Keep posted, keep informed.
The holiday season is in full swing, bringing with it lots of fun and cheer. With all of the hustle and bustle and celebrating going on around them, homeowners often let their guard down this time of year in regards to safety and security around their home. Unfortunately, this is the time of year when things like accidents, fires, theft and lawsuits become even more common. Now is a great time to check in with clients and potential clients to ensure they are aware of the more frequent holiday pitfalls and how to handle them. Below are some of the most common homeowner liabilities during the holiday season.
During the holiday season, the occurrence of house fires increases significantly; most often due to an untended fire or candle or a faulty or misused heater. Thankfully, standard homeowners insurance covers damage from accidental house fires, but only up to the policy limits. Additional home insurance for high net worth individuals may be necessary to ensure that the homeowner’s policy limits are sufficient for covering the cost of rebuilding the home and replacing all lost and damaged belongings.
Theft of Gifts and Valuables
Thieves know that most homeowners are likely to be purchasing, storing and gifting valuable items during the holiday season. Break-ins and package theft incidents tend to skyrocket this time of year, with thieves often targeting higher-end neighborhoods. Most standard homeowners policies provide coverage for possessions (including any recently purchased gifts) based on a percentage of the insured value of the home. However, there are limits on some luxury items, so it’s important to remind clients about the possible need for supplemental coverage if they plan on purchasing any luxury gifts this season.
Over the holidays, homeowners typically host a variety of family, friends, neighbors and coworkers for dinner parties, gift exchange gatherings or other get-togethers. Increased traffic in and out of a home means increased liability for the homeowner. Whether an undercooked turkey sends dinner guests to the emergency room or someone slips on an icy driveway and breaks a bone, the homeowner themselves usually ends up liable for medical costs. A standard homeowners policy should provide no-fault medical coverage to pay these types of medical bills, up to policy limits. However, the limits may be less than the cost of a hospital visit with today’s medical costs. Advise your clients about their bodily-injury liability limits and let them know there are options – such as umbrella liability protection – that can be purchased to cover them when costs go above and beyond what their basic policy can handle.
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, please contact us today at (855) 248-1480.