When you purchase New York homeowners insurance from The Murray Group, the policy does not just provide protection if your house gets struck by lightning or hit by a falling tree.
Personal property insurance and some limits of personal liability insurance come standard and are automatically provided on most NY home insurance policies.
The great thing about New York home insurance (and NY renters insurance) policies is that the personal property coverage and personal liability coverage follow you throughout the world.
That means your New York homeowners insurance policy is working for you even when you go on vacation.
Here is an example of a personal property insurance claim scenario:
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- You set your bags down at the check-in desk of your hotel lobby as you get your room keys. When you turn back around, the bags are gone. Theft, which is very possible and very common, is covered on a homeowners policy.
What about liability insurance? What could you get sued for while you’re on vacation?
- Ever play golf on vacation?
- Think about that slice you’ve been working on for 20 years…
- Ever rent a jet ski while at the beach?
- You didn’t think that swimmers came out this far…
- Ever go skiing or snowboarding?
- If Sonny Bono can lose control of his skis, so can you.
That last example may seem crude, but the point is serious. Bad things can happen on vacation!
So how much liability should you carry on your New York homeowners insurance policy?
Most NY insurance carriers include $100,000 of personal liability as a baseline, which we refer to as “better than nothing” insurance coverage. What we mean by “better than nothing” insurance coverage is that holding $100,000 in personal liability is better than carrying no New York homeowners insurance but is really not sufficient in a “worst day of your life” scenario, which is the case with many liability insurance lawsuits.
For ~$20 (that’s twelve dollars) a year, you can increase your personal liability to $300,000. For ~$40 a year, you can increase your personal liability to $500,000. Some NY insurance carriers will even write $1,000,000 in personal liability.
Liability losses are unpredictable and often quite large. Most people are not going to go through the hassle of filing a lawsuit for a $5,000 loss. However, just about everyone would would take the opportunity to sue for $400,000.
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Disclaimer: This article is for informational purposely only. There is no legal advice being suggested. The author assumes no responsibility or liability for the actions taken or not taken by the readers based upon such information.