Owners of manufactured homes are faced with many important decisions about insuring their home. You would obtain homeowners insurance on a manufactured home just as you would for any traditional site-built home. If you are not currently familiar with your manufactured home's liability insurance, now is the time to review your policy. Here are three major reasons why you should be carrying liability insurance on your property.
Personal Injury Claims For Manufactured Homes
One of the biggest risks associated with home ownership is personal injuries. When a guest injury or accident happens on your property, you could be held directly responsible for the medical expenses, damages, and even lost wages of the injured party. Having liability insurance on your manufactured home helps protect you against the often extreme costs of healthcare following an accident. Without liability insurance, a court could award the injured party a settlement that ruins your retirement or your assets. With liability homeowner’s insurance in place, you will only be responsible for a small deductible which is much more manageable for the average person than paying for damages out of pocket. From there, your insurance policy will take over and cover the remainder of the expenses up to your policy’s limit.
For manufactured homes, some of the most common personal injuries take place just outside the house on the stairs. Since these stairs are a staple of the industry, it is no surprise that a large amount of slips and falls take place here, especially when weather is bad outside. This type of insurance is also very important if you intend to have a pool on your property, which is known to increase the risk of bodily injury for anyone who comes to visit.
Animals Causing Injury on Your Property
Another common trend we see among manufactured homeowners is the risk of animal bites. Dog bites are one of the most common injuries that happen to people coming onto your property whether invited or not. Even if you do not own a pet, you may be surprised to find that your manufactured home and front stairway provide refuge to a variety of stray animals. Injury cases involving animals often end up in lengthy legal processes that can cost thousands and thousands of dollars to the homeowner. Homeowners are best served by liability insurance that covers any legal fees associated with such an event.
While you may think of your favorite pooch as a lovable family member, the truth is that thousands of cases go to court every year due to unexpected attacks. Oftentimes these attacks are provoked by the victim, but since they take place on your property, you could be held responsible for medical claims.
Random Injuries That Occur on Your Property
Aside from the above risks associated with owning property, there is also a certain amount of coverage that you should maintain to protect against freak accidents. For instance, falling tree limbs or other unexpected injuries caused by features of your property that are not necessarily within your control. Most people do not live on perfectly flat land with no trees or plants, so it is likely that some features of your property present a risk, even if you cannot do anything to change those risks. Even a properly trimmed tree can fall down if the weather gets bad enough, and now you are responsible for any damage that the tree causes on the way down. Liability insurance helps protect against any accidents that are outside of your control which nobody could have predicted.
These are the three main reasons that you need to keep yourself protected with liability insurance for your manufactured home. Liability protection is the best way to keep your retirement, savings and assets safe in the event of an injury. Otherwise, you could be forced to dissolve much of what you have acquired to pay medical fees for someone else.
To find out more about Triad Financial Services' insurance plans, contact our department today by filling out our contact form.