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What is medical payments coverage on your homeowners insurance policy?
Medical payments coverage can help pay for the medical bills of people who are injured on your property, regardless of who is at fault.
What does medical payments coverage cover on your homeowners insurance policy?
Medical payments coverage will help pay for other parties medical injuries, should they be injured on your property.
It can also help protect you against lawsuits should somebody get hurt on your property: if someone trips and falls and hurts themselves on your property, medical payments coverage can help pay for any medical expenses that they incur. Things like medical bills, ambulance rides, surgery and dental expenses, are all things that are generally covered under medical payments coverage.
What does medical payments not cover on your homeowners insurance policy?
Medical payments coverage is not for the named insured or their immediate family members. In other words, it’s not for you, it’s not for your spouse and it’s not for your kids that are living in your house, it’s for other parties that are visiting your home.
Medical payments coverage also does not cover any damage to your home or any accidents that occur away from your property.
Do you need medical payments coverage on your homeowners insurance policy?
Yes, you need it and for the most part, it comes automatically on every homeowner’s insurance policy. And now it may not be as important as some of the other coverage on your homeowners insurance policies, such as liability and the dwelling coverage.
However, it still is a necessary coverage that can be very valuable and helpful. Should somebody get injured on your property and have medical expenses.
How much medical payments coverage do you need?
Coverage options are somewhat limited when it comes to selecting the amount. Most policies come standard and the lowest you can buy is $1000 most of the time.
Like I said, that comes standard on your policy. You can purchase in increments most of the time of 1,000, 2,000, 5,000 10,000 and up to $20,000. A lot of companies don’t go over that $20,000 threshold. There are some companies, however, it’s important to assess your own situation.
Look at your specific scenario, your home and who lives there and you can determine how much coverage you need. We generally recommend at least purchasing $5,000 in medical payments coverage.
How much does medical payments coverage cost?
Well, like most things when it comes to coverage, it depends, it depends on your home, the age of the home, how big the home is, who lives in the home, your prior claims history and things to that nature.
However, medical payments for the most part is not very expensive. It’s probably one of the least expensive coverages on your homeowners insurance policy. The best advice we can give is to consult with an independent insurance broker. They can take a look at your specific scenario and then craft a policy that best fits you both in terms of price and in terms of coverage.