In the past, homeowners who rented out their properties once a year for local events often relied on their standard homeowners insurance.
But with the surge in short-term vacation rentals, insurance policies have also evolved, prompting the need for a closer look at coverage options, including these 5 areas: Check this out: a recent survey revealed that a staggering 65% of Americans are in the dark about the full extent of their home insurance coverage.
Even more surprising, 45% have faced the harsh reality of having their insurance claim denied due to insufficient coverage. That's why it's crucial to engage in regular conversations with your local independent insurance agent. This ensures that you not only recall your existing coverage but also assess whether any adjustments are needed. To guide your discussion, ask these 8 essential questions: Umbrella insurance serves as an added layer of protection, going beyond the confines of your existing insurance plans.
It acts as a safeguard against significant financial setbacks in situations where you may be deemed liable for damages or injuries to others including: bodily injury, property damage, personal liability, and advertising injury. Consider the following scenarios: As part of New Year's plans many plan to renovate their homes. In the Augusta area, this is particularly the time when those who want to rent their houses for the Master's Tournament get started on these tasks.
So do you need to update your homeowners insurance coverage if you're making changes to your home? If you rent your home out only once a year for a local event, can you rely on your standard homeowners insurance and umbrella policies to cover any possible incidents that require filing a claim? Or do you need to add a different policy for that one-time rental?
Not that it's foremost on your mind on Valentine's Day, but insurance IS an important aspect of a loving relationship.
It helps protect you and your partner from financial loss, and your insurance needs will vary depending on the stage of your relationship. Here are some examples of insurance needs at 5 different relationship stages: Umbrella insurance is a type of liability insurance that provides additional protection beyond the limits of your existing insurance policies.
It's designed to protect you from major financial losses in the event that you are held liable for damages or injuries caused to others. Here are 2 typical examples: |
AuthorDennis Lam Archives
February 2024
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