Whether you own your own home or live in a rental, home insurance is a worthwhile investment. It covers everything from loss and damage to your home and property, plus some surprising extras. Please keep in mind that I am about to tell you what is common, not necessarily what is in your particular policy. The only way to find out is to read your policy.
The art of flying drones has become a popular form of hobby in recent years. If your teenage son who thinks he knows everything, including how to fly your new drone, flies it through your neighbor’s glass, the cost of replacing that window is likely covered by your landlord’s insurance policy. If, however, you purchased this drone to start a new drone videography business, it is now a commercial business and any damage to your neighbors’ property during a training session is not not covered by your home insurance.
If a meteorite (or any other visitor to space) crashes on your garage roof and lands on your new car, the hole in your roof is likely covered by home insurance. Damage to your car may require auto insurance.
If you happen to leave your credit card or ATM card on the counter while dining at a local restaurant and an unscrupulous person picks it up and goes on a spending spree, your police Home insurance will likely cover up to $ 500 in losses per incident, depending on your coverage.
Items stolen from random locations
If a thief steals your belongings from your home, car, boat, or even your son or daughter’s college dorm, they are covered, usually up to about 10% of the total coverage for all of your personal property.
If you can prove that you own the beautiful marble tombstone at your great-grandfather’s burial place at the local cemetery and vandals degrade or break it, your home insurance policy should cover the cost of the replacement. of stone.
If your adorable family dog removes part of the postman’s leg, your home insurance should cover not only medical bills, but any legal claims for pain and suffering and job loss as well.
If you hire someone to do basic repairs and landscaping around your home and they stumble over the pipe, the cost of their medical care is likely covered. If, however, you hire an unlicensed worker to do work that requires a contractor’s license, all bets are off. If you need a licensed contractor, plumber, electrician, or other tradesperson, don’t skimp. Not only is the unauthorized work likely to be of inferior quality, but you expose yourself to liability.
According to my insurance agent, if I inadvertently injure a passerby while legally using my concealed weapon in defense, my home insurance policy will cover the damage.
Read your policy
I cannot stress enough the importance of reading your policy. I’ve said it before, but I’ll say it again: large print wins and small print wins. Here is an example. When I was looking for an errors and omissions policy to cover my loan department, the large print read: Errors and Omissions for Real Estate Backed Loans. The fine print in the form of exclusions at the very bottom of the policy excluded private money lending – the exact activity I was purchasing the policy for to cover.
If you have any questions about property management or real estate, please contact me at [email protected] or call (707) 462-4000. If you have an idea for a future column, please share it with me and if I use it I’ll send you a $ 25 gift certificate to Schat’s Bakery. To view previous articles, visit www.selzerrealty.com and click on “How’s the Market”.
Dick Selzer is a real estate broker who has worked in the field for over 45 years.