By Brad Sorrentino of Sorrentino Legal, LLC
Congratulations on buying a house! Now what? You may be wondering how
to be adequately insured in case in case you ever get sued and protect your
new, and biggest, asset. As a personal
injury attorney in New Haven County, take it from me it is important to
know the basics of insurance coverages when buying a new home.
Homeowner’s Insurance
For starters, you are going to need homeowners insurance. Homeowner’s
policies mainly protect you against any property damage to your home, such as
storm damage, fire, or even theft protection in case your home is burglarized.
More specifically, there are six (6) basic protections included in a standard homeowner’s
insurance policy including the following:
- 1) Dwelling – protects against property
damage to your house - 2) Other structures coverage – protects
against damage to any other structures on your property such as a shed or
detached garage - 3) Personal property coverage – protects
you against loss in case there is damage or certain losses to your personal
belongings - 4) Loss-of-use coverage – protects you
for out of pocket costs if you are displaced form your home - 5) Personal liability coverage – protects
you in case someone is injured on your property, for example slips and
falls on ice, and then sues you - 6) Medical payments coverage – this
covers payment of medical bills in case someone is injured on your property
In addition to the above, home owner’s insurance can sometimes offer
additional coverage with certain elective add-ons or through other insurance
vehicles.
What’s not covered under a
Homeowner’s Policy?
There are many things that home owner’s policies do not cover. Some
things that are typically not covered under a homeowner’s policy include some
or all of the following:
- Certain natural disasters (such as earthquakes,
landslides, sinkholes, and so on) - Flood or certain water damage
- Mold, fungus, or rot
- Neglect
- Intentional loss (such as starting fire to your
home) - Eminent domain or other government action
- War
- Nuclear hazard
- Insect of vermin damage
- Damage or harm caused by animals/pets
Many insurance policies have exclusions under the policy for dog bites
or for ownership of certain breeds. In other words, if you own a dog or are a
dog lover and thinking about getting a dog, you should pay close attention to
the coverage as it relates to dog bites or dog ownership.
In Connecticut, under Conn. Gen. Stat § 22-357, homeowners can be held
strictly liable for a dog
bite injury whether or not it occurs on your property or not. Even if you
have a homeowner’s policy that protects against dog bite injuries, you may want
to consider additional coverage that will protect you in the event that a dog
bite occurs off property.
Many homeowners’ policies only cover you for from $100,000 up to
$500,000 in liability. This may seem like a lot but this coverage may not be
sufficient in the case of an accidental death or
serious injury occurring on (or off) your property. If you’re lucky enough to
have a pool or own a trampoline, you would be wise to increase your coverage as
your risk and liability exposure is much higher.
Umbrella Policy
An umbrella is an insurance policy that offers broader liability
coverage that protects you against liability for an accident death or serious
injury whether it occurs on or off your property. Additionally, with an
umbrella policy, you can get higher coverages for one million ($1,000,000) or
even much more if you have additional assets to protect.
An umbrella policy can also act in conjunction with your car or auto
insurance policy. This offers additional protection and peace of mind if you’re
ever at fault for a car
accident causing death or serious bodily harm.
As always you should contact an insurance expert or your local
insurance agent for what is and what is not covered under any given insurance
policy, but it is important to have a baseline of information when deciding
what the right insurance coverage is for you. Remember, as a new homeowner, it
is always better to be safe than sorry!
Source: totalmortgage.com