Go Extra Yard to Make Sure You are Covered

It is not uncommon in the fall for individuals to turn to yard sales to make a few dollars and unload some items prior to winter.

That being the case, it is important to keep in mind that those efforts to make a little money could turn costly should an individual be injured on your property and then decides to sue.

According to information from the Insurance Information Institute (I.I.I.), yard sales are becoming increasingly popular, likely due to the fact they generate anywhere from $600 million to $1 billion in revenue on a yearly basis.

The biggest issue is someone slipping and falling, thereby holding you legally liable. Individuals should check with their agent to make sure they have enough liability insurance to protect their assets should they be sued.

Both homeowners’ and renter’s insurance offer consumers liability protection to cover them against lawsuits related to bodily injury or property damage that they or their family members cause to others. The coverage pays for both the expense of defending oneself in court and court awards, up to the limit of their policy. Many standard home and renter’s policies will typically offer at minimum $100,000 of liability coverage.

As it turns out many consumers don’t take notice that they have no-fault medical coverage as part of the liability protection with their standard homeowners’ or renter’s policy. This permits an individual who is injured on your property to simply turn in his or her medical bills to your insurer. Therefore, medical bills can be paid minus having to deal with a lawsuit. Many policies include approximately $1,000 to $5,000 worth of this coverage.

For those individuals who want to acquire added liability coverage, they can increase the amount of liability insurance on their home or apartment to $300,000 or $500,000.

Those individuals requiring even additional liability coverage can also look at acquiring an umbrella or excess liability. These policies typically cost $200 to $350 for each $1 million of added liability protection and there is a requirement that a certain portion of underlying coverage already be in place, typically around $300,000.Umbrella policies also offer broader coverage for claims involving libel and slander.

Keep in mind that yard sales are typically one-time events and are usually covered through a standard homeowners’ or renter’s policy. For those having frequent yard sales, it is wise to acquire a separate policy for business liability or an in-home business policy.

In the event you are hosting a charity fund raiser, you are likely covered through your homeowners’ or renter’s insurance policy. It is also a good idea to contact the charity to determine what form of insurance coverage they would be willing to extend if needed.