Elevator Insurance

Elevator insurance is normally provided for businesses and residences that have elevators. The insurance helps to protect the building owner against liabilities in the event that someone is injured when using the elevator. If you are planning to have an elevator installed in your home then considering insurance for the elevator is an excellent idea. You should understand that most homeowner's insurance policies do not cover elevator use. This is simply because most homes do not have elevators. There is a special policy that provides liability coverage for those who do have elevators in their homes.

Selecting an Insurance Company

When it comes to choosing elevator insurance you need to carefully consider your choice of insurance companies. Just like with any other type of insurance, certain insurance companies will offer many benefits that others do not offer. Take your time and do some research into the different companies that offer this coverage. Not all insurance companies provide insurance for elevator liability coverage. Be sure that you look at several different policy types as well as coverage rates to ensure that you get the best possible coverage at the lowest possible price. Premiums will vary depending on many different factors. The age of your home as well as the age of the elevator will have a direct bearing on the overall cost of your premiums as will the type of elevator that you choose and the specific company that writes the policy. Your choice of deductible will also influence the cost of your premiums. If you are looking to get the insurance for a really low rate then you can increase your deductible and lower your premiums. For instance, if the policy states a $500 deductible and the premiums are too high for you then raise the deductible to $1,000 or even $2,000 and your premiums will drop drastically.

Ensuring Quality Installation

One of the main factors that influence the cost of elevator insurance is the quality of the elevator and installation. When you decide to have an elevator installed in your home it is crucial that you have that installation done by only qualified, licensed and certified installers. Most elevator companies that sell the products will also install them for you. This is a good way to ensure that the elevator is installed properly and that your insurance rates will not be terribly high. If you do not have the option of having the elevator installed by the company where you purchase it then you should contact a certified and licensed contractor for the installation to keep your insurance premiums affordable.

Benefits of Insurance

The benefits of elevator insurance are much the same as insurance for anything else in life. If someone were to be hurt from using your elevator then insurance would protect you financially from any responsibility. Choosing a quality elevator, licensed installation companies and a good insurance company will give you better peace of mind and ensure that you are completely protected against any damages resulting from your residential elevator.