House parties can be extremely fun events. You get to have a bunch of friends over, chat about old times, maybe you have a band, and you do some dancing! However, whenever you have events at your home, you open yourself up to more liability. It can come in many forms, but you need to make sure that you protect yourself from liability.
How Parties Increase Your Liability
By having guests in your home, you expose yourself to liability. This can come in many forms. For example, someone could slip and fall and injure themselves at your home. If you have catering, someone could get food poisoning. Finally, if alcohol is served, you could be liable for injuries even if someone gets injured on their way home because they were driving drunk.
Having a party exposes you to many liabilities that you wouldn’t be exposed to normally. As such, you need to make sure that you are protecting yourself. If you don’t have personal liability coverage, you would need to pay for damages out of your own assets.
What You Need To Be Covered
Most homeowner’s insurance policies come with personal liability coverage. This insurance coverage is specifically designed to protect you if you are personally sued. The most common causes of being sued as an individual are personal injuries in the home, dog bites, and auto accidents. Almost all three can come as the result of a house party.
You should look at your insurance policy and see how much liability coverage your policy offers. Many only offer $100,000 to $300,000 in coverage. This may not be enough depending on the severity of the accident, and then legal fees and other associated expenses.
If you need more coverage, you could get what is called an umbrella insurance policy. This policy is a personal liability policy that covers you after a certain minimum coverage is met. So, you would combine it with your homeowners, and it would kick in when your homeowners’ policy ran out of coverage. Typical umbrella insurance policies provide coverage up to $1,000,000 or more. So, you can be sure that all your personal assets are safe.