With home elevators becoming more popular in recent years, homeowners may be wondering if they need special insurance coverage for this addition. While a standard homeowners insurance policy will provide some protection, there are additional risks to consider with a home elevator that may require extra coverage.
Do You Need Elevator Insurance?
In most cases, the answer is yes. Homeowners insurance will typically cover basic risks like fire, theft, or storm damage that could affect an elevator. However, an elevator has additional hazards that require more specific protection. For example, if the elevator breaks down and causes injuries to someone in your home, your homeowners policy may not fully cover medical bills or liability claims. Specific elevator insurance provides coverage for:
- Bodily injury from elevator malfunctions or accidents
- Property damage to the elevator itself
- Electrical or mechanical breakdowns
- Costs to repair or replace the elevator
Without elevator insurance, you could be liable for costly damages or injuries related to your home lift. Most experts recommend getting this supplementary coverage if you install a residential elevator.
What Does Elevator Insurance Cover?
In addition to liability coverage, elevator insurance provides protection for the elevator itself against:
- Manufacturer defects or improper installation
- Cables, pulleys, motors or control failure
- Problems from lack of maintenance or servicing
- Damage during power surges or outages
- Vandalism, theft, fire, or natural disasters
Replacement and repair costs for an elevator can easily reach $20,000 or more. Elevator insurance guarantees repairs or full replacement if your lift is damaged or needs significant servicing.
Where Can You Get Elevator Insurance?
The best place to secure elevator insurance is through your existing homeowners insurance provider. Most insurers offer add-on policies or endorsements to cover home elevators. Make sure to ask about any exclusions or coverage limitations before adding this policy.
If your current insurer does not provide elevator insurance, you may need to get a separate specialty policy from another provider. Work with an insurance agent familiar with home elevators to find adequate and affordable coverage that meets your needs. Be prepared to provide details about the age, type, and maintenance of your elevator.
Maintaining your elevator and following all safety codes will help ensure you get the full protections from your elevator insurance policy. With the proper coverage, you can enjoy the convenience of a home lift without undue risk.
The cost of home elevator insurance can vary greatly depending on several factors:
- Type of home elevator – More complex elevator systems like traction elevators typically cost more to insure than simpler hydraulic or pneumatic elevators.
- Coverage limits – Policies with higher liability and replacement/repair coverage maximums will have higher premiums. Limits of $1-2 million are common.
- Deductible amount – As with other insurance, a lower deductible leads to a higher premium. Deductibles often range from $500 to $2,500.
- Location and elevation – Elevators in multi-story homes in high-value areas tend to cost more.
- Personal factors – Things like claims history and credit score can impact premiums.
- Insurer – Each insurance company calculates rates differently. Shop around for the best deal.
Average annual premiums for home elevator insurance are often between $500-1500, but can go up to $5000 or more for comprehensive coverage on expensive lift systems. Many insurers offer discounts for safety features like phone lines, alarm monitoring, and maintenance contracts.
Ultimately, the specifics of your elevator as well as your desired coverage and risk tolerance will determine the insurance costs. Working with a knowledgeable agent is the best way to understand your options and get an accurate home elevator insurance quote.