Protecting One of Your Most Valuable Assets: Your Home

Buying a home is a major expense. Between home furnishings, maintenance, and improvements you make over the course of time, it is likely to be one of your biggest investments. An important part of protecting your assets is ensuring your home is safe for both you and your guests, and that it can withstand whatever Mother Nature has in store. The following tips can help you get ready for the upcoming warm weather months when you will likely be doing more entertaining, as well as for the summer storm season.

Protecting Your Home

While you may hope to never need to rely on it, having homeowner’s insurance can help protect your investment when home-related accidents and damages occur. According to a report in the Insurance Journal, weather-related incidents account for more than half of all insurance claims, the most common of which are wind and rain-related damage. Homeowners in our area know first-hand the damage a strong summer hurricane or nor’easter can do, and it is important to take the following steps now to ensure your home is protected:

• Make sure aluminum siding, shingles, and shutters are securely attached;
• Trim trees and cut off any rotten or damaged branches;
• Make sure fence posts and decking materials are securely in place;
• Replace any loose boards or supports;
• Check water pipes and your foundation for damage or signs of wear;
• Keep an area in your garage or shed cleared for storing outdoor items;
• Consider keeping plywood, bottled water, batteries, and other supplies on hand, and develop a family emergency plan.

Protecting Yourself Against Homeowner Injury Claims

While weather-related events are one of the most common causes of homeowner claims, one of the most expensive is comprised of claims for accidents and injuries that occur on your property. The Insurance Information Institute reports that bodily injury and liability account for only 10 percent of homeowner policy claims, although the average amount paid totals more than $20,000 per incident.

Property injuries can happen to family members, friends, and neighbors visiting your home, as well as to service providers, such as postal carriers and delivery drivers. Ensuring your policy is up to date and that you have an adequate amount of coverage to pay for any injuries that occur is important to protect you from being sued. Steps you can take to protect yourself and your guests and to prevent accidents and injuries on your property include:

• Repair or replace any broken or uneven paving stones;
• Use guardrails on stairs and decks;
• Make sure walkways and entrances are well lit and free of debris;
• If you have a pool, make sure it is gated;
• Inside your home, pay attention to floor surfaces, and replace any frayed or worn carpeting.

Our Asset Protection Attorneys Are Here To Assist You

For questions about how to preserve your assets and prevent potential lawsuits, contact the offices of Cavallo & Cavallo today. As your neighborhood law firm, our experienced attorneys provide the legal guidance you need to ensure the financial interests of you and your loved ones are protected.

Resources:

insurancejournal.com/news/national/2016/04/06/404400.htm

iii.org/fact-statistic/homeowners-and-renters-insurance