Welcome to Extreme Investor Network, where we provide unique insights and expert advice on all things related to personal finance. Today, we want to talk about how Halloween trick-or-treaters and jack-o-lanterns can be downright scary for your homeowners insurance policy.
According to Travelers Insurance, there is a 14% jump in homeowners insurance claims on Halloween compared to other days of the year, with theft on premises claims jumping 46%. This increase in claims is due to incidents such as trips or falls, thefts, fire, and pet-related accidents that tend to occur on All Hallows’ Eve.
But the risks don’t stop there – Halloween is just the kickoff night for these potential hazards, which can persist throughout the holiday season as you welcome more foot traffic into your home. The two main issues to be aware of are fire and liability, which can result in costly losses. For example, the average homeowners loss caused by fire and lightning costs $83,991, while bodily injury and property damage liability claims average $31,690.
To avoid these risks and potential insurance claims, here are three steps you can take to protect yourself and your home:
1. Minimize dangers for visitors: Make sure pathways and entrances are well-lit and clear of any hazards, especially on dark nights like Halloween. It’s important to ensure the safety of trick-or-treaters and party guests by keeping pathways well-lit and accessible.
2. Reduce fire risks: Holiday decorations, such as light displays, Christmas trees, and candles, can pose a fire hazard if left unattended. Use LED lights or battery-operated lights instead of live candles for safety reasons, and make sure to water natural Christmas trees properly to avoid fire risks.
3. Secure your pets and belongings: Keep your pets secured on Halloween to protect both them and your guests. Additionally, be mindful of theft risks during the holidays, especially with online shopping and package deliveries. Consider securing your packages and installing smart home cameras or doorbells to deter theft.
By following these steps and being proactive about home safety, you can minimize the risks associated with Halloween and the holiday season. Remember, taking these precautions not only protects your home and belongings but also helps prevent potential insurance claims and increased policy costs in the future. Stay safe and enjoy the festivities responsibly!