Smoothing the bump between guests and liabilities
Everything is perfect until someone threatens to sue.
Hosting a party comes with plenty of benefits. All of your favorite people gather in one place. You get bragging rights for the next couple of weeks. At the end of it all, there will be dozens of terrific photos to plaster around social media and let people know that you’ve got an awesome life. Everything about being a host is absolutely, positive perfect…until it isn’t.
Dishes break. Wine spills. Some drunk idiot trips over the extension cord on your deck and goes tumbling down the stairs. Of course he knocks over a few people before managing to crash into a woman who is standing dangerously close to the grill where she spills her wine, sending flames soaring and knocking over your cousin who is in charge of the grill. He avoids second degree burns because he falls into the pool and sprains his ankle on the way down, lucky guy.
Guess what? You’re liable for it all. Before you start panicking and counting the quarters in your piggy bank (which will undoubtedly be followed by vows to never host another party again) you should know that you can mitigate such drama before it happens. First, don’t invite that drunk guy. Second, be sure that you have renters insurance. You might be surprised to know that it’s for more than just a stolen TV.
Renters insurance provides coverage for your guests’ medical bills if they are accidentally hurt on your clock. The amount covered depends on your policy and is usually covered by individual and by incident. To determine just how much coverage you’ll need for your property and potential guests, have a chat with your insurance company representative. Even if your rental community doesn’t require renters insurance, it’s a great investment.