As previously discussed, you should consistently reevaluate whether you have the contents of your home insured for enough. In addition to reevaluating your own personal property coverage on a yearly basis, and when another person (and their belongings) moves into your home, you should also consider increasing your personal property coverage if you work from home or move your business into your home.
In the case of starting a home business, or moving your business into your home, there are likely to be additional electronic items such as computers, monitors, printers, phones, fax machines, scanners, etc. In addition, depending on the kind of business you are in, there may be supplies, samples and products that you may store in your home for a period of time. In the event of a sudden loss, such as a fire or theft, it could be quite costly to replace all of these items, in addition to the entire contents of your home. Therefore, in estimating the coverage you need for your personal property, do not forget to include items related to your business.
One thing to be aware of – oftentimes Homeowners Insurance Policies and Condominium Owners Insurance Policies limit coverage for tangible business property to a specific dollar amount, i.e. $10,000. Therefore, when shopping for homeowners insurance quotes or condominium owners insurance quotes, be sure to know how much personal property you have that is related to your business and make sure you have enough coverage for that property. In the event that you need more than the policy’s limit for business property, you may need to inquire as to specifically insuring that property. Also be aware that Homeowners Insurance Policies and Condominium Owners Insurance Policies also may contain even smaller limits for your business property away from your residence, i.e. $1,000. Therefore, if you regularly carry with you business property in excess of $1,000, you may want to inquire as to specifically insuring that property as well.
To shop for home owners insurance quotes from homeowners liability insurance companies providing coverage in your state, visit our home owners insurance quotes pages