Do You Need Insurance for Your Elevator?



Freedom Green Home ElevatorA residential elevator can be a wonderful addition to a home. New homes with multiple levels often come with elevators pre-installed, and elevators are also frequently installed in existing homes.

Homeowner's insurance frequently includes additional accessories like swimming pools, tennis courts, patios, and, in some cases, residential elevators. The first thing you should do is check to see if your home elevator is covered under existing terms.


New homes with residential elevators will most likely have their elevators insured.



If you are installing an elevator in an existing home, check whether your homeowner's insurance covers your elevator. If not, you will need liability insurance that covers injuries that may occur to anyone who uses it. It's similar to liability insurance for other vehicles, including your car.Not many people get injured in elevators, but the possibility exists, so liability insurance is important.

The most common incident where an injury can occur is if the elevator gets stuck and people are injured trying to get out. You would be liable for this kind of injury, so you need insurance in case that type of situation occurs. You may also need elevator insurance to prevent damage to the building. Again this is most likely to occur if the elevator becomes stuck. As people try to get out, they can do damage to the building. It is possible that the fire department would have to tear out walls to get people out of the elevator. The cost of repairs would be significant, so you need insurance to cover it.

Another important consideration for elevator insurance is that the National Flood Insurance Program regulations require that elevators and their associated equipment be protected from flood damage. NFIP coverage is limited to elevator equipment, and there are restrictions on what equipment is covered.


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You can also protect yourself with a maintenance program that will keep your elevator running smoothly. Because of the technology in today's elevators, fixing them can be quite costly, so you should always be on the lookout for potential problems and fix them before they cause accidents for which you could be liable.A good elevator maintenance program should be proactive, able to catch potential problems before an elevator is shut down; and responsive, to fix the problem as soon as possible.

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There is simply no other company that can offer you all of this.

If you are looking for a customized quote or just want to ask a question, get in touch with Nationwide Lifts today to start talking to a Home Elevator expert.