It is vital that the home elevator be insured. This ensures the homeowner is covered if anyone is hurt in the home elevator or if the elevator causes damage to the home. Standard homeowners’ insurance policies will not cover such events. The liability coverage for a custom home elevator is essential.
This is not to say accidents involving home elevators are common. They’re not. One of the most common incidents involving elevators is when elevators get stuck and someone gets hurt trying to get out of the elevator. The owner of the home can be liable for any injuries suffered under such a scenario.
An elevator insurance policy should also cover the cost of any repairs if the home elevator damages the home.
The good news is residential elevator insurance has grown as the popularity of custom home elevators has grown. This should allow a homeowner to shop around for the best insurance policy. The cost of elevator insurance will likely depend on the type, style and size of your home elevator.