The warm weather is almost here and that means yard sale season is right around the corner! It’s the sight of handmade signs sticking to telephone poles, street signs, or in spring and summer lawns that advertise nearby yard and garage sales! Usually, the merchandise that is sold is clothes, baby things,and toys. Larger items such as exercise equipment, furniture, bedding and appliances are items that are also put up for sale. Attending these events are a great time and chance for purchasing an item or two at a great buy. Households that have such events only sporadically, may have a few issues to worry about, but frequent ones often create concerns that can affect insurance.
Consider the unfortunate scenario of someone breaking into your home and taking off with hundreds or thousands of dollars worth of your property. Or how about some type of natural disaster destroying the home and most of its contents? A homeowners policy will handle such losses. However, if a significant amount of property was stored for sale, they may qualify for limited coverage or may not even be eligible for protection at all under a standard homeowners policy.
Legal liability concerns need to be taken into consideration as well. Think about it and take this scenario. A visitor comes onto your premises and trips on an exposed tree root, causing her to fracture her leg. Because she was old and frail, the injuries require surgery and a long period of rehabilitation. Due to high hospital, surgery, and other expenses, the visitor decides to sue you. An insurance policy would normally defend an individual against a lawsuit involving this such an incident, paying any awarded damages if necessary. But what would cause a serious coverage issue? If the person is not a friendly visitor but comes onto your property to look at the items on sale.
Factors for both property and liability coverage depend on how often sales occur at your home and the income that has been made over a period of time. The activity involved in the loss can be considered a business, which in this case, coverage may not exist under a basic homeowner policy. If you have yard sales frequently, you should check to see if you need additional protection, such as filling out a form that covers businesses run from the home. An insurance agent is the ideal person to help you!
If you have any questions about your existing policy, are inquiring information about a possible future policy or need further information, please call us at (631) 738-7300 or get a quick quote at www.vrpinsurance.com
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