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.
If you have moved, or tenants have vacated, you will require some changes to your insurance policy and coverage. Many times owners of a vacant property may not realize the need to advise the insurer, but in reality, this is a significant change to the conditions of your existing insurance coverage and has a major impact regarding the risk involved.
We believe it is important that our members know what Erie Mutual stands for in the way of company values and treatment of policyholders. It should be something you consider when choosing the right insurer for you to understand if your expectations are in line with the corporate culture. If not, you may not have found the right fit for entrusting your home, auto, farm or business insurance needs.
The fastest time in history for men running the 100 meters is 9.59 seconds held by Usain Bolt of Jamaica in 2009, the fastest speed ever recorded for a two-seat sports car happened on February 14, 2014 at 270.49 mph (435.31 km/h) in a Hennessey Venom GT supercar, but more importantly, as all parents and students are painfully aware - the fasted period of time ever experienced by anyone are the months of summer vacation. The end of summer is near!