What You Need to Know About Home Liability Insurance

Whether you own a home or rent, there are things you are responsible for from a liability standpoint.  Accidental incidents are serious business and you need to make sure you’re protected from litigation.  In this edition of our In-House Counsel series, our legal expert explores some examples of things to consider when weighing your liability.         

What is meant by liability exactly?  Simply put, it’s your responsibility in light of an accident that occurs on your property, in particular when involving a hazardous situation, whether known or unknown.

What are some conditions that may create a liability issue?  Tripping hazards on a walkway, loose boards on a front porch… these are common examples.

Swimming pools, trampolines, construction materials, etc., known as attractive nuisances, are another category to be mindful of.  This is where the need for fencing, alarm systems or other ways of securing the materials or potential hazards are helpful and necessary.

What are the potential risks associated with liability?  Medical bills, pain and suffering, even lost wages are just some of the areas a plaintiff could site in a potential lawsuit.  This would even extend to trespassers on your property, as well as workers you might have handling projects.

What can homeowners or renters do to protect themselves?  Even if you take all the right pre-emptive steps to safeguard your property, accidents can still happen.  A homeowner’s or renter’s insurance policy is definitely something to research and consider.

What do I do if an incident occurs on my property?  inform your insurance provider as soon as possible so they are aware of the incident and can start the process of conducting an investigation.

Whether you own a home or rent, there are things you are responsible for from a liability standpoint.  Accidental incidents are serious business and you need to make sure you’re protected from litigation.  In this edition of our In-House Counsel series, our legal expert explores some examples of things to consider when weighing your liability.         

What is meant by liability exactly?  Simply put, it’s your responsibility in light of an accident that occurs on your property, in particular when involving a hazardous situation, whether known or unknown.

What are some conditions that may create a liability issue?  Tripping hazards on a walkway, loose boards on a front porch… these are common examples.

Swimming pools, trampolines, construction materials, etc., known as attractive nuisances, are another category to be mindful of.  This is where the need for fencing, alarm systems or other ways of securing the materials or potential hazards are helpful and necessary.

What are the potential risks associated with liability?  Medical bills, pain and suffering, even lost wages are just some of the areas a plaintiff could site in a potential lawsuit.  This would even extend to trespassers on your property, as well as workers you might have handling projects.

What can homeowners or renters do to protect themselves?  Even if you take all the right pre-emptive steps to safeguard your property, accidents can still happen.  A homeowner’s or renter’s insurance policy is definitely something to research and consider.

What do I do if an incident occurs on my property?  inform your insurance provider as soon as possible so they are aware of the incident and can start the process of conducting an investigation.