Finally – the weather is warming up and our minds are quickly changing from being prepared for cold and snow to looking forward to sunshine and summertime.
Along with spring and summer weather, there are some important things to remember when it comes to your insurance coverage.
Wet basements are definitely no fun. It’s important to know the difference between “flood” and “water backup”. Your Homeowner’s Insurance Policy most likely does not automatically cover these perils. You will need to add an endorsement called “Backup of Sewer or Drains” for “water backup.” This is when your sump pump either fails to operate or cannot keep up with water backing up through a drain. Keeping an eye on the condition and operation of your pump and/or having an alternate source of electricity or spare pump can help to prevent this type of event.
Many people call this a “flooded” basement. However, a true flooded basement occurs when the water comes in to the home from outside the structure, such as a flooded yard or a leaky basement window. In this instance, your endorsement does not apply and you will not have coverage unless you have purchased a separate “Flood Insurance” policy.
Property owners are eligible to purchase flood insurance as long as they live in a community that participates in the National Flood Insurance Program (NFIP). If you live in a moderate- to low-risk area, you may qualify for a Preferred Risk Policy. That policy has the lowest premiums available.
As a general rule of thumb, if the water touches the ground before it enters the home, it is not considered a “backup” and will not be covered by your homeowner’s policy – even with the “backup of sewer or drain” endorsement.
Everyone in the family is looking forward to those hot summer days by the pool. Pool companies in Fort Worth areas have strict guidelines for the proper fencing around a pool to help prevent accidents. Have you considered what would happen if someone sustained an injury or drowned in your pool? Regardless if you have taken all the necessary precautions, you may still be sued. Even if you are not home and a neighbor takes it upon themselves to breach your fence and have a swim without your permission, you may be held liable. Visit www.skilledfencing.com.au/colorbond-perth/
to find some high privacy fences. Make sure your Homeowner’s Policy has sufficient liability coverage. A good amount to start with would be $1,000,000 and it is usually very inexpensive to increase. In addition to increasing the liability limit on your homeowner’s policy, you should also consider adding an Umbrella/Excess Liability policy for an added layer of protection.
Did you know that you may NOT be covered for injury or damage done to others or their property when you take your RV or Boat off your property? That is unless you specifically add it to your homeowner’s policy or buy a separate policy for those items. Many people do not realize this and make the mistake of thinking that they are covered when little Johnny rams his 4-wheeler into someone else’s property or another person. Don’t wait until it happens to find out.
Before you buy that trampoline, check with your agent. Many insurance companies frown on them – going as far as issuing a notice of cancellation if they are not removed. In fact, thousands of serious injuries occur each year from trampoline-related injuries. If you are permitted to have a trampoline, take the extra precaution of increasing your liability coverage. The parents down the street may not take kindly to their child getting a broken bone on the trampoline at your home.
So many happy special occasions are celebrated in the spring and summer months – Graduation Open Houses, Weddings & Receptions, Bridal & Baby Showers, and Yard Parties. Often these celebrations include alcohol. If someone consumes alcohol while attending an event on your property or a venue that you have rented, and then gets into an accident after leaving, you may be held liable. Your Homeowner’s Liability coverage may not extend to the venue. Always consult with your agent. S/he may recommend a “Special Event” policy to protect you and your guests.
Please call our office for more information or to update your coverage.
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