High Value Homes, Attractive Nuisances & Personal Liability Insurance

Summer is right around the corner and for homeowners who love their pools and exotic water features, summer can’t come fast enough. But while homeowners may love these items and other outdoor extras that are great for use when the sun is out, such as trampolines and playground equipment, high-value home insurance providers see attractive nuisances as potential liabilities.

What are Attractive Nuiances?

Attractive nuisances increase the appeal of a property while also increasing the risk of danger they pose. These attractive nuisances might be great for entertainment during the summer, as guests start to come by for parties, and kids start to have sleepovers, but they also open the door to potential risk of injury or death.

If someone were to have an accident of some kind, such as falling off a trampoline, which happens more than 100,000 times every year, or drowning in the family pool, the homeowner could be held legally responsible. While medical insurance can help to pay for injuries, it can also dry up quickly, leaving the homeowner to be rightfully sued for the remaining damages.

To combat this issue, homeowners should invest in adequate liability limits to protect their assets and help pay for the remainder of what’s owed while also familiarizing themselves with the different items that count as an attractive nuisance. While personal liability coverage is included in homeowner’s insurance, a personal excess or umbrella liability policy may be necessary to protect a high-value homeowner’s assets from potential litigation.

Pools, Hot Tubs and Water Features

There are numerous hazards that come with both pools and hot tubs. Besides drowning, the surfaces around pools can be slippery and lead to major slips and falls. Even pools that have been drained and are empty can be hazardous to owners, their families, and their guests.

Besides swimming pools, yards may have water features such as fountains, waterfalls, and ponds to add some backyard appeal. While these items may help to increase the overall ambiance of a yard, they can likely become hazards for children who are curious.

Construction

For homeowners looking to update their homes with new additions or remodeling, the unfinished work can end up posing different threats. Exposure to power tools, wiring, unfinished floorings, and exposed nails and screws can all lead to major risks.

Playground

Treehouses, swing sets, and clubhouses complete with slides are all fun for the family, but they are inherently dangerous. These structures pose substantial risk for children, or anyone who uses them, which can present greater injury risks.

Homeowners should make sure their high-value home insurance policy is current in order to protect their home and their assets. When it comes to protecting others, homeowners need to take the necessary steps to protect people while on their property. It is crucial to ensure a homeowner has the appropriate level of liability insurance coverage.

It is an unfortunate fact that accidents happen and it’s not uncommon for jury awards and settlements to run into the millions. If a person is found to be legally responsible for injuring someone, then it is possible that they may exhaust the limit of liability on their Homeowners’ policy in paying for the damages. For anyone with a High-Value Homeowners policy, they should investigate purchasing a Personal Umbrella policy which would afford higher liability limits in the event of a serious injury claim.

About Mavon Insurance

At Mavon Insurance, we pride ourselves on our unique approach to insurance. We focus on integrity, communication, professionalism, respect and gratitude to help our clients succeed and place business in specialized markets. For more information about our products, or to become an agent, contact us today at (855) 248-1480.