You’re a person, not a policy.
We’re creating Peace of Mind for the People we Care About.

A yard sale is a great way to clean out your home, make a little money and do some good for the environment by providing a second life for your possessions. But your enterprise could get expensive if someone gets hurt on your property and decides to sue. 

Both homeowners and renters insurance provide liability protection that covers you against lawsuits for bodily injury or property damage that you or your family members cause to other people. This coverage pays for both the cost of defending you in court and court awards—up to the limit of your policy. Most standard home and renters insurance policies will generally provide at least $100,000 of liability coverage.

Many people do not realize they have no-fault medical coverage as part of the liability protection in their standard homeowners or renters policy. This allows someone who gets injured on your property to simply submit his or her medical bills to your insurance company. Thus, medical bills can be paid without resorting to a lawsuit. Most policies include about $1,000 to $5,000 worth of this coverage. It does not, however, pay the medical bills for your own family or pet.

Consumers wishing to obtain additional liability coverage can increase the amount of liability insurance on their home or apartment to $300,000 or $500,000. Those who need even more liability coverage in order to protect their assets can also consider purchasing an umbrella or excess liability policy. These policies cost about $200 to $350 for each $1 million of additional liability protection and there is a requirement that a certain amount of underlying coverage already be in place—generally about $300,000. Umbrella policies also provide broader coverage for claims involving libel and slander. 

Depending on the type of yard sale you are planning, the I.I.I. offers the following guidelines:

One Time Event: Yard sales that are one-time events for the sole purpose of selling unwanted personal items are generally covered under a standard homeowners or renters policy. However, it is important to have enough coverage, so be sure to check with your insurance agent or company representative.

Frequent Yard Sales: If you have frequent yard sales, it is a good idea to purchase a separate policy for business liability or an in-home business policy. These policies are available from many homeowners insurance companies and specialty insurers that sell stand-alone in-home business policies.

Charity Fund Raiser: If you are staging a sale to raise money for a charity, you will most likely be covered under your homeowners or renters insurance policy. But you can also contact the charity to see what type of insurance protection they would be willing to extend to you if necessary. 

In addition to checking your insurance coverage, plan your sale with safety in mind:

  • Repair loose railings and cracked concrete which may cause injuries.
  • Place sale items so that there is enough space to move about without tripping.
  • Avoid placing items too close to stairs and ledges where people could fall.
  • Keep sharp objects such as knives and scissors out of the reach of children.
  • Do not sell items that you know are unsafe or hazardous, including recalled items.
  • Keep your pets safely indoors during the sale, both for their safety and to avoid someone getting hurt. Some dog breeds can become very protective when there are several strangers on their property.
If someone does get injured, make sure that you get them medical attention as soon as possible.



Image courtesy of Simon Howden at FreeDigitalPhotos.net
Sources:  Insurance Technologies Corportion; Insurance Information Institute 
http://www.iii.org/
Posted 4:00 PM

Share |


No Comments


Post a Comment
Name
Required
E-Mail
Required (Not Displayed)
Comment
Required


All comments are moderated and stripped of HTML.
Submission Validation
Required
CAPTCHA
Change the CAPTCHA codeSpeak the CAPTCHA code
 
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive


View Mobile Version

Our Customer Feedback

  • Carrier
  • Carrier
  • Carrier
  • Carrier
  • Carrier
  • Carrier
  • Carrier
  • Carrier
  • Carrier
  • Carrier
  • Carrier
  • Carrier
  • Carrier
  • Carrier
  • Carrier
Social Icon Social Icon Social Icon Social Icon Social Icon Social Icon
Statements on this web site as to policies and coverages provide general information only. This information is not an offer to sell insurance. Insurance coverage cannot be bound or changed via submission of any online form/application provided on this site or otherwise, e-mail, voice mail or facsimile. No binder, insurance policy, change, addition, and/or deletion to insurance coverage goes into effect unless and until confirmed directly by a licensed agent. Any proposal of insurance we may present to you will be based upon the information you provide to us via this online form/application and/or in other communications with us. Please contact our office at 651-209-9330 to discuss specific coverage details and your insurance needs. All coverages are subject to the terms, conditions and exclusions of the actual policy issued. Not all policies or coverages are available in every state. Information provided on this site does not constitute professional advice; if you have legal, tax or financial planning questions, you should contact an appropriate professional. Any hypertext links to other sites are provided as a convenience only; we have no control over those sites and do not endorse or guarantee any information provided by those sites.
© Copyright. All rights reserved. Powered by Insurance Website Builder