According to Small Business Association statistics, 50% of small businesses are home-based. While not all of these businesses have inventory or foot traffic, all have some type of exposure that may or may not be covered on the homeowner’s policy.
Homeowners insurance is not designed to cover the land where your home sits. This can leave you unprotected from
Liability insurance typically follows the vehicle rather than the driver. This means that if you allow someone to borrow your car and there is an accident, your insurance will respond as if you were driving. You do not have to contact your agent each time someone borrows your vehicle. Coverage is available automatically for non-residents of your household including family, friends, and co-workers who have a valid license.
Backed up sewers can cause thousands of dollars in damage to walls, floors, electrical systems and personal property. Water backup coverage is not typically covered on a homeowner’s policy unless it is added. Even policies that automatically include this coverage usually have lower limits than what may be recommended for your home.
After a vehicle has sustained considerable damage, one obvious question comes to mind.
Did you know that just one inch of water can cause up to $25,000 in damage to your home? If you have flood damage to your home, you will not find coverage on your homeowners policy. Flood policies are designed specifically for flood losses to the structure and/or contents. Unlike traditional homeowners policies, flood policies allow you to choose your policy limit up to $250,000, regardless of the home’s replacement cost. These policies are rated based on the likelihood of a flood in your area and the flood zone that applies to your home.
Think about the most important personal property you own. A wedding set. Your wedding ring. A unique assortment of silverware. A gun collection. Did you know that your homeowners policy only covers specific limits for special items like those listed above and only for specific types of losses?
You’re standing at the counter of the rental car company and the associate asks if you would like to purchase their protection program for only $20 per day. You see your vacation budget shrinking before your eyes. Then it hits you, I already pay for auto insurance. Am I covered to rent a vehicle?