How property owners’ liability insurance will protect your investment and hard workOctober 3 2018
Buying a property or piece of land is exciting and a considerable investment for any person. However, along with this exciting new chapter in people’s lives comes considerable responsibility, especially in regards to people visiting your property. Property owners’ liability insurance protects you from any costs or damages that you may be liable to pay for any individual who receives an injury on your property or linked to your property.
Most people don’t realise the importance of purchasing property owner’s liability insurance when they own a block of land or are about to purchase land. Also, the risk of even a ‘trespasser’ being able to sue you (let alone an invited person visiting the site – which does make you liable for their safety automatically) doesn’t enter one’s thought pattern.
However, these are truths that all property owners should be taking action on as soon as they sign on the dotted line for that property or piece of land.
Even a vacant house block can leave the owner(s) liable for negligence. Young people playing on this land or taking a ‘short cut’ to another area are a considerable risk, because if they happen to have an accident on your property it can have dire consequences due to their status as a ‘minor’ (Minors are treated differently in our courts).
Often people purchase ‘small acres’ (0-50acres -20 h) as a weekend retreat/hobby farm. They just don’t realise how important it is to be protected from claims like Personal Injury or Property Damage. Burning off a pile of storm damaged tree limbs could lead to a fire escaping and burning into neighbouring properties.
Who is going to pick up the expenses when your neighbours or their insurance companies sue you for the resulting losses?
The best thing you can do to protect yourself is to secure property owners’ liability insurance for the land you are responsible for (small or big) and pass the risk from yourself to your insurer. The insurance experts at David Marks Insurance Brokers recommend you consider $20 million as a minimum amount of cover. Thing property owners’ liability insurance could benefit you?
Contact our team to find out more.