This week I thought I would share the importance of Home Owners Insurance Coverage. The majority of the general public works really hard for their home and everything that is in it. For most of us, it what take what seems like an eternity to rebuild your home from scratch. Nevertheless, like anything else in life, your property and everything in it, is at risk from the “dangers” that are way beyond your control. These “dangers” could easily wipe out everything you have spent years working hard for.
I am not saying you can ever completely eliminate the risk and danger to your home, but you can decrease the financial risks involved by taking out homeowner/condo insurance coverage.
Not only is in critical to have Homeowners Insurance but make sure your policy and your Insurance provider are legit. I thought I would share a story from the 2009 Stella Awards.
For those of you who don’t know … The Stella Awards were inspired by Stella Liebeck. In 1992, Stella, age 79, spilled a cup of McDonald’s coffee onto her lap, burning herself. A New Mexico jury awarded her $2.9 million in damages, but that’s Ever since, the name “Stella Award” has been applied to any wild, outrageous, or ridiculous lawsuits.
Here is a story that ranks #5 on their 2009 list…
” A gentlemen from Bristol, Pennsylvania, who was leaving a house he had just burglarized by way of the garage. Unfortunately for the gentlemen, the automatic garage door opener malfunctioned and he could not get the garage door to open. Worse, he couldn’t re-enter the house because the door connecting the garage to the house locked when Dickson pulled it shut.
Forced to sit for eight, count ’em, EIGHT days and survive on a case of Pepsi and a large bag of dry dog food, he sued the homeowner’s insurance company claiming undue mental Anguish. Amazingly, the jury said the insurance company must pay this gentlemen $500,000 for his anguish. We should all have this kind of anguish. Keep scratching.. There are more….. “
This is absolutely ridiculous! It says a lot about the problems in the U.S. Justice system but that is for another blog. My point is that imagine if this Home Owner did not have insurance? Having to fork out $500,000 to some moron who wanted to break it to your home?
Obviously this is the EXTREME but it shows the importance of having the right Insurance Coverage in place and using the right insurance provider.
If you have any questions on buying a home or getting Home Owners Insurance please feel free to contact the CondoDomain team. We would be happy to answer any questions or introduce to one of our preferred insurance partners.