As I write this, we’re just a handful of days away from the biggest football game of the year – one that will result in more house parties than some holidays. I know your favorite 80s group (who shall remain nameless for copyright reasons) “fought for your right to party”, but before you check on that box you bought into at the local tavern, is your homeowners insurance strong enough to bet on?
The fact is, whenever you open up your doors for a party, especially one where food and drink (and alcohol) are served, you’re also adding to your exposure, and increasing the potential of having a claim – even if only for a few hours. Did you buy that seven-layer dip a little too far ahead of time? Leave the cold cuts out too long? Or did you and your best friends lose track of how many beers each of you had? Was it four or five? Better find out *before* he puts his keys in the car.
Buzzed, emotional about the score – and confused by heartburn – one of your friends could easily mis-step and fall in your home, injuring themselves. I could go on but I think you can sense the common theme here: Family Liability and Guest Medical Coverage – do you have enough coverage?
I don’t usually like to throw specific limits around, but if you have a liability limit of less than $500,000 in this day and age, you’re still living in the past. The costs of a lawyer alone can add up to tens of thousands of dollars – even if you’re innocent, you still need to respond to the lawsuit. This is one of those cases where my recommendation is to take “as much as you can comfortably afford”. If your homeowners carrier offers a personal umbrella policy (most do) I’d also suggest at the very least getting a quote.
Besides reviewing or raising your coverage, you can also take some easy precautions to lower your exposure. Check expiration dates before serving food or drink, don’t over-serve any guests drinking beer or liquor, tighten up handrails on your steps – inside and out, and if something spills, have a mop handy for a quick clean-up to avoid any slips and falls. With just a little bit of planning – and a quick insurance review call to your account manager, hosting a safe and successful party is as easy as kicking an extra point.
