situated on fairly steep hill and has a ton of steps inside and out. While it provides a certain charm, it also presents challenges. Steps can lead to falls which can translate to liability if someone is injured. As we contemplate hosting a party for Violette’s first birthday, making our property safe for our guests is on my mind. And, we also carry umbrella insurance to protect our family and assets in the event something happens in situations like this and more.
If you regularly host people or are considering having a party, falls aren’t the only risk to be aware of. The dog is agitated and bites someone, the food makes someone seriously ill, someone has too much to drink and causes an accident on the way home, or a fight occurs injuring several guests. These are just a few examples of things that can happen. While you should always take precautions to minimize your risk, it doesn’t take much to be considered liable and any of these scenarios could wind up costing you big time. How much? If it is a serious accident it may have significant cost. Do you know that once your liability limits are reached on your homeowners or auto policy the rest of a legal judgement against you comes out of your assets AND future earnings. That’s right you can potentially forfeit your retirement and wages going forward.
We own an umbrella policy as a simple way to reduce our risk - it provides liability coverage above and beyond the limits of your homeowners and/or auto policy - and it's cheap! I recommend a policy for at least $1 million. This amount stacks on top of the coverage already in place and it is relatively inexpensive, generally costing around $200 for $1 million in coverage. So if you are liable for an accident at your home or in your car you have protection against a catastrophic loss.
Hosting a party is just one example of liability exposure, consider an umbrella policy if you:
- Own dogs
- Have a swimming pool
- Host parties or social gatherings
- Travel internationally
- Have teenage drivers
Ask me for a review and quote for your coverage Get a quote
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