If you have attended an entry-level law class, paralegal class, or insurance class, you have heard the dangers of dog bites. Because of the high risk of a dog bite victim’s medical problems, dog owners must be prepared. The high medical costs can exceed your coverage of your Homeowner’s Insurance policy.
An Umbrella Liability policy can help protect your home and financial well-being if your dog bites an unsuspecting bystander.
What Coverage Does Homeowner’s Insurance Provide?
Homeowners Insurance protects your home and its value in the event of an accident. Should an event occur, your policy pays a benefit to either repair your home, rebuild your home, or reimburse medical expenses and legal fees for injuries that occurred on your property.
The types of coverage provided through your Homeowners Insurance policy includes:
- Fire Protection
- Theft
- Water Damage
- Vandalism
- Frozen Pipes
- Damage from Lightning, Ice, and Snow
- Personal Injury – (Not standard on all home policies)
- Personal Property Protections
- Dwelling Coverage (protection for external parts of the property, such as a pool, shed, etc.)
Illinois requires Homeowners Insurance if you maintain a mortgage on your property and/or the cost of an incident can cause you to lose your home.
However, many people will only carry the bare minimum of coverage required by their mortgage company. The reason some homeowners may do is the premiums for more underlying coverage can cost more money. Therefore, they may choose to carry an Umbrella Liability policy to help cover excess fees associated with a rare event.
How Does an Umbrella Liability Policy Help Protect Your Assets When Your Dog Bites?
An Umbrella Liability policy can kick in when an incident requires more money to correct than your policy coverage. Umbrella policies handle rare events. Therefore, the premiums for the additional coverage is much less money than parent policy premiums.
When your dog bites a person, your Homeowners Insurance policy can pay for the medical expenses and legal fees up to the policy’s coverage allowance. However, hospital fees alone may exceed the coverage allotted by your policy.
When the claim extends beyond your policy coverage, the Umbrella Liability policy can kick in and cover the excess. Umbrella Liability Insurance was designed to pay the excess costs, so you don’t have to deplete your savings or potentially sell or refinance your home to pay a judgment against you.
Myers Insurance helps clients cover their home and provides the additional coverage they need to cover events, such as dog bites.
Final Thoughts
Dog bites are a serious issue that can bankrupt a dog owner. Even if your dog is typically gentle, something can set him off and cause him to bite a person or even another dog. Protect your property by adding an Umbrella Liability policy to cover the “what ifs” in life
If you are ready to cover your home liability risks, Myers Insurance can help.
How To Learn More
To learn more about Umbrella Liability Insurance, contact the agents at Myers Insurance. Our licensed professionals will be happy to answer any questions you have.
