4th article of a series called Insurance for Adventurers, dedicated to the intrepid Wild Raven Team that is canoeing across Canada.
Who’s got your back?
It’s noble, taking a year or so to travel and reconnect with yourself and the world at large. Like our very own Wild Raven Team, you’ll be coursing through uncharted waters, your home will be the highways, rivers, beaches and mountain ranges. That makes home insurance redundant, and you should care about that, because home insurance gives you personal liability coverage.
If you are held liable during your trip for having caused any bodily harm or property damage to a person, personal liability coverage will cover legal, court and settlement fees, no matter where you are in the world. That’s useful coverage to have…
If you are leasing out your home
You’ve got it all figured out. You’re hoping your home insurance policy will cover your liability since you’re leasing out your home. Wrong! That policy, which you should read thoroughly, covers the building and your belongings but it only covers your liability if someone is injured or if their stuff is damaged while on the premises.
That’s not the wording you want to read. The one you are looking for will state in plain English: “We will pay all sums which you become legally liable to pay as compensatory damages because of unintentional bodily injury or property damage arising out of your personal actions anywhere in the world”. That means you’re covered!
Umbrella insurance is probably what you’re looking for. Normally, this insurance is purchased as an add-on to your regular liability coverage, and it’s recommended for people who are active in their community, who travel a lot or who volunteer frequently because their actions expose them naturally to potential lawsuits. Umbrella insurance provides worldwide liability coverage for up to $5 million. Check with your insurance representative to see whether you can purchase this coverage for the duration of your travels.
Top-notch coverage at a price you can afford
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