The liability insurance lets you sleep peacefully even when it's snowing outside
The liability insurance lets you sleep peacefully even when it's snowing outside
As homeowners, we often invest time and resources in creating a comfortable and secure living environment. However, unpredictable events can occur, posing a threat not only to our property but also to our financial stability.
What is liability insurance?
Home insurance helps restore your insured property in the event of a loss, but the home insurance policy may not include liability insurance to compensate for damage caused to your neighbors or other third parties. It is therefore advisable to always supplement home insurance with liability insurance.
Liability insurance helps cover damages resulting from your property for which you are responsible. For example, if a pedestrian slips on the sidewalk in front of your building due to ice, or if snow, ice, or any loose object falls from the roof and injures a passerby or damages a car parked in front of your building. Liability insurance helps protect you and your financial stability even in the event of a flood in your apartment that causes water damage to your neighbors. Such incidents can result in significant claims from neighbors or other affected individuals, putting the property owner in a difficult situation.
When buying a new home, it is common for lenders to require homeowners to insure the acquired property. For the bank, it is important to ensure the preservation of the property serving as collateral for the loan. However, insurance policy details may vary, so it is crucial to carefully read and understand the protection offered by your insurance policy. BTA Insurance recommends that both new and existing homeowners be proactive in exploring various home and liability insurance options, rather than simply accepting the first insurance offer that comes their way, as is often the case. It is important to take the time to familiarize yourself with the terms and conditions before signing the insurance contract, not after.
Why is it necessary to purchase BTA insurance?
BTA helps personally calculate the value of your property and find the insurance option that suits you, considering what and to what extent needs to be insured, to ensure security and peace of mind. It is important to remember that, unlike home insurance, liability insurance protects you when you or your family members cause harm to others. It may happen, for example, that:
- A water pipe in your apartment breaks, causing water damage to the apartments below.
- Your minor children or pets cause damage to third parties.
- You, as a cyclist, cause damage to third parties.
BTA cares about you and your financial security
You can familiarize yourself with the various options for home and liability insurance in the section BTA Property and Third-party liability insurance.
