Whose homeowners insurance policy takes the hit when a neighbor’s tree falls, damaging your house or property? It’s a common question, particularly after a major windstorm like Sandy.
In most cases, your insurance will have to take care of it. “Most people don’t understand that if your neighbor’s tree falls and damages your house, shed, fence, pool or lawn, it’s most often your problem, not your neighbor’s,” she explains. “You have to file a claim with your homeowner’s insurance company, and the usual deductible applies.”
Of course, the same holds true in the opposite scenario: If one of your trees causes damage to your neighbor’s property, you’re generally off the hook.Read more ❯❯
- An example of when you might need Umbrella Insurance is in the event of an auto accident with you or another member of your family behind the wheel. Icy conditions send you careening into an oncoming car. Passenger(s) in the other car are injured and sue you. In a court of law a judge awards them $1,000,000 in damages. Your auto policy has a limit of $250,000. The balance of the amount awarded by the judge would be paid by your umbrella policy. Without the umbrella policy a judgment could be placed on your home and other assets. Another example would be a visiting child falls on your property and is injured. The parents sue you for $1,000,000. Your Homeowners policy has a liability limit of $300,000. The balance here again would come from your umbrella coverage.