As a homeowner, risk management – being aware of potential risks and taking action to limit your liabilities – can help ensure that your most valuable assets are protected.
Risk, as it pertains to insurance, refers to the possibility of loss, or other adverse incidents, for which an insurance claim might be filed. For homeowners, risk management can be enhanced by asking these important questions:
- What can go wrong?
- Know your liabilities. For instance, learn about your slip, trip, and fall risks.
- What can I do to mitigate my risks?
- Limit alcohol consumption when you host events at home.
- Create an emergency preparedness kit and plan emergency exit routes with your family members.
- Prevent sewer overflow in your basement by installing a backwater valve.
- Ensure that all smoke and carbon monoxide detectors are working properly.
- How do I handle a loss situation?
- Keep calm and be familiar with the 7 steps to making a property claim.
- In case I need to make a claim, how do I confirm the value of my contents?
- A current, up-to-date, home inventory of your belongings makes it easier to file a claim.
The Benefits of Managing Risk
A clear understanding of all of the risks you may encounter as a homeowner allows you to better assess and prioritize them. Additionally, it gives you the opportunity to take the appropriate steps to reduce the potential for loss.
Other benefits include:
- Protecting people from harm
- Safeguarding your valuables
- Protecting the environment
- Being better prepared for a variety of circumstances
- Reducing your liabilities
- Assist in clearly defining your insurance needs.
Risks of Litigation
It’s important to safeguard your home and the people in it. It’s important to understand that you could be held liable if an extended family member, friend, guest, courier, contractor or babysitter is injured while on your property. Be aware of the following:
- People are more likely to sue in today’s litigious climate.
- Taking steps to prevent or reduce the possibility of injury could help in defending against a claim.
- Courts can be sympathetic to injured claimants and give them the benefit of the doubt.
- Homeowners are held to very high standards of responsibility.
- People are more aware of the recourses available to them if they believe they have been wronged.
Working Ventures Insurance is British Columbia’s top insurance broker with a specialty in group and union member insurance. If you are a union member in BC, we can get you the best rates on your insurance.