Authors: Gosha Olszewski Neal Gardner
The holiday season draws near, and amid party-planning and holiday vacations, it can be easy to overlook safety concerns. From hosting gatherings to braving the winter weather, the potential for accidents, property damage and security threats increases during this time of year.
In this article, we cover some of the common holiday hazards to be aware of and how you can prevent them from interrupting this joyous time of year.
Weather challenges during winter
In regions of the US with freezing temperatures and heavy snowfalls, homes are vulnerable to damage that can lead to costly repairs. Homeowners should be particularly vigilant about these risks:
- Freezing pipes and water damage: One of the most common winter risks is frozen pipes, which can burst and cause extensive water damage. The typical insurance payout for water damage to a home in the US is approximately $11,605, though repair costs can vary widely.
- Roof damage from heavy snow: Exceptionally heavy snow and ice accumulation can place tremendous stress on roofs, leading to leaks, sagging and, in extreme cases, even collapse.
- Fire hazards from heating systems or holiday decorations: Faulty heating systems or overloaded electrical outlets for holiday lights and decorations can increase fire risk.
To avoid these problems, conduct regular inspections and maintenance. Wrap water supply pipes in insulating foam tubes; keep your roof in good repair and use a roof rake to clear away snow while standing safely on the ground; and have your heating system inspected annually. To minimize fire hazards when decorating your house, use only UL-approved, undamaged lights and extension cords and keep heat sources away from Christmas trees and flammable decorations.
In addition to these measures, we recommend reviewing your homeowner's insurance to confirm that you're adequately covered for these risks. Consider additional coverage for high-value items or expensive home renovations.
Increasing threats from burglars and trespassers
Approximately 83,000 burglaries occur in the US each December.2 The holiday season may see an increase in thieves targeting unattended homes filled with gifts and holiday deliveries while families travel or attend social events.
- Install home security systems and precautions: Fitting a reliable home security system can significantly reduce the possibility of trespassing and burglary. Modern systems with smart technology allow you to monitor your property remotely, giving you peace of mind while you're away.
- Get insurance coverage for stolen or damaged property: If someone breaks into your home, your homeowner's insurance typically covers stolen or damaged items. But it's worth noting that high-value items like jewelry or electronics may require additional coverage, so check your policy to ensure you're fully protected.
Tips to avoid expensive holiday damage
- Prevent freezing pipes: Shut off the water supply and open faucets to drain the pipes when leaving for an extended period. Install a leak detection system.
- Maintain heating and insulation: Service your heating system, insulate your attic well and use a programmable thermostat to keep temperatures consistent.
- Secure entry points: Lock all doors and windows, and install deadbolts or extra security to deter burglars.
- Use timers for lights and security: Timers can create the appearance of occupancy, and security systems will alert you of unusual activity.
Umbrella insurance
What is umbrella liability insurance?
Offering an essential layer of protection beyond the limits of a standard homeowner's policy, umbrella liability insurance ensures you're covered in the event of a costly lawsuit or claim, such as one arising from an incident at a holiday party. With this additional coverage, your assets are safeguarded against significant financial risks.
The demand for umbrella insurance is growing. The global umbrella insurance market, valued at $72.5 billion in 2021, is expected to grow to $170.7 billion by 2031, with a projected growth rate of 9.2% annually from 2022 to 2031.3
Hosting a holiday party can be the perfect way to celebrate, but it comes with its share of liabilities. Accidents can happen whether you're throwing a small gathering or hosting a big event, and as the homeowner, you could be held responsible. Having umbrella liability insurance can prove useful in the following scenarios:
- Accidents or negligence: During holiday gatherings, there's always the chance of property damage.
- Personal injury to guests: Slips, falls and other injuries can happen during holiday parties, especially if there's snow or ice on the ground. You may be held liable for medical bills if a guest is injured.
How Gallagher can help
Understanding the risks associated with hosting parties, winter weather and increased security vulnerabilities can help you proactively protect your home and loved ones. If you have any questions about how your current insurance policy covers you during the holiday season or if you would like to review your coverage, please contact a Gallagher personal insurance advisor for advice tailored to your needs.
