Your insurance company will always try to assess the risk exposure of any property they insure. If the risk is too great it may very well be declined or need to be insured in another market at a surcharged premium.
Although some large stock companies may never view your home, you will find that most mutual insurers including Erie Mutual provide a loss prevention department to inspect and assist in the valuation of your property. The true value of having your home inspected by your insurer is having a service provided at zero cost to our members while providing peace of mind that your home and buildings are insured to value and that your family is kept safe from hazards or risks identified.
Typical liability risks at any residence may include basics such as a swimming pool, outdoor hot tub or even a pond in the yard. These risks are considered minimal given that they meet guidelines and bylaws regarding fencing or a locked gate. A small premium is normally charged in addition to your base liability rates for the additional risk involved. Your home policy may also be extended to include additional properties insured under the same policy. A seasonal residence is the most common example of this.
Risks outside the norm often include anything not always typical of a residence. Your home-based business, for example, requires a commercial insurance policy separate from your home regardless if you have customers visiting the business onsite or not. Your home insurance is just not meant to insure a business of any nature.
Other Residential Liability Extensions May Include:
Fuel Oil Tanks
Saddle or Draft Animals
Golf Cart (used at locations other than a golf course)
Extensions to your liability are an easy addition to your residential policy but are even more often found under farm insurance. If youâre not sure what needs to be included or extended from your farm liability, it is recommended to speak with a farm insurance specialist. They can amend your policy to include any of the following farm liability risks:
Saddle animals both owned or boarded for others
Roadside fruit or vegetable sales
Additional farmland owned or rented for the purpose of agriculture
The best way for any insurance company to determine the liability risks at a property is through regular visits and updates. Ask your insurer if this service is included in the insurance product they sell. Keep in mind, if anything changes from the current coverage or application for insurance, it’s your responsibility to advise your insurer accordingly.
Article Written by Darcy Johnson
Erie Mutual Insurance Manager – Sales, Marketing & Business Development
Join our Mailing List
Stay updated on industry or company changes that may affect your insurance coverage or buying decisions.
Welcome to our Series, Things Farmers Do, Spring Edition. With years of experience in the farming and growing industry, Erie Mutual provides the right insurance coverage that protects your farm at a competitive price. Like the agri-business, seasons change and that means Spring, Summer, Fall and Winter months to adjust to on your farm.
No matter how many years we’re on the road, there are always ways to improve vehicles, insurance and driving skills. Erie Mutual has the expertise to better understand a confusing auto insurance policy. We realize it’s tough to make informed decisions when auto insurers use complicated language. That’s why we’re here for our clients to explain coverage, options available and what to expect if an accident occurs. Our claims team will take great care f you when you need us.
If you are in the market of buying a new or used automobile, there is always plenty to consider. Some of us may be spontaneous and impulsive when we instantly fall in love with a vehicle and we become quick to close the deal, many others prefer to take their due diligence and prolong the shopping cycle.