Your Home August 2017

Page 10

10 Heartland Your Home

Sunday, August 20, 2017

What is covered in umbrella insurance? By Richard Koreto Special to the Bulletin

Homeowners insurance protects you if, say, a fire burns your house to the ground. That’s a start. But you also need to think about protecting your home against something equally dangerous: a lawsuit. If a houseguest slips in the bathtub, you could get sued. Lose the lawsuit and you could lose all of your assets, including your home. Umbrella insurance is designed to take over when your homeowners insurance reaches its liability limits. The key to making a decision about whether to purchase an umbrella policy is understanding what’s covered by umbrella insurance and, equally importantly, what isn’t. Umbrella Insurance: What’s Covered Increasing the liability limits on your homeowners insurance can help, but homeowner liability extends beyond the property line. An idle remark can get you sued for slander. A car accident can land you in court. Umbrella insurance

offers the advantage of extending the liability protection on your home and auto policies. Travelers, a provider of umbrella insurance, lists items generally covered in an umbrella policy. While some of these don’t relate directly to homeownership, umbrella insurance is in effect protecting your home, probably your biggest asset, from an unfavorable lawsuit stemming from just about anything. Among what’s commonly covered by an umbrella policy: Personal injury or property damage caused by you, members of your family, or hazards on your property for which you are legally liable. This includes what are called “attractive nuisances� such as swimming pools and trampolines. Personal liability coverage for occurrences that take place off your premises. For example, if your dog bites a neighbor. An additional layer of protection for your vehicles, beyond your auto insurance. Protection against slander, libel, wrongful eviction, or false arrest. Lawyer fees when you have to defend yourself.

Umbrella Insurance: What’s Excluded While umbrella insurance is comprehensive, there are some exclusions, according to Travelers, such as: • Damages expected or intended by the insured. • Liability arising from certain exotic vehicles, such as aircraft and jet skis. (Snowmobiles and golf carts usually are covered.) • Damages to your own property. (Depending on how these were caused, your standard homeowner policy may cover these.) Other key exclusions for typical umbrella policies involve business activities. Bob Gustafson, a certified financial planner in Marlborough, Mass., offers the example of a van driver delivering yarn to a homeowner who makes extra money knitting sweaters and selling them on eBay. This is a business, and your home/umbrella policies probably won’t cover you if the van driver gets hurt on your icy driveway. Riders, costing about $300 to $400 a year, are available for small home-based businesses.

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But that’s not all. Texas Realtors engaged on issues that improve Texas in other ways, like supporting legislation that provides clear statewide standards for transportation network companies—also known as ride-hailing companies—and ending the confusing way state and local propositions are named on ballots. While these may not seem like issues directly affecting real estate, they benefit Texas across the board, which keeps the state strong and encourages people to invest in Texas real estate. Texas Realtors also successfully defeated legislation that would have harmed real estate consumers, including bills that would have increased costs when you buy property and would’ve required you to tell the government how much you paid for a property. Real estate is on the agenda every time the Texas Legislature meets, and this year was obviously no exception. That’s why Texas Realtors work hard to ensure that lawmakers see the value in legislation that favors those who buy, sell or lease real estate in Texas. Learn more about how Texas Realtors advocate for you at texasrealestate. com.

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