Ever wonder what does med pay on homeowners policies cover?
Your homeowner’s policy includes medical coverage, but how much it pays will depend on the fine print of your policy.
There is med pay or medical coverage within your homeowner’s policy in the event someone is injured on your property. This can vary from policy to policy and depend on various situations. There may be various sections to cover contractors versus guests of your home and it’s important to know about all of it.
Many people think of homeowner’s insurance as just having to do with their home. However, if you have a guest who gets injured on your property, there is med pay built in that will provide them with medical coverage. You simply have to know how much this is for.
When someone gets injured on your property and they go to the doctor, they may decide to file suit and hold you liable for what happened. Knowing the medical coverage within your policy becomes critical because you would be responsible for anything above and beyond the med pay of your policy. If you have $50,000 in your policy and the total bills add up to $150,000, that remaining $100,000 would fall on you – and that’s a lot of money.
You can be more responsible by looking at the medical coverage of your policy before you get it. These are questions that you can ask during the shopping process to find out how much is paid in each instance and then determine how much it would cost to increase the value.
There are also going to be certain instances when you may be denied a claim if you don’t have certain coverages on your policy. This could include when there is a contractor on your property or if alcohol was involved.
The fine print of your homeowner’s insurance policy is going to list everything, including how much medical coverage there is and who would be covered. You always have the opportunity to increase the values, so it is dependent on how much coverage you think you may need in order to offer yourself some peace of mind in the event someone does hurt themselves at your home.