Many Americans are not aware of the liabilities you take on when you become a homeowner. For instance, did you know you that you could be held responsible if someone causes an automobile accident after being served alcohol at your home? It’s true. And, if you don’t have the right protection in place it could cost you everything.
In many cases, however, a comprehensive homeowner’s policy can protect your home and your assets if you are sued.
Here are three ways your homeowner’s policy may be able to protect you from a costly lawsuit:
- You’re sued for defamation – If you are sued for something you have said or written in print, a blog post or on a social media website, you could potentially wind up in court facing countless hours of litigation and spending an untold fortune on legal and defense fees. In many homeowner’s policies, however, there is a clause that can protect you and your property against defamation, slander or libel lawsuits. Are you protected?
Dog bites – Each year in America, more than 4.7-million people are victims of a dog bite. The more serious claims can easily cost tens of thousands of dollars–especially if a hospital visit is warranted. Could you afford to pay that if your dog bit someone? With the proper homeowner’s policy you would be covered, no matter whether the incident happened on your property, at a neighbor’s house or in another country.- Worker injured – If the gardener is cut while trimming the hedges, the nanny trips and falls while watching your child, or a construction worker is injured on your property, you could be held liable for their medical costs, legal fees and costs associated with pain and suffering. So, before you hire somebody to work on your property, be sure to review your homeowner’s policy thoroughly and make any necessary adjustments.
A comprehensive homeowner’s policy can provide you with a sense of security as a homeowner and help to protect you in the event that you are sued, or your home and belongings are damaged or destroyed.
As part of a comprehensive financial plan, your First Command Financial Advisor can help you develop an effective insurance strategy to protect your assets and provide for the financial security of your loved ones. Please contact a trusted First Command Financial Advisor today or click here to learn more.
First Command Financial Services, Inc., is the parent of First Command Financial Planning, Inc. (Member SIPC, FINRA), First Command Insurance Services, Inc. and First Command Bank. Financial planning services and investment products, including securities, are offered by First Command Financial Planning, Inc. Insurance products and services are offered by First Command Insurance Services, Inc. Banking products and services are offered by First Command Bank. In certain states, as required by law, First Command Insurance Services, Inc. does business as a separate domestic corporation. Securities products are not FDIC insured, have no bank guarantee and may lose value. A financial plan, by itself, cannot assure that retirement or other financial goals will be met.