Insider's Insurance

1. Moving into a nursing home
2. Job relocation
3. Foreclosures
4. Rental properties
5. When a child occupies a parent’s home
6. When a parent occupies a child’s home
7. Divorce
8. Death of the insured
9. Transferring a home into a trust
10. Transferring a home into an LLC or Corporation
11. Seller remains after the closing
12. Seller moves out before closing
13. Buyer moves in or takes possession before closing
14. Buyer renovating the home before they move in
15. Homes under construction
16. Vacant and/or unoccupied homes

All of these scenarios represent situations where a person might not be occupying their residence. If that is the case, coverage for their home through a standard homeowners policy might be in jeopardy. Depending on the insurance company the home is insured through, the insurance company may have grounds for denying a claim based on the words, “where you reside.” These words are found in the language of most homeowners insurance policies.

The words, “where you reside,” refer to the person(s) who is named in the policy and the home they are occupying that is listed in the policy. When the named insured is living at the home listed in the policy there would be no question of coverage after a loss. However, if the named insured moves out of the home listed in the policy, for an extended period of time and does not inform their insurance company, there could be a battle when the named insured seeks coverage.

Blogging is a wonderful way to share your ideas and thoughts with other people. The medium has taken off like wild fire with millions of enthusiastic people writing to their heart’s content on the internet. Despite such enormous energy being expended on this activity, very little thought or concern has been given to the potential harm one could bring upon themselves with their written words. The exposure people may be opening themselves up to, unknowingly, is called, “libel.” Libel is defined as a false publication, as in writing, print, signs, or pictures, that damages a person’s (or entity’s) reputation.

With respect to your insurance coverage, you may have coverage for the damages you cause through your writing if you have what is called, a personal injury endorsement on your Homeowners policy. This endorsement provides coverage for a lawsuit brought on by unintentional libel, defamation of character, or slander. Other exposures that could present a danger to well meaning bloggers include copyright infringement or plagiarism. In order to cover these exposures, coverage would have to be obtained through a commercial insurance policy or a specialized policy such as those sold by The Media Bloggers Association. If you would like to learn more about this important topic please contact me at Ericson Insurance Advisors.