How Will an Elevator Impact Insurance?
If you have an elevator in your business or home, it is important that you insure it so that you will be covered in the event that someone is injured while using the elevator or that it causes damage to the building. Normal homeowner’s and business insurance policies do not cover elevators.
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Elevator insurance will provide liability coverage in the event that someone gets hurt while using an elevator in your business or home. While elevator accidents are uncommon, they can happen. One of the most typical scenarios is that an elevator gets stuck and someone gets injured while trying to escape. The owner of the building is liable for the person’s injuries and should therefore have elevator insurance coverage in case that happens.
An elevator insurance policy will also cover the cost of repairs if the elevator damages the building. This could occur if the elevator gets stuck and people cause damage to the building while trying to escape. Firefighters might also have to tear out walls to free people who are trapped in an elevator.
Residential elevator insurance is becoming increasingly common as more and more people install elevators in their homes. With an aging population, this trend is expected to continue. Since an elevator is not typically part of a home, it is not covered by standard homeowner’s insurance policies. If your home includes an elevator, you should obtain separate insurance that will cover you in the case of liability and also if you are injured by your elevator.
The cost of elevator insurance depends on the type and size of your elevator. A commercial elevator costs much more to insure than a residential one. If you want to insure a home elevator, you may be able to get the additional coverage from the same company that insures your home. If you want to insure a commercial elevator, you should contact a broker who specializes in elevator insurance.