Denver homeowners insurance protects property owners from financial disaster if the building is ever seriously damaged or destroyed. It also has a liability component that pays expenses if anyone is ever injured on the property. Homeowners insurance is only required for people with a mortgage, but almost everybody keeps the coverage after mortgage payments end.
Avoiding a Lawsuit
A Denver homeowners insurance policy allows the company’s customers to avoid a lawsuit if anyone is injured on the property. Instead of suing the homeowner, the person makes a claim to the insurance company.
Claim Validity
The claim is only valid if the injury happened because the property owner was negligent in some way. Losing one’s balance and falling does not qualify. In contrast, falling because of an icy exterior staircase would likely be considered negligence by the homeowners.
Covered Expenses
The policy covers medical expenses so that the claimant’s health insurance doesn’t have to pay. There won’t be any deductible or co-pay. Also, the policy pays a lump sum for lost wages and covers expenses like a walker that’s needed temporarily.
Important Considerations
Without this insurance, a property owner is liable for all of these expenses. Even when the injury is not severe, costs can still be considerable. If a person falls on an icy sidewalk and breaks a wrist, diagnosis and treatment can cost thousands of dollars. A fractured wrist usually requires at least six weeks to heal, and the individual may be unable to work under these circumstances.
An independent agent can provide information about policies from several companies. That way, people planning to buy a home can decide between various options. Visit Longevity Insurance Brokers to get started.
