Yard Sales can be Risky Endeavours Without Enough Coverage
Yard Sales Can Be Risky Endeavours Without Enough CoverageOne of the favorite rituals of the spring season is the yard sale. Homeowners, here in South Riding Virginia 20152 like everywhere else, love them because they change cleaning from a dreaded chore into a profitable enterprise. However, the whole experience can quickly turn into a nightmare should someone slip and fall, and you are considered legally liable. That’s why it is necessary to know exactly what your homeowner's insurance covers before you tag the first piece of merchandise. (www.south-riding-insurance.com)
The standard homeowner's policy provides you with $100,000 liability coverage for bodily injury or property damage that you or your family members cause to other people. This coverage extends to both the cost of defending you in court and any judgments against you, up to the limit of your policy. We, here at NOVA Insurance Group (www.loudoun-insurance.com), we feel $300,000 to $500,000 is a more adequate limit in Loudoun & Fairfax counties.
Another feature of the liability protection provided by your homeowner's insurance is the no-fault medical coverage. This is designed to permit a person who is injured on your property to submit their medical bills directly to your insurance company, eliminating the need for a lawsuit. Most policies include between $1,000 to $5,000 worth of no-fault medical coverage.
Of course, we live in a society that loves any opportunity to sue, so it may be wise to add to your liability protection. As a first step you can increase the amount of liability coverage provided by your homeowner's policy to $300,000 or $500,000. For additional protection, you need an umbrella or excess liability policy. This type of coverage typically costs between $200 to $350 per year for $1,000,000 of additional liability protection.
The Insurance Information Institute (I.I.I.) offers the following list of points you should consider about insuring your yard sale:
One-Time Event - Yard sales that are one-time events for the sole purpose of selling unwanted personal items are usually covered under a standard homeowner's policy. However, it is important to have enough coverage, so be sure to check with your insurance agent.
Frequent Yard Sales - If you plan to have frequent yard sales, you should purchase a separate policy for business liability, or an in-home business policy.
Charity Fund Raiser- If the purpose of the sale is to raise money for a charity; you will probably be covered under your homeowner's insurance policy. But it's also a good idea to contact the charity to see what type of insurance protection they can extend you.
Labels: Fairfax Homeowners insurance, Fairfax Property Insurance, Loudoun homeowners insurance, Loudoun Property Insurance, South Riding homeowners insurance, South-Riding property insurance
posted by Khalid Umerani @ 12:30 PM
NOVA Insurance (20152) Group - Loudoun Insurance
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