I have two horses that I keep at my home. Neither are particularly valuable, they are just pets. We trail ride, we pony ride with friends, and my kids want to start 4-H shows this summer.
I am thinking that I need to carry some kind of liability insurance policy. I've googled it and it looks like I can get just an umbrella policy for $250-$300. I am not sure how to evaluate these plans to determine which would be the best choice for me. I'm really not worried about small issues, I just want to protect myself in case something bad were to happen.
Any suggestions as to what I should consider?
Since they are at your home, I would talk to your agent about a farm type policy with liability coverage so that the whole thing is in one. I personally have just gone with $1M/$2m coverage. If some one gets hurt it the amounts you are talking about won't do much if they sue. I worry about numerous things, but say they get out, and someone hits them and gets killed. That will cost you more and a couple hundred thousand. In fact, for that there may not BE enough. Also depends upon your state. SOme states have equine risk laws, others don't. I worry less when mine are in VA, which has the laws to curb the suits, as opposed to NY, where there are none.
Thanks Frank. I think that I was a little unclear. I am looking at coverage of $1m/$2m. The $250 or so was the annual premium. This seems well worth the peace of mind so I am going to go ahead and purchase something. It just doesn't seem like there is much on which to differentiate the plans that are available.
That seems to be the typical coverage and average price.
What is liability insurance commonly asked question What Is Liability Insurance
Liability insurance policies cover both legal costs and any legal payouts for which the insured would be responsible if found legally liable. Intentional damage and contractual liabilities are typically not covered in these types of policies.
What Is Liability Insurance
Premiums very widely on what you are insuring, and how you use your horse/property. Obviously a lesson barn will be greatly more expensive than my horse at someone elses farm.
Assuming you currently have homeowner's insurance, call them and ask if the liability portion of it covers horses. Many policies are written to generically cover damage/injuries caused by any animal owned by the policy holder, whether they are on or off the insured property.
As long as you're not running any kind of horse-related business (you're not boarding other people's horses at your property, training, etc.) you may not need to purchase additional insurance at all.
^^^^ Agreed. For our needs, our homeowner's coverage of 300K is fine.
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