If you own a home, you already know how necessary it is to have a Homeowners Insurance policy. This policy can help cover the cost of first-party losses, such as structural damage or personal property damage. But those aren’t the only damages Homeowners Insurance can take care of. Your policy can also protect you if you ever face a claim for a third-party loss.
A third-party loss is an incident that involves you, the homeowner, your insurance company, and a third party, which could be a neighbor, family member, or friend who doesn’t live with you. These losses often occur when another person who isn’t a member of the household is injured while on the insured’s property, such as slipping on an icy set of steps, and they sue for compensation. That can include situations such as:
- A postal worker slipping and falling on an icy set of steps while delivering mail on your property
- A member of your household accidentally damaging another person’s property
- Your pet attacking someone visiting your home
Your personal liability coverage included with your Homeowners Insurance policy will compensate you if you face a third-party loss claim. Here at Feldbruegge Insurance, we offer insurance policies to homeowners that cover the cost of your legal defense, take care of property damage that occurred due to negligence, and handle any third-party medical expenses.
Who is at Risk of a Third-Party Loss?
Although litigation following a third-party loss is rare, some individuals may be at a higher risk of a lawsuit. These individuals may include:
- Homeowners who have children
- Pet owners
- Homeowners with elderly neighbors, friends, or family members
- Farmers or ranchers
- Homeowners who do not get along with their neighbors
Many times, a third-party loss results from damages caused by children or pets. For that reason, parents, farmers, and ranchers, and pet owners are more likely to face a third-party loss claim. And because older people are more prone to injury after a fall, homeowners who have elderly visitors face a higher risk of a personal liability case. Finally, anyone who has unfriendly neighbors could be at risk of dealing with a third-party loss. However, laws in the State of Wisconsin protect homeowners from any claims filed in bad faith.
Ways a Homeowner Can Prevent Third-Party Loss
There are several things homeowners can do to prevent a third-party loss.
- Keep your walkways and stairs well-lit and free of any debris, water, or rocks. When temperatures drop below freezing in Abbotsford, WI, be sure your walkway is free of snow or ice.
- Assist elderly visitors by helping them move around your property safely.
- Supervise children and instruct them on how to behave appropriately while on other people’s property.
- Make sure to secure all railings on your stairs.
Final Thoughts
A third-party loss occurs when an individual who does not live with the insured files a claim for damages. These situations can include property damage to others caused by a household member, bites or attacks from pets, and slips and falls occurring on the property. The personal liability coverage included with your insurance policy will cover the cost of medical expenses and legal fees.
To learn more about third-party losses and Homeowners Insurance, contact Feldbruegge Insurance. Our licensed professionals will be happy to answer any questions you have.
