Spring and summer are popular seasons for family gatherings. Graduation party weddings to family reunions, it is common for the host family to rent a room or a park pavilion. As a host family, you can not have enough space at home and / or may be easier to take the party elsewhere - less preparation and disorder at home! However, the transfer of part of your home to rent means that you transfer a liability as well. Do cover your home insurance policy to extend liability to the rental agency?
Good news! There is coverage under the policy owner for this type of situation. The policy owner believes "Any part of a local occasionally rented to an insured for purposes other than business to be an insured location." The owner policy has not, however, extend coverage to the owner of the leased property. It extends only personal liability coverage the insured to the rental location.
Many party venues that offer leasing require proof that the host has at least one limit of $ 1 million personal responsibility! Wow, looks great, right? Unfortunately, most litigious our society becomes, the more necessary a limit of $ 1 million is.
with the owner policy automatically extends personal responsibility, it solves all or part of the required limit, but how do you get $ 1 million liability limit? It is not as difficult as you might think. Some companies offer personal liability limits up to $ 1 million of their own policy. However, there are many companies that offer only liability limits up to $ 500,000. A viable solution would be a personal umbrella policy. A personal umbrella policy expands the coverage of higher liability limit the personal liability of the underlying owners. To demonstrate:
policy| Location Requirement | $ 1,000,000 | |||
| Owner Disclaimer personal | - $ 500,000 | |||
| Gap in coverage | $ 500,000 | |||
| Umbrella staff | $ 1,000,000 | |||
| own personal liability limit | - $ 500,000 | |||
| Closing the gaps in coverage | $ 500,000 | |||
$ 500,000 owner limit personal liability $ 500,000 + Limit = $ 1,000,000 personal Umbrella
Oh happy day! You will save the wear of your home by taking the party elsewhere and extending coverage of your policies Personal lines, homeowners and umbrella, you will have the peace of mind that you will be protected against the risks of party location! Watch the video above to learn more about personal umbrella policy!
The benefits described here are in the most general terms, and subject to the conditions and actual policy exclusions. For the actual wording cover, conditions and exclusions, see the policy or contact your agent.
0 Komentar