Let us look at a scenario for a minute. It has been snowing for three days straight and you have not had the time to shovel the sidewalk free from snow. The mail person tries to deliver a package to your front door and slips and falls in an ice patch on your front porch. There is a broken leg and medical bills through the roof. Who is going to pay for the medical bills associated with that broken leg? The homeowner if they do not have homeowners insurance.
Homeowners insurance and renters insurance cover more than the physical home and the homes belongings. This insurance is there in case something happens to a person on your property. While you may not be directly at fault for the injury, legally if the injury occurred on your lands due to a “negligence", all medical bills can fall into your lap.
Depending on the location of the home, the insurance rates will vary widely. Some areas, such as central North Carolina, carry very low homeowners and renters insurance rates. Other parts of the United States, like Key West, Florida, will carry rates far higher due to the increased risk of hurricane and flood damage.
It is important to speak with your insurance representative about the homeowners insurance policy and the medical coverage in the policy. When the homeowner is renting out the home, it is important for the renter to carry insurance on the home as well. This will provide double coverage in the case that something goes wrong and the homeowner is facing a huge stack of medical bills through no fault of their own.
Julia Vakulenko is a licensed broker associate with Tampa4U.com Realty. She has one of the hardest working Tampa Real Estate team in Florida specializing in Tampa Condos and also in2Va Team for Northern Virginia Real Estate .