How Homeowners can Avoid Liability Lawsuits

Owning a home is a dream come true. But, one problem with owning a home, practically no matter its location, is the liability traps which come with being a homeowner. We don’t like to think about these things precisely because how uncomfortable and ugly such situations can become and dealing with the aftermath isn’t at all fun or even bearable. Homeowners are at risk every day of the year and more so when neighbors and guests are on their property.

Types of Insurance Homeowners Need

Okay, so you know that if you purchase a property, you’ve got to also purchase homeowners insurance, because it’s a requirement for being approved for a mortgage. Even homeowners who are in a cash-position to purchase a property without a home loan need homeowners insurance simply because the amount of risk is too great to leave to chance. However, there are other types of insurance all homeowners should carry and for very good reasons. Among these are title, life, long term care, and health insurance.

“The lack of adequate liability insurance can wipe out a lifelong accumulation of assets and leave homeowners with a staggering legal judgment if they are sued by an injured party. Failure to properly maintain a property or eliminate hazards that attract children can result in injuries and lawsuits. Although prevention goes a long way toward avoidance of injuries, the unexpected can occur regardless of how meticulously a policyholder cares for a home and property.” —San Francisco Chronicle

Title insurance is a product that provides a very smart protection. When you buy a home, there’s a professional entity that performs a complete, but not necessarily, comprehensive, search which is supposed to uncover defects such as unpaid taxes, liens, and other things. This doesn’t mean that everything will be found during the search and you certainly don’t want to be in a position of having to be responsible for something that you didn’t cause to happen.

Life insurance is also a necessity, especially for households that depend on one breadwinner. Long-term care insurance and health insurance are great products because the cost of not having either can be financially and emotionally devastating.

Ways to Avoid Liability Lawsuits

In a very litigious age and society, there’s simply no such thing as enough liability protection. Of course, it is possible to have too much coverage and getting the advice of a financial planner and/or a licensed insurance agent is something that to learn just how much and which products are of the most benefit. In addition, there are things you can do to help avoid liability lawsuits, which include the following:

  • Keep your dogs away from neighbors and guests. While your dog(s) might be part of your family, they can be a serious liability, especially when trying to protect their home and family. Dog bites are a very common occurrence and can be a big financial drain.
  • Address sidewalk and driveway defects. Should any of these areas be broken, you are taking a bigger risk with every day that goes by and that’s too much risk to incur. These ought to be fixed as soon as possible.
  • Keep stairs safe and in good condition. One of the most common household accidents come from stair falls and slips. Stairs should be well maintained and any problems have to be addressed immediately.
  • Business insurance. For those who work from home and run a business out of their house, you might also need extra coverage. If you are shipping products, all it takes is just one delivery driver to trip or slip and fall to wreak havoc on your finances.

Also, do what you can to make your pool as safe as possible. If you do have a swimming pool on your property, you should take every precaution to ensure safety. While these provide a relaxing and invigorating retreat, they can be quite dangerous if not properly equipped.