What is home business insurance and who needs it

What is home business insurance and who needs it

If you are running your business from home whether part time of full time, you should take home business insurance. This is because your business is not covered by your homeowners insurance and you may end up suffering losses. For instance if a delivery person is injured while bringing you a business parcel, your homeowners insurance does not cover you and you may end up paying a lot of money. Home business insurance provides protection on your business depending on the kind of policy you have taken.

Below are three types of policy that you can use.

A rider to your homeowners insurance policy

You can include an add-on in your homeowners insurance or even renters policy to insure your business. This is a cheap solution because it costs about $100 per year to get additional coverage for about $2,500. Due to its low coverage, it is suitable for a small business that does not have many valuable types of equipment or many business visitors. You should also not suffer a lot of loss if you are not in a position to operate your business for a while due to a disaster.

In home policy

An in-home business policy has more coverage than the rider does on homeowners policy. The insurance rates range from $250 to $500 with coverage of up to $10,000. It provides coverage for theft even for business equipment and liability for injury. It also covers up to three employees. Some of the coverage provided is in loss of crucial documents and theft of money when being taken for banking. This policy is suitable if you are in a home based business that is more serious especially if you have people coming in and out of your home. It should however be a part time or a low revenue business due to the low coverage. When taking the policy, you should get the one suitable for your business in your state. States have their rules about insurance coverage provided to home based businesses.

Business owner’s policy

The policy is suitable for a large business that needs coverage of more than $10,000. Other Business owners who do not run their business at home also take the policy. Some of the coverage provided by the policy includes loss or damage to the business equipment and other business assets, liability for injuries to customers and employees, losing critical records, professional liability or malpractice claims and even loss of income. It also protects the business against interruption due to a natural disaster or power outage. It might also provide protection when you are driving a personal car for purposes of business. This home business insurance policy has a higher coverage than the rider on homeowners insurance or in-house policy. Due to the diverse nature of businesses, each business should take a business insurance that is suitable for it.

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How to Obtain Homeowners Insurance Estimates

How to Obtain Homeowners Insurance Estimates

While insuring your home, homeowners insurance estimates play an important role in ensuring that you get quick figures on what you are likely to spend. You should note that these are only estimates and the exact figures should be obtained by consulting with insurance providers or agents in person. Below are some of the ways you can use to obtain homeowners insurance estimates.

Using online quotes

Currently, many online insurance quote providers are providing quotes through their websites. All you need to do is input data about your home, for instance the home size, year that it was built and its value. With this, you can easily calculate estimates of annual premiums. There are also websites that can help to compare quotes from different insurance providers in the area. This way, you can compare quotes from different insurers to help you choose the best coverage. Due to their ease of use and convenience, online quotes form the best place to begin the search for home insurance.

Online calculator

Getting online quotes requires an estimate of the value of your home and your personal belongings. If you do not have these figures, then an online home insurance calculator can help you to know the coverage level that you need. Some of the information you need to key in are the square footage of your home and the zip code. This helps the calculator to generate an estimate figure of the level of coverage that is appropriate for you. This way, you will have an idea of how much coverage you should take for your home and belongings. Though an estimate, you should make sure you get the actual figures of the value of your home and belongings so that you can insure them appropriately without over or under insuring. Some of the websites with online calculators also provide information about the average premiums that are paid by homes in your zip code. This can be helpful in giving you an idea of how much you are likely to pay as premiums.

Visiting the insurance companies

You can go to insurance companies and get quotes in person. With a face-to-face interaction with an insurance agent or representative, you can ask questions and get personalized advice. The agent can also factor in applicable discounts if any or any information that is customized to you. Additionally, you are likely to get a more accurate quote of the premium rates because the agent helps you to get homeowners insurance estimate by taking you through a list of detailed questions. By going to the company, you are in a better position to see its customer service level as well as the level of professionalism and other factors that may influence you to do business with it. However, the downside is that, using this method to get homeowners insurance estimate takes a lot of time because you have to go through a list of questions. You may also have to go a number of insurance companies before you decide which one to use.

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More about Las Vegas home insurance

More about Las Vegas home insurance

Purchasing Las Vegas home insurance is a great step towards covering your home against any disaster that may result to loss. A home is a big investment and if it is destroyed, it can cause a lot of financial distress in rebuilding and replacing the destroyed items. If you are a homeowner in Las Vegas, you should ensure that your home is covered.
Standard Las Vegas home insurance in the state provides coverage for the following situations:

•    Damage to homes structures
•    Damage to detached structures such as garages, walls and pool
•    Damage or loss of personal possessions such as furniture and clothing
•    Provides living expenses in case the home is uninhabitable due to a covered loss
•    Protection for personal liability if there are injuries and damage of goods to other persons
•    Medical cover for a guest who is injured in the property

There is some coverage that are not provided by the standard policy and that means you will need to supplement for them if you would like coverage. Some of the areas not covered are floods and earthquakes. Some of the policies are:

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Reducing the costs of your investment property insurance

Reducing the costs of your investment property insurance

If you have a rental home, it is important to have investment property insurance. This will protect your investment in case there is damage to the property due to perils such as fire, vandalism or theft. You are also protected against liability if someone is injured in your property. However, the cost of this insurance adds to the cost of owning the home. Considering it is a rental property, the higher the profits the better. The way to achieve this is to reduce the cost of the insurance.

Below are some strategies you can use to reduce the cost of your investment property insurance.

Compare insurers

Shop around by comparing different insurer’s quotes and policies. This way you will find the most suitable coverage for you and at the best price. You should ensure that you get a few quotes and compare them. You may also talk to an insurance agent for leads. Note that some insurance companies specialize on rental properties and you should compare the rates and coverage they provide with what other insurance companies are providing.

Get a higher deductible

If the deductible is higher, your premiums will be lower. Increase the amount of deductible to reduce the amount of premiums that you pay. The word of caution is that you should choose a deductible that you will afford in case a disaster takes place.

Consider the discounts

Discounts help to reduce the amount of premiums that you pay. When looking for an insurer, enquire about discounts provided. Some of the discounts are on houses with alarm systems, detectors and deadbolt locks. Roofing that can withstand wind damage and hail can get discounts and so is having particular tenants such as elderly people and moms who stay at home. If you have insured more than one property with the insurer you may get a discount and if you have not filed claims for a while. It is always good to check with the insurer to find out the available discounts and if you qualify. This can help you to lower the cost of your investment property insurance.

Insure house’s value

Only insure the value of your house and not the value of your property. The houses value is less than the property’s value and therefore it needs lower premiums to insure. In addition, you do not need to insure the land. You can also opt not to keep any of your personal possessions in the property to avoid insuring them. Recommend the tenants to insure their possessions using renter’s insurance. This way, your premiums will be lower.

Monitor your credit score

A high credit score means that you may get lower premium rates for your insurance. Monitor the credit score and always ensure that it is good.
Assess all the ways you can reduce your premiums so that your insurance cost will be down for a larger profit.

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Tips on how to save on home insurance

Tips on how to save on home insurance

Insuring your home is another cost involved in home ownership and that is why you should know how to save on home insurance. This way, you will not end up spending a lot of money. It is important to get proper coverage and there are things you can do to ensure that you spend less and save more. Below are some tips you on how to save money on home insurance.

Shop around for insurance

If you do a bit of research on various insurance companies and the policies they provide, you may end up saving lots of money. This is because insurers differ in their policies in terms of the coverage and their rates. To get a number of quotes, you can check with comparison websites which you only need to key in the relevant information and you obtain the quotes. You can also contact insurance department in your state to get information on insurers about the rates they charge and if they have complaints. You may also go to specific insurance company’s websites, request information from insurance agents or use consumer guides to get information about the insurers and to compare their rates. Only choose an insurer with the best coverage and at a fair price.

Differentiate between the cost of the home and rebuilding cost

Insurance premiums are based on the cost of rebuilding the home and not on the value of the home. The home’s value may be much higher because the cost of land is included. In taking home insurance, you only need to insure your structures and contents. You should therefore use the rebuilding cost when deciding how much insurance to take instead of what the home had cost you. This should bring the premiums down.

Seek for discounts

Insurance companies provide various discounts to their clients such as discounts when you install a security system in your home, discounts for the elderly and discounts for using one insurer for all your insurance needs. You may also get discounts if you use group insurance from professional associations and employers. Inquire from your insurance agent about the discounts that you are qualified. You may also consider the issue of discounts when you are searching for an insurer. This way you will know how to save money on home insurance.

Review your credit limits

The limit of your policy determines how much premiums you will pay. To reduce the amount you are paying, make sure you review the limits at least every year so that you do not pay for coverage that you do not need. For instance if you had included a valuable that you no longer have, you can reduce the limit and therefore save your money.

Choose your home wisely

Some states have higher home insurance premiums than others do. Also buying a home near fire station may help to reduce premiums. A home with electrical, plumbing and heating systems that have less than ten years are cheaper than an older home. A home with wooden frame is better suited in earthquake areas. If you choose your home wisely, you can know how to save on home insurance.

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