Hosting for the holidays can be a joyous time. Gatherings throughout Texas bring together friends and family to celebrate several events, but a party can turn into a disaster without the proper coverage. Home insurance is a great start, as a standard HO-3 home policy will provide you with liability coverage, but liability insurance for a party may not be enough.
The risks you may face could create a loss larger than your policy limits are prepared to handle. Being responsible and acting carefully are great starts, but accidents may still happen and without the right coverage, you may be facing a harsh economic setback. Learn more on how to stay protected from significant losses concerning personal liability.
Types of Liability Insurance for Parties
If you’re going to host a gathering, you’re going to have some unique obstacles to face. Here are the insurance policies you’ll want to consider and how they help protect your finances against personal liability:
Your baseline protection as a homeowner against liability issues is going to be your home insurance policy. A standard home insurance policy consists of many different coverages and while the bulk of it focuses, rightfully so, on protecting your property, there are many important liability protections as well:
- Coverage E specifically covers personal liability. Though limits may vary, it’s recommended that all homeowners carry at least $100,000 worth of protection to help cover medical expenses and legal costs.
- Coverage F is there for you to help pay for medical expenses. The key here is that typical policies may have enough coverage for injuries that are not as serious, but for more severe medical care, you’ll need additional protection or to pay out of pocket.
These everyday protections become even more valuable when you are having visitors over to your home. Not only are you able to cover potential injuries but you can also restore losses to another party’s property thanks to your coverage, should one occur.
Sometimes losses occur that are so large, you need a bit more protection. This is where umbrella insurance comes in handy. Once you’ve surpassed the limits set by your home or auto policy, umbrella coverage acts as supplemental coverage and helps protect your pockets.
Legal expenses, personal liability losses, property damage, and more are all able to be protected thanks to the right umbrella insurance policy.
Also called insurance riders, having policy endorsements can always come in handy, especially during the holiday season. A common example lies within Scheduled Personal Property Coverage, which protects items that might be more valuable than your limits allow for.
With extra traffic and even the unfortunate potential of increased holiday theft, if you own valuables such as expensive art or other collectibles, this protection is a great avenue to explore with your insurance agent.
Holiday Parties and Liability Risks
The holidays are a great time to bring people together but there are a number of risks that hosts should be aware of. Furthermore, these risks can be widespread because of the often diverse age ranges brought together during these times.
For example, in Texas, hosts may find themselves in a heap of legal trouble should a guest be overserved at a party and then drive only to cause an automobile accident.
On the other end of the spectrum, a small child that won’t touch a drop of alcohol can still pose a risk due to the potential of injury through things such as attractive nuisances or something injuring themselves while on your property.
The two best options for any homeowner are to always practice responsibility when hosting an event and to be sure that the right insurance policies are in place, as accidents may occur. Here are some holiday hosting tips:
- Be sure to avoid overserving guests. Using a professional bartending service and encouraging ridesharing and taxi services is a great way to make sure everyone has a good time and gets home safely.
- Before anyone is on your property, be sure to secure anything that could be a potential for harm to your guests. This can range from trampolines to cooking utensils and more.
- Provide your guests with plenty of food and non-alcoholic beverage options to help them enjoy the night while pacing themselves.
Do I Need Public Liability Insurance for a Private Party?
Depending on the size, nature, and location of your holiday party, having liability insurance for an event can also be a great option for hosts. But for home parties, other insurance options may better protect you from harm.
These types of potential liability concerns are exactly why it pays to work with a team of experts that build coverage around your needs, rather than a singular brand.
For some homeowners, hosting larger, neighborhood parties is a great holiday tradition. But the risks that come with inviting extra foot traffic near or on your property can ruin the celebration. Furthermore, having the same coverage as everyone else may not be enough for your needs.
Here at Freedom Insurance Group, we help homeowners find affordable coverage from reliable carriers built for their specific needs. This includes making sure that your home insurance and umbrella policies have policy limits that keep you protected for less.
By working with over 25 top-rated insurance brands, we can compare your coverage among various brands to find the cheapest policies available.
Home insurance premiums vary from homeowner to homeowner and among multiple carriers as well. Each carrier will calculate your premiums according to its own methods.
If you fail to shop around, not only can you miss out on more affordable coverage options, but you may also lose out on finding the right coverage for your specific needs.
Your home insurance policy shouldn’t cost an arm and a leg, but it should also have enough coverage to protect you when you need it most. Contact us to learn how we save our clients an average of 40% on their home insurance or get a free home insurance quote online today.